Press release -
Clinical Laboratory Services Market Size Hit US$ 330 Billion by 2026
According to Acumen Research and Consulting, the global Clinical Laboratory Services Market size is estimated to grow at CAGR above 6 % over the forecast time frame and reach the market value around USD 330 billion. Improved database management tools, integrated workflow management systems and broad acceptance of POC solutions are some of the main market driving factors.
The market growth is also expected to spur unsatisfactory medical needs for disease management, together with subsequent increase in patient awareness. Furthermore, there will be a positive market growth impact on the presence of an effective regulatory structure to monitor laboratory operations. In order to meet standards and guidelines set by CLIA, clinical laboratories are enforced. The clinical workflows are thus safely and effectively implemented to improve patient outcomes and thereby drive demand for clinical laboratory services. Market participants have adopted various strategies to strengthen their position in the industry.
As a result, for example, Quest Diagnostics acquired the Boyce and Bynum Pathology Laboratories (BBPL) clinical laboratory services segment in February 2019. BBPL should be an exclusive pathology product provider for Quest Diagnostics through this acquisition. RenalytixAI also partnered with AKESOgen in February 2019 to provide clinical laboratory service. They both supply under the name of RENX AI Labs, LLC. RenalytixAI aims to expand its contract and clinical Diagnosis business segment with this partnership.
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That said, there are also some setbacks on the global laboratory services market. The unsatisfactory need for improved laboratory diagnostic devices and the general lack of clinical expertise in still developing countries hinder prospects. The growing threat of bioterrorism, on the other hand, is a notable trend in the global clinical laboratory systems, creating new and exciting opportunities. In addition, the wave of modernisation is witnessed by clinical laboratory facilities in different developing regions. The increased awareness that disease conditions are being diagnosed promptly, especially in an aging population, gives a boost to requirements in different clinical workplaces. The increasing use of high-performance assays in drug development programs increases the potential of the world market for clinical laboratory services.
Due to widespread use of chemical tests during disease screening, clinical chemistry departments accounted for the largest market share in 2018.
The highest level of CAGR due to the increasing incident of fungal, viral and other infections is estimated in medical microbiology and vertical cytology.
Due to their ability to manage a wide range of diagnostic tests with digital workflow integration, standalone labs will expand in the highest CAGR segment.
Because of the high penetration of new diagnostic techniques, North America is the leading regional market.
Due to numerous untapped opportunities, a number of service providers from western countries are investing in Asia-Pacific business expansion.
Due to numerous untapped growing opportunities in medical research and the presence of cheap production facilities in the region, Asia-Pacific is projected to be the fastest-growing regional market.
Abbott Laboratories, Quest Diagnostics, Siemens AG, Laboratory Corporation of America Holdings, Charles River Laboratories are among key market participants.
Most of them aim to form partnerships with other firms and healthcare organizations that are mutually beneficial to extend their product portfolios.
Key Players & Strategies
Over the years, a considerable number of consolidations have taken place in the market. Siemens Healthineers, for example, acquired Fast Track Diagnostics from Luxembourg in December 2017, the global leader in infectious testing. Similarly, Quest Diagnostics acquired the United States in September 2018. The key players of the market are LabCorp ; Siemens AG, Abbott Lab ; Sonic Healthcare ; Quest Diagnostics ; OPKO Health, Inc. ; Charles River Laboratories ; and ARUP Laboratories. Laboratory Corporation of America Holding Laboratories (LabCorp);, among others.
The key strategies adopted by market players include product launch, collaboration, fusion and acquisition. In August 2007, Bioscientia Healthcare Group, which was acquired by a health giant such as Sonic Healthcare Limited, created high growth in the market for clinical laboratory services
Clinical Laboratory Services Market by Test Type
- Clinical Chemistry
- Medical Microbiology & Cytolo
- Human & Tumor Genetics
- Other Esoteric Tests
Clinical Laboratory Services Market by Service Provider
- Hospital-based Laboratories
- Clinics-based Laboratories
- Stand-alone Laboratories
Global Clinical Laboratory Services Market, by Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
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- South Africa
- Saudi Arabia
- Rest of MEA
- Health Care
- clinical laboratory services market
Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.