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Clinical Laboratory Services Market to Witness Substantial Gains| $342 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-20 

Global Clinical Laboratory Services Market is set to exceed USD 342 billion by 2024; according to a new research report by Global Market Insights. Rising emphasis on preventive medicine and technological advancements in laboratory robots will augment clinical laboratory services market growth. Advancements in molecular diagnostics, availability of fully automated tools such as immunostainer platforms and DNA extractors should foster market growth. Moreover, advantages provided by automations include handling of specimen movement, reduces cost and time for generating results that encourages customer buying behavior and will upsurge clinical laboratory services revenue size over the coming years.

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The rising risks of security breaches and clinical frauds have been encouraging industry giants to conduct extensive research and development activities. In accordance, most of the companies have been working toward developing a wide range clinical suites for combating clinical susceptibility with regards to billing practices.

With the upsurge in the acceptance rate of clinical laboratory services across the globe, renowned giants are looking forward to extending their reach in myriad geographies that would help them achieve competitive benefits by commercializing their platforms across leading regional markets. Validating the aforementioned fact, recently, Agena Bioscience revealed its partnership with China’s leading medical laboratories provider, Zhejiang Dian Diagnostics Co., Ltd. Through this strategic agreement, Dian will commercialize Agena’s DNA testing applications and genetic testing system across its clinical laboratories based in China.

In addition to capacity expansions, healthcare service providers are extensively looking forward to investigating new clinical methodologies, for which they have been collaborating with drug developing companies. The inclusion of a huge number of healthcare facilities and more effective clinical testing techniques in the upcoming clinical methodologies are slated to propel clinical laboratory services industry size. In 2017, NTS Ventures and IHMA (International Health Management Associates, Inc) signed a collaborative agreement that aimed to provide the pharmaceutical industry with a range of services in clinical mycology, microbiology testing, and antifungal testing. It had been speculated back then that with the help of clinical testing facilities, biotech and pharmaceutical companies could effectively develop antimicrobial and antifungal drugs. The extensive use of clinical laboratories for the development of anti-infectives is thus slated to propel clinical laboratory services industry growth over the years ahead.

The U.S. is touted to emerge as a pivotal growth ground for clinical laboratory services market in the ensuing years. The U.S. incidentally, held more than 76% of the regional market share in 2017, precisely on account of the presence of prominent industry players that have been working tirelessly to provide advanced test solutions. In the years to come, U.S. clinical laboratory services industry size is likely to be pegged at a huge valuation, driven by the rising geriatric populace subject to chronic diseases and the growing prevalence of diabetes, cardiovascular disease, and other blood disorders.

In order to speed up the provision of diagnostic services, biotechnology companies have been collaborating with clinical laboratories on a large scale. For instance, recently, Qiagen N.V. unveiled its partnership with one of the largest Japanese clinical testing laboratory companies, SRL, Inc., that aims to develop new companion diagnostics with drug approvals from Japan’s Pharmaceutical and Medical Devices Agency. The main purpose of this strategic collaboration is to use clinical laboratory services for the development of next-generation sequencing and time polymerase chain reaction solutions which can be used for personalized healthcare. The vast involvement of clinical laboratory companies and pharmaceutical firms in drug development will thus prove to rapidly propel clinical laboratory services industry share.

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Prominent business players functioning in global clinical laboratory services market are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco). Key market players are implementing numerous strategies such as, collaboration, acquisition, merger to generate profits in clinical laboratory services market. For instance, in January 2018, Charles River Laboratories acquired KWS biotest. This acquisition will enable the company to further expand its presence in the field of immune-oncology, inflammatory and infectious diseases.
 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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