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(MoneyNewsWire.Net, March 07, 2018 ) The global clinical laboratory services market is projected to reach USD 146.41 Billion by 2022 from USD 113.44 Billion in 2017, at a CAGR of 5.2%. The rising demand for early and accurate disease diagnosis, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
This report broadly segments the clinical laboratory services market into specilaty, provider, and region. On the basis of specialty, the market is categorized into clinical chemistry, microbiology, hematology, immunology, cytology, genetic, and drugs of abuse testing. In 2017, the clinical chemistry segment is expected to account for the largest share of the market. The large market share of this segment is attributed to technological innovations in clinical chemistry, improving healthcare system, and rising per capita disposable income in developing countries.
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Based on provider, the market is categorized into three segments, namely, independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. In 2017, independent and reference laboratories are expected to account for the largest share of the market. The dominant share of this segment is credited to the ongoing automation & digitalization of diagnostic laboratories across major countries and significant reimbursement coverage for clinical tests performed at reference/independent laboratories in developed countries.
This report covers the market across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, Europe is expected to command the largest share of the market in 2017. Government initiatives to promote awareness about preventive screening, growing public and private funding for research on the development of clinical laboratory tests, and increasing adoption of genome-based laboratory tests are driving the market in this region. However, Asia Pacific is expected to register the highest growth rate during the forecast period due to rising healthcare expenditure, increasing number of hospitals and clinical diagnostic laboratories in India and China, and strengthening research base for clinical laboratory testing procedures across India, China, and Japan.
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Factors such as pricing pressure faced by healthcare payers and providers and procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are expected to restrain the growth of the market during the forecast period.
The major players in the market are Mayo Medical Laboratories (US), Laboratory Corporation of America Holdings (US), Quest Diagnostics Incorporated (US), Spectra Laboratories Inc. (US), DaVita Healthcare Partners (US), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International (Germany), Bio-Reference Laboratories (US), Sonic Healthcare (UK), Cerba HealthCare (France), and among others
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