Clinical Laboratory Services Market Size By Test Type (Human & Tumor Genetics, Clinical Chemistry, [Routine Chemistry Testing, Specialized Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Endocrinology Chemistry Testing, Other Clinical Chemistry Testing] Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
Clinical Laboratory Services Market will exceed USD 350 million by 2025; as per a new research report.
The rising emphasis on preventive medicine will drive the market growth. The increasing prevalence of target diseases including liver, diabetes, cardiovascular, kidney disorders, and blood disorders will be the primary factor for driving the clinical laboratory services market growth. Individuals with one or more disease conditions are usually at more risk and require early disease detection and management. Moreover, the rising initiatives by various government organizations to control target diseases and reduce the disease burden would positively impact on clinical laboratory services industry growth.
Furthermore, the growing awareness among the general population regarding the target diseases and its management should boost industry growth. The availability of possible cure required for target disease coupled with advancements would increase the demand for clinical tests shortly. The above-mentioned aspects will upsurge the demand for early disease detection thus fostering industry growth. However, inadequate reimbursement scenario and the presence of ambiguous regulatory framework might hamper the market growth. Clinical laboratory services generally require a safe working environment and thus the regulations are more stringent that might deter the business growth.
The human & tumor genetics accounted for a considerable revenue share of around 21% in 2018 and will show a significant growth trend during the analysis timeframe. The increasing prevalence of rare genetic disorders should drive human and tumor genetics segment growth over the forecast timeframe. Also, regulatory bodies enforce certain favorable regulations on developing new drugs and tests for treating genetic disorders. Moreover, there are around 7,000 different rare genetic disorders detected that will positively impact business growth.
The hospital-based laboratories segment is anticipated to hold a significant revenue share in 2018 and is projected to witness the growth of 5.8% over the forthcoming years. The increasing prevalence of chronic disorders and infections globally should surge hospital-based laboratories segment growth. Patients having surgical complications, infections and health acquired infections should upsurge segmental growth. Moreover, a high preference for hospital-based laboratories by the geriatric population will drive segmental growth. Moreover, favorable reimbursement policies available for hospital-based laboratory tests should have a positive impact on segment growth.
The Latin America breast pump market accounted for more than 12% revenue share in 2018 and is assessed to witness a significant CAGR by 2025. This is due to the development in healthcare facilities and infrastructure and growing public expenditure on the treatment of viral, bacterial and fungal infections in the region. Also, the growing prevalence of cancer in the Latin America region is expected to drive market growth over the forthcoming years. Furthermore, increasing intervention of government and regulatory bodies to encourage proper allocation and training of human resources available for clinical providing services should influence regional growth positively during the forecast timeframe.
Some of the notable business players operating in the clinical laboratory services market include Qiagen, Genoptix Medical Laboratory, Arup Laboratories, Fresenius Medical Care, Opko Health, Charles River Laboratories, Abbott, Fullerton Health, Quest Diagnostics, Siemens, Neogenomics Laboratories, Genzyme, Sonic Healthcare and Laboratory Corporation of America Holdings. The market players are adopting several strategies such as partnerships, acquisitions to capitalize on market opportunities.