Clinical Laboratory Services Market Growth Insight Analysis 2020-2027
Market Overview
MRFR reports that the clinical laboratory services market is likely to exhibit a sound growth rate during the forecast period (2018-2023 and surpass a valuation of USD 274.40 billion by 2023.
Market Dynamics
The rising pressure of chronic diseases such as cancer, diabetes, and others is expected to drive the global market's growth trajectory in the coming years. The need for early diagnosis has increased as people become more knowledgeable of diseases. This has resulted in a significant growth in preventive healthcare spending. Throughout the forecast period, it is expected to fuel the growth of the clinical laboratory services industry. It is proposed that funds will be focused toward the production of advanced experiments of greater precision and accuracy. Rapid advancements in the healthcare industry, along with robust research and growth, are expected to propel the market forward in the near future.
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Clinical laboratory services are in high demand as a result of the healthcare costs and increasing awareness of these services. North America is a crucial market for these programmes, with attractive growth prospects for market participants. Furthermore, North America's medicinal laboratory services industry is benefiting from advanced healthcare technology and broad supply of lab specialists and technicians.
Strong government investments to expand clinic use of COVID-19 diagnostic kits are expected to fuel segment development. COVID-19 walk-in clinics in San Jose are another important initiative that is supposed to boost segment growth. Furthermore, gradual and groundbreaking improvements in laboratory research technologies are projected to serve as a high effect rendering engine for this market.
The data management method in laboratories has been greatly changed thanks to automation in clinical environments. Throughout the forecast era, the industry is projected to benefit from increasing adoption rates of laboratory automation systems. Furthermore, the healthcare industry has provided database management software, patient test reports, and advanced workflow management systems substantial consideration.
Market Segmentation
A detailed segmental analysis of the global clinical laboratory services market based on type and application.
By type, the market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others. In 2017, the haematology division accounted for 25.6 percent of the industry. It is expected to preserve its supremacy throughout the projected era. The high prevalence of blood cancer can be blamed for the segment's rise.
By application, the global clinical laboratory services market has been segmented into independent laboratory, reference laboratory, and hospital laboratory. Over the evaluation timeframe, the hospital laboratory segment is expected to lead the global market. By the end of 2023, the segment's value is expected to reach USD 185.98 billion. The clinical laboratory services market is expected to expand in the near future due to factors such as the availability of various tests and attractive reimbursement policies for tests in the segment.
Regional Analysis
The global clinical laboratory services market is divided into four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa. In 2017, the Americas accounted for the largest share of the industry, and it is projected to rise dramatically in the coming years. Favorable reimbursement policies, the expansion of clinical laboratories, and the growing number of lab technicians are all factors that are expected to help the growth of the clinical laboratory services market in the area. By the end of 2023, the industry is expected to be worth USD 108,913 Mn, according to estimates.
Europe is a significant growth region that is expected to take second position in the global economy. Because of the involvement of major prominent main players, rising healthcare spending, the number of clinical tests, and other factors, the market's competitive environment is conducive to development. By the end of 2023, the Middle East and Africa is estimated to be worth USD 14,067 million.
Over the forecast period, Asia Pacific is projected to be the fastest growing regional market. The market's expansion would be supported by the region's high growth prospects. During the forecast period, it is projected to rise at a CAGR of 5%. The growing prevalence of diseases such as cancer and diabetes, among others, is propelling market growth in the region.
Competitive Landscape
Some of the prominent players operating in the global clinical laboratory services market are Mayo Medical Laboratories, Quest Diagnostics Incorporated, Spectra Laboratories Inc, Laboratory Corporation of America Holdings, Eurofins Scientific, Unilabs, Bio-Reference Laboratories, Synlab International, Sonic Healthcare, ACM Medical Laboratory, Cerba Healthcare, Clinical Reference Laboratory, Amedes Holdings, Adicon Clinical Laboratory, and Lifelabs Medicals Laboratories.
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