Global Clinical Laboratory Tests Market: Snapshot
The global clinical laboratory tests market was evaluated at US$ 176.7 billion at the beginning of the forecast period i.e. in 2019. The latest research reports predict that the global clinical laboratory tests market will expand at an outstanding growth rate of 7.1 % during the forecast period of 2020 to 2027.
Some of the most significant drivers for the growth and development of the global clinical laboratory tests market include the rising prevalence of chronic diseases as well as the increasing levels of awareness amongst the health conscious segment of the global population.
Furthermore, the demand within the global clinical laboratory tests market is also intensified based on the rising amount of investments aimed at diagnosis of target disorders, including diabetes, tuberculosis, and various cardiovascular disorders.
The increasing pool of global geriatric population that is more prone to various chronic illnesses is also motivating high adoption of the products and solutions offered by the manufacturers and players working in the global clinical laboratory tests market.
The aforementioned drivers in the global clinical laboratory tests market are also bolstered by the rising rate of inadequate exercise amongst urban population, increasing trends of consuming unhealthy food products, increase in the obesity incidence, and growth in the awareness amongst population in developing as well as developed countries about periodic body profiling.
The manufacturers and players working in the landscape of the global clinical laboratory tests market provide their end users with various types of tests and solutions, including HGB or HCT, BUN creatinine tests, electrolytes testing, comprehensive metabolic panel, renal panel, complete blood count, basic metabolic panel, HbA1c tests, lipid panel, and liver panel (which includes bile duct obstruction, liver cancer, autoimmune disorders, hepatitis, liver cirrhosis, and bone disease, among others.)
The products and solutions in the global clinical laboratory tests market are used by primary clinics as well as central laboratories.
The demand in the global clinical laboratory tests market is expected to increment at a healthy CAGR during the forecast period of 2017 to 2025, gaining traction from a number of factors such as rising percentage of geriatrics in the world population, prevalence of target diseases, growing demand for early detection of chronic diseases, and the introduction of innovative solutions. On the other hand, the absence of a predefined regulatory framework is substantially hindering the inflow of the demand for clinical laboratory tests. Nevertheless, the market for clinical laboratory tests is rapidly evolving with growing preference for point-of-care testing as well as personalized medicine and the advent of cost effective lab tests and integrated analytical systems are expected to open new opportunities for the vendors of this market.
Based on product type, the global clinical laboratory tests market can be segmented into HGB or HCT testing, complete blood count, basic metabolic panel testing, electrolytes testing, BUN creatinine testing, comprehensive metabolic panel testing, HbA1c testing, liver panel testing including hepatitis and liver cancer, renal panel testing, and lipid panel testing. End users of clinical laboratory tests can be primary clinics and central laboratories. Geographically, the report takes stock of the potential of clinical laboratory tests market in every important region, such as North America, Europe, and Asia Pacific. To provide a thorough study, the report also profiles a good chunk of leading companies, representing the competitive landscape and the possibilities of new entrants.
Global Clinical Laboratory Tests Market: Overview
As the prevalence of numerous diseases rises at an exponential rate, the global market for clinical laboratory tests will gain momentum over the coming period.
The report on clinical laboratory tests market presents a detailed analysis of the key trends, opportunities, challenges, and growth drivers of the market, along with authentic charts and figures. The projected, present, and past leading segments of the global clinical laboratory tests market are examined in the report. The report aims at providing insights into the supply and demand dynamics, competitive landscape, market attractiveness, and key opportunities presented by the regional markets.
Global Clinical Laboratory Tests Market: Drivers and Restraints
The geriatric population across the globe has been rising steadily over the years. Since with age vulnerability to chronic diseases increase, the rising geriatric population worldwide will fuel the demand for clinical laboratory tests.
Another prominent factor responsible for the soaring demand for clinical laboratory tests is the alarming rise in the number of people diagnosed with cardiovascular, neurological, metabolic, and other chronic diseases. Clinical laboratory tests detect the level of control of blood glucose, thereby preventing or delaying diabetes complications such as stroke, kidney disorders, heart diseases, amputation, blindness, and even sudden death. High cholesterol, respiratory diseases, pneumonia, malaria, lymphoma, liver diseases, herpes, HIV, Hepatitis A,B, and C, gout, gastrointestinal disorders, and syphilis are some of the numerous diseases diagnosed using these tests. Clinical laboratory tests help in the identification of these disorders at an early stage, thereby preventing further harm. Driven by this factor the demand for these tests is slated to soar.
These tests are also used to detect vitamin and mineral deficiencies and other minor disorders. DNA testing is another type of clinical laboratory testing. Clinical laboratory tests are identification of suspects and victims in a police investigation, and identification of biological parents of a person are made possible. Increased accuracy of these tests, launch of technologically advanced devices such as biochips, and high efficiency of these tests are expected to fuel demand.
On the other hand, lack of skilled personnel and high costs of these tests might retard the growth of the global clinical laboratory tests market. Nevertheless, the consistent growth of the clinical chemistry industry is likely to present substantial opportunities.
Global Clinical Laboratory Tests Market: Regional Outlook
Based on geography, the global clinical laboratory tests market can be segmented into Latin America, Asia Pacific, North America, and Europe. Led by the U.S., North America is likely to gain prominence due to the large volume capacities of the labs in this nation, coupled with increasing deployment of these techniques. The rising prevalence of diseases in Europe is expected to drive growth in this region.
Asia Pacific is likely to exhibit lucrative opportunities owing to its massive population base and unmet medical needs. The emergence of several new clinical labs, increasing healthcare expenditures, and significant technological strides in the area of clinical laboratory tests are some factors promising growth not only in the emerging economies of Asia Pacific, but also in Latin America and the Middle East and Africa.
Companies Mentioned in the Report
Some of the major companies operating in the global clinical laboratory tests market are Laboratory Corporation of America Holdings., Labco, Quest Diagnostics, Abbott, Merck KgaA, Charles River Laboratories, and Genoptix.
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