Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Clinical Laboratory Services Market: Overview
Thanks to the increasing prevalence of target infectious of diseases, the global market for clinic laboratory services is experiencing high growth in its valuation. With the significant rise in the testing sample volume, the demand for fundamental tests, such as HbA1c test, electrolyte testing, and metabolic panels, has increased, which is also propelling this market substantially. However, the safety profile and the usage of the of laboratory services is strictly regulated by the U.S. government via the Clinical Laboratory Improvement Amendments (CLIA). This control of the FDA over the lab-based test may slowdown this market to some extent in the near future.
Clinical laboratory services find significant application in drug discovery and development, toxicology testing, bioanalytical and lab testing, clinical and preclinical services, and cell and gene therapies. The expanding application range of these services in the medical and healthcare industry is projected to bring in revenue in this market over the next few years.
With the increasing research activities in the pharmaceutical industry directed towards drug discovery and developments, the leading players are focusing aggressively on technological advancements in these services. In a bid to enhance their presence, the focus of these players may shift towards mergers and acquisitions in the years to come.
Global Clinical Laboratory Services Market: Snapshot
Clinical laboratory services are a crucial part of the medical and healthcare industry. All sorts of diagnostic tests ranging from genetic analysis to blood tests are accomplished in these clinical laboratories in order to diagnose various diseases. Clinical laboratories provide services and information which help in maximizing the required deliveries in the healthcare system such as test results and diagnostics. It provides and assures correct test results that helps doctors to make accurate decisions related to diagnostics and therapeutics through various healthcare resources. It aids professionals to begin, adjust, and also put a halt to a course of treatment which would be met halfway in the absence of efficient clinical laboratory services.
According a World Bank data, the global population is likely to surpass 7 billion by 2016 with the number of people suffering from various diseases also rising. The need for early diagnosis of diseases along with technologically advanced healthcare services is likely to propel the market growth for clinical laboratory services.
Global Clinical Laboratory Services Market: Trends and Opportunities
The global market for clinical laboratory services is expected to witness substantial growth over the coming years owing to the growing geriatric population and rising awareness among patients regarding early diagnosis of diseases. The demand for clinical laboratory services is gaining momentum with time owing benefits such as decreased frequency of physician visits and short hospital stays. Moreover, growing awareness pertaining to the early diagnosis of conditions in endocrinology, oncology, and gynecology is anticipated to further bode well for the growth of the global clinical laboratory services market. With the growing aged population, the susceptibility of patients towards obtaining infectious diseases is also rising, thus also giving rise to neurological and cardiovascular diseases. The industry is also likely to benefit from the adoption of the newly developed advanced products such as companion diagnostics, biochips, and microarrays.
The medical or clinical laboratory service market is governed by the existence of an ambiguous regulatory framework. This type of stringent regulatory framework is expected to limit the growth of the global clinical laboratory services market in the coming years. The regulatory framework of the market is set by organizational bodies such as the U.S. CE and FDA. There are basically no standard regulatory guidelines managing the diagnostic sector in emerging economies such as China and India. The dearth of sophisticated regulations and policies in developing countries with untapped opportunities is anticipated to inhibit the market growth.
Global Clinical Laboratory Services Market: Market Potential
To gain an established place in the market and present high-end clinical laboratory services in order to perform better, many leading companies are entering into strategic agreements, developing new products, and getting into mergers and acquisitions. One such recent event is when the industry giant LabCorp acquire Spokane-based PAML: Pathology Associates Medical Laboratories. Similarly, in the recent past, Abbott Molecular collaborated with Merck for developing and evaluating FISH-based companion diagnostic tests for the investigational cancer therapy of Merck.
Global Clinical Laboratory Services Market: Regional Outlook
Region-wise, the global clinical laboratory services market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America is likely to emerge as a prominent region in the global market owing to the presence of large volumes of tests and rising adoption of technologically advanced diagnostics. Europe is also expected to mark a presence in the market with growing awareness among consumers and abundance sophisticated diagnostic tests.
Global Clinical Laboratory Services Market: Vendor Landscape
The global clinical laboratory services market has leading companies such as Genptix Medical Laboratory, LabCorp, Sonic Healthcare, Quest Diagnostics, Abbott Laboratories, and Labco S.A., among others.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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