Clinical Laboratory Services Market is projected to be around USD 348 billion by 2025
Added: (Fri Feb 02 2018)
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The Clinical Laboratory Services Market is estimated to be around $348 billion by 2025. This growth can be attributed to number of factors such as rise in elderly population and increase in awareness about diseases and early detection. Geriatric population is more prone towards developing diseases such as neurological and cardiovascular diseases.
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Clinical chemistry segment dominated the global market in 2016. This growth can be attributed to increasing incidences of liver, blood and cardiovascular disorders leading to rise in demand for test for early detection and prevention of these diseases. Medical microbiology & cytology segment is expected to grow at the fastest rate during the forecast period due to rise in incidence of diseases leading to increase in procedure volume required for detection of diseases. Tumor and human genetics segment market is expected to grow favorably during the forecast period owing to its application in cancer research and drug designing.
Hospital-based laboratories segment dominated the overall market in 2016, primarily due to higher patient volume requiring large number of diagnostic procedures. Whereas, stand-alone laboratories segment is expected to grow at fastest CAGR during the forecast period owing to rise in demand for point of test care diagnostics and high penetration rates of clinical laboratory services in emerging markets.
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North America accounted for the largest share of the global market in 2016. This large share can be attributed to better healthcare infrastructure, increasing prevalence of diseases, and rise in demand for early detection and prevention of various disorders. Asia-Pacific is expected to witness fastest growth during the forecast period primarily due to rapidly changing healthcare infrastructure especially in India and China, and increasing demand for early detection of diseases for effective disease care and management.
Major Market Players:
Some of the major players operating in the global clinical laboratory services market are Quest Diagnostics, Inc., Bioscientia Healthcare, Bio-Reference Laboratories, Labco S.A., Abbott Laboratories, Healthscope Ltd., Spectra Laboratories, Labcorp, Sonic Healthcare Limited, Siemens Healthcare, Charles River Laboratories, ARUP Laboratories, Genoptix Medical Laboratory, Qiagen, and Clarient Inc.
Clinical Laboratory Services Market Segmentation:
By Test Type: Human and Tumor Genetics, Clinical Chemistry, Medical Microbiology and Cytology, Other Esoteric Tests
By Service Provider: Stand-alone Laboratories, Hospital-based Laboratories, Clinic-based Laboratories
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