The global clinical laboratory services market demonstrates a largely
fragmented business landscape due to the presence of a large pool of
international and regional players, states a recent market
intelligence report by Transparency Market Research (TMR). Keen
players in the market are pouring money for facility automation and
for the inclusion of technologically advanced tests as well as to
expand their existing capacities that will help them serve a large
customer base. They are also seen to expand their geographical
outreach with mergers and acquisitions and strategic alliances, which
is making the market somewhat consolidated.
Key companies operating in the global clinical laboratory services
market include Charles River Laboratories International Inc., SYNLAB
International GmbH, Sonic Healthcare, NeoGenomics Laboratories Inc.,
Genomic Health Inc., Fresenius Medical Care, Laboratory Corporation
of America Holdings, UNILABS, Quest Diagnostics Incorporated, and
Eurofins Scientific among others.
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According to TMR’s estimations, the worldwide market for clinical
laboratory services will serve a demand to attract a revenue of
US$361.3 bn by the end of 2025 from US$208.0 bn in 2016 at a CAGR of
more than 6% from 2016 to 2025.
Based on test type, clinical chemistry test segment is likely to lead
the global market through 2025. The segment of standalone
laboratories among the various service provider segments holds
dominance in this market. However, hospital based laboratories
segment is expected to display the leading growth rate among all
service provider segments over the forecast period. Geography-wise,
North America is anticipated to continue to dominate in the global
clinical laboratory services market over the forecast period.
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High prevalence of infectious diseases is one of the key factors
driving the growth of global clinical laboratory services market.
This, along with the rising awareness about the importance of disease
diagnosis, incidence of seasonal diseases, and prevalence of
lifestyle related diseases are attributed to drive the growth of
clinical laboratory services market during the forecast period.
In the present scenario, advanced technologies, demand for quick
results, and revolution in testing methodologies are some of the key
factors that are likely to propel the market’s growth over the
forecast period. Consumers are aware of the availability of tests
that help diagnose the condition at an early stage and administer the
course of treatment. Furthermore, rise in per capita healthcare
expenditure by consumers, government funding for modernization of
laboratory services in emerging economies, and increasing global
population are expected to stoke growth of the clinical laboratory
services market in the upcoming years.
Clinical laboratory refers to a facility where tests are performed on
the clinical specimen to obtain information about the medical
condition of patients so as to diagnose and deliver the line of
treatment in a timely manner. The tests help physicians to understand
the root cause of the disease and subsequently administer appropriate
treatment.
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On the downside, factors such as lack of awareness in developing
countries about the importance of diagnosis and prevention of
diseases, lack of infrastructure and dearth of expert technicians in
developing nations, and stringent regulatory scenarios in many
countries are restricting the growth of clinical laboratory services
market.
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