Global Clinical Laboratory Services Market is set to exceed USD 342 billion by 2024; according to a new research report by Global Market Insights. Growing R&D investments for introducing innovative solutions that includes accuracy of analysis, real-time results, automation throughput, outcome assessment of laboratory tests will drive clinical laboratory services market growth during the forecast timeframe. Escalating prevalence of target diseases and growing initiatives by organizations to control these target diseases should impact positively on clinical laboratory services industry growth. According to the National Center for Biotechnology Information (NCBI) around 43.9% U.S. adult population will have cardiovascular disease by 2030. This should offer immense business growth opportunities over the forecast period.
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Rising preference of patients for early disease diagnosis and availability of advanced testing solutions should foster demand for clinical lab tests. Computerization, ongoing development of diagnostic technologies that can detect the root cause of disease as well as yields faster results will impel industry revenue share. Moreover, automation in laboratories serves purpose of high volume testing and non-stop clinical analyses that will accelerate business growth. Increasing awareness among people and introduction of diagnostic platforms that deliver efficient recognition of diseases will impel clinical laboratory services industry growth.
Inadequate reimbursements along with stringent regulations for clinical laboratory operations will restrain market growth over the coming years. Involvement of numerous regulatory authorities to ensure lab safety can impact negatively on clinical laboratory services industry growth. Routine chemistry of clinical chemistry segment held largest revenue share and will grow at 5.0% during forecast timeframe. Growing awareness of health check-ups and increasing preference for early disease diagnosis will stimulate routine chemistry segmental growth.
Clinical chemistry by test type segment accounted for 46.3% market share in 2017. High demand for clinical chemistry testing coupled with wide-ranging diagnosis of several diseases that can be covered by chemistry assessments will drive segmental growth. Additionally, clinical advances for diagnosis methods including flow cytometry and mass spectrometry should offer immense segmental growth opportunities in foreseeable future.
Human & tumor genetics by test type segment held USD 47.1 billion in 2017, due to technological advances in genetics that should influence laboratory testing segmental growth. Moreover, accessibility of genetic testing techniques that are feasible to complete even in small size labs will further augment demand for human and tumor genetic tests.
U.S. clinical laboratory services market accounted for 76.6% regional market share in 2017. Presence of leading industry players providing advanced test solutions coupled with growing elderly population base that is more prone to acquire chronic diseases will augment market growth. Moreover, escalating prevalence of lifestyle associated diseases should further boost industry growth during forthcoming years.
Germany clinical laboratory services market held USD 11.0 billion in 2017. Rising cardiovascular diseases, infectious diseases thus, increasing patient pool and demand for clinical laboratory examinations should foster business growth in the country.
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Prominent business players functioning in global clinical laboratory services market are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco). Key market players are implementing numerous strategies such as, collaboration, acquisition, merger to generate profits in clinical laboratory services market. For instance, in January 2018, Charles River Laboratories acquired KWS biotest. This acquisition will enable the company to further expand its presence in the field of immune-oncology, inflammatory and infectious diseases.