Clinical Laboratory Tests Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Clinical Laboratory Tests Market: Snapshot
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.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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