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Global Clinical Laboratory Services Market is expected to grow USD 248.5 Mn till 2023 - Credence Research

Press Release   •   Feb 07, 2017 15:28 IST

The latest market report published by Credence Research, Inc. “Global Clinical Laboratory Services Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the clinical laboratory services market was valued at USD 165.8 Bn in 2015, and is expected to reach USD 248.5 Mn by 2022, expanding at a CAGR of 5.9% from 2016 to 2022.

Market Insights

The clinical diagnostic tests performed by laboratories can be broadly classified into four major categories, namely, clinical chemistry, medical microbiology & cytology, human and tumor genetics and other esoteric tests. Ranging from routine blood and urine tests to high-end genetic analysis including fluorescence in situ hybridization (FISH), molecular expression testing, etc., clinical laboratories offer numerous tests that help detect disease progression and abnormalities. The three major types of service providers in this market include hospital-based laboratories, clinic-based laboratories and stand-alone laboratories. With the increasing incidence rates of debilitating conditions such as cancer, diabetes and infectious diseases, the number of patients that will opt for such tests will continue to increase in the future and thereby increase the demand for these services. Moreover, the percentage of aged population in the U.S. is expected to grow to an estimated 20% by 2030. Such a large population of elderly people in the U.S. alone will lead to high testing volumes for clinical laboratories.

Browse the full report Clinical Laboratory Services Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022 at http://www.credenceresearch.com/report/clinical-laboratory-services-market

Diagnostics manufacturers such as Roche Holdings, Genomic Health, Abbott Diagnostics, Qiagen, etc. are focusing their efforts towards developing products and systems that would enable highly accurate analysis of patient samples and also enable processing of thousands of samples at a time. This will help clinical laboratories to cope with the rising demand and in turn ensure revenue generation.

Market Competition Assessment:

The clinical laboratory services market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Abbott Laboratories, ARUP Laboratories, Bio-Reference Laboratories, Bioscientia Healthcare, Charles River Laboratories, Genoptix Medical Laboratory, Healthscope, Laboratory Corporation Of America Holdings (Labcorp), Labco S.A., Sonic Healthcare Limited, Spectra Laboratories, Quest Diagnostics, Inc., Genzyme Corporation, and Siemens.

Key Market Movements:

Specialized diagnostic tests have aided early disease detection which has assisted the overall growth of clinical laboratory services market

In clinical laboratory services market Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to presence of high unmet medical needs coupled with rapidly improving healthcare infrastructure in the emerging markets of India and China are some key drivers of this region

The independent laboratories sector is dominated by two players, Quest Diagnostics and Lab Corp, with about half the share

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