Bharat Book Bureau Provides the Trending Market Research Report on “Global Clinical Laboratory Services Market Forecast to 2022” under Life Sciences. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Clinical laboratory services market projected to grow at a CAGR of 5.2%
The clinical laboratory services market is projected to reach USD 146.14 billion by 2022 from USD 113.44 billion in 2017, at a CAGR of 5.2%. The increasing global burden of target diseases, advancements in clinical diagnostic techniques, and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures are the major factors driving the demand for clinical laboratory services market. Factors such as the pricing pressure faced by healthcare payers and providers and the procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are limiting the growth of the market to a certain extent.
The genetic testing segment is expected to witness the highest growth during the forecast period
In 2017, on the basis of specialty, the genetic testing segment is expected to register the highest growth rate during the forecast period, due to growing adoption of precision medicine and increasing awareness among people about preventive care.
The independent & reference laboratories segment is poised to be the fastest growing during the forecast period
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In 2017, on the basis of provider, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a global focus on patient diagnosis for target diseases worldwide and the competitive benefits offered by providers over hospital-based laboratories.
Asia Pacific is expected to register the highest growth rate during the forecast period
Geographically, the clinical laboratory services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to register the highest growth rate during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, and a significant rise in the disposable income among their middle-class population.
Breakdown of supply-side primary interviews: by company type, designation, and region:
- By Company Type - Tier 1 – 48%, Tier 2 – 40% and Tier 3 – 12%
- By Designation – C-level – 26%, Director-level – 30%, Others – 44%
- By Region – North America - 34%, Europe – 26%, APAC – 23%, South America – 9% and Middle East – 8%
The global clinical laboratory services market is competitive, with a large number of global and local players. In 2016, the market was dominated by Mayo Medical Laboratories (US), LabCorp (US), and Quest Diagnostics (US). Service launches, upgrades, and approvals; agreements, partnerships, and collaborations were the major strategies adopted by market players to achieve growth in the market.
This report studies the clinical laboratory services market based on specialty, provider, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for the market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
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