Coherent Market Insights Pvt Ltd

Clinical Laboratory Services Market to Surpass US$ 315 Million by 2024 : Coherent Market Insights

Press Release   •   Jan 23, 2017 07:39 EST

The Global Clinical Laboratory Services Market was valued US$ 168.9 million in 2015 and is projected to expand at a CAGR of 6.4% during the forecast period: 2016-2024, as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health awareness among the general population is in turn fueling uptake of routine health check-ups. This is also being supported by growing incidence of diseases in turn driving the demand for clinical laboratory services globally. In order to capitalized on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (Labcorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in corporate cannibalization. Most major players are acquiring smaller player in order to enhance their position in the market and leading to consolidation in the market. For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues along this inorganic growth roadmap and in October 2016, the company acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

Clinical laboratory service providers are also focusing on vertical integration in the ecosystem. For example, in November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines. Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As revealed by stats released by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. This is expected to proliferate demand for clinical laboratory services in the emerging economies including China and India.

Key takeaways of the market:

  • The global market for clinical laboratory services is estimated to be valued at US$ 192.3 million in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories for tests.
  • Clinical chemistry test was the dominant segment in the market, accounting around 45% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.
  • Among service providers, the hospital-based clinical laboratories segment was valued at US$ 96.4 million in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.
  • However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased
  • The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups
  • Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. Our global team of over 100 research analysts and freelance consultants provide market intelligence from the very molecular country level and also provide a global perspective of the market. Our team is of the most vital cog in our robust machinery that gives us the ability to deliver independent insight relying on our cognitive defusion training module.This allows for an objective and unbiased assessment of the market. We pride ourselves in my constantly striving to update our extremely in-depth understanding of the market by closely monitoring and analyzing markets, trends, and emerging best practices, across allfathomable industries under the sun. This enables us to equip our valued clientele with key decisive inputs to capitalize on lucrative growth opportunities in the market and to follow firmly position themselves on a high growth path in the future.