Clinical laboratory services are very important part of the healthcare industry. These laboratories provide various services such as blood tests, diagnostic tests and genetic tests for identifying the disease causes and play a major role in drug discovery process. Furthermore, clinical laboratory services provide information and offer services to improve the efficiency of healthcare systems such as diagnostic and test reports. The revolution of the genetic testing and biopharmaceuticals has led to the emergence of the new diagnostic procedures that involve laboratory testing
Market Dynamics: Clinical Laboratory Services Market
Clinical laboratory services market is mainly driven by the prevalence of diseases such as cancer, infectious diseases and diabetes that require the clinical diagnosis of samples. In addition, growth in adoption of clinical service outsourcing and aging population who are more susceptible to the diseases expected to boost the market over the forecast period. Furthermore, technological advancements that led to speeding up the testing and diagnosis and introduction of advanced products such as microarrays and lab on chips are projected to bolster the market growth. The increase in demand for companion diagnostics also acting as driving factor for market growth. However, lack of skilled professionals and stringent regulatory procedures may impend the market over the forecast period.
Global laboratory services market is expected to grow at significant rates owing to technological advancements in laboratory technologies. For instance, microarrays and lab on chips are the revolutionary products that enabled the preparation of DNA and RNA or protein samples which can be analyzed in a single chip. The market is highly competitive due to the presence of more number of market players present internationally and regionally. Companies in the market are acquiring other market players to expand their geographical reach and further increase their market share. For instance, in October 2017, Abbot Laboratories acquired Alere Inc., a leader in point of care diagnostics and clinical laboratory services provider to strengthen its product portfolio. Similarly, in may 2017, LabCorp, has acquired Pathology Associates Medical Laboratories (PAML), a premier medial reverence laboratory and healthcare solution company of Washington, to expand its geographic presence.
Global clinical laboratory services market is segmented based on test type, service provider, and application
Based on test type, the market is segmented into
- Clinical Chemistry
- Medical Cytology & Microbiology
- Human & Tumor Genetics
Based on service provider, the market is segmented into
- Hospitals Based
- Standalone Laboratories
- Clinical Laboratories
Based on application, the market is segmented into
- Gene Therapy
- Toxicological Study
- Drug Discovery and Development
- Pre-clinical & Clinical Trial Services
Geographically, clinical laboratory testing services market is segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to grow at significant rates owing to factors such as growing research and development in biotechnological field that requires clinical testing and presence and well-established healthcare infrastructure and growing prevalence of diseases such as cardiovascular diseases, cancer, and infectious diseases. Asia Pacific region is expected to have significant growth rate owing to factors such as developing healthcare infrastructure and increase in funding for R&D in the field of healthcare for developing new drugs and diagnosis of diseases. Europe is expected to grow at notable rates owing to the presence of many local and multinational players who are actively involving in acquisitions and mergers to increase their market share. Furthermore, growing aging population in this region who are susceptible to the diseases may drive the market growth.
Some of the players are Bio-Reference Laboratories Inc. (OPKO Health) (U.S.), Alere, Inc. (Abbott Laboratories) (U.S.), DaVita Healthcare Partners, Inc. U.S.), Laboratory Corporation of America Holdings (U.S.), Genomic Health, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Quest Diagnostics, Inc. (U.S.), NeoGenomics, Inc. (U.S.), Siemens Healthineers (Siemens AG) (Germany), Spectra Laboratories (Fresenius Medical) (Germany), SYNLAB Group (Germany), and Sonic Healthcare Limited (Australia).
- In September 2017, Quest Diagnostics, a leading provider of diagnostic information services entered into agreement to acquire Shiel medical Laboratory business from Fresenius Medical Care, to expand its services.
- In June 2015, Laboratory Corporation of America Holdings and Sysmex Corporation entered into strategic collaboration to develop blood-based molecular diagnostics tests to advance precision medicine.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013 to 2017) and forecast (2018 to 2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market