Clinical Laboratory Services Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012 to 2016 and Forecast 2017 to 2023

Market Outline: Clinical Laboratory Services Market

Clinical laboratory services are very important part of the healthcare industry. These laboratories provide various services such as blood tests, diagnostic tests and genetic tests for the identifying the disease causes and play a major role in drug discovery process. Furthermore, clinical laboratory services provide information and offer services to improve the efficiency of healthcare systems such as diagnostic and test reports. The revolution of the genetic testing and biopharmaceuticals has led to the emergence of the new diagnostic procedures that involve laboratory testing

Market Dynamics: Clinical Laboratory Services Market

Clinical laboratory services market is mainly driven by the prevalence of the diseases such as cancer, infectious diseases and diabetes that require the clinical diagnosis of samples. In addition, growth in adaptation of clinical service outsourcing and aging population who are more susceptible to the diseases expected to boost the clinical laboratory services market over the forecast period. Furthermore, technological advancements that led to speeding up the testing and diagnosis and introduction of advanced products such as micro arrays and lab on chips are projected to bolster the market growth. The increase in demand for companion diagnostics also acting as driving factor for the market growth. However, lack of skilled professionals and stringent regulatory procedures may impend the clinical laboratory services market over the forecast period.

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Market Scope: Clinical Laboratory Services Market

Global clinical laboratory services market is segmented based on test type, service provider, and application

Based on test type, clinical laboratory services market is segmented into

• Clinical Chemistry
• Medical Cytology & Microbiology
• Human & Tumor Genetics

Based on service provider, clinical laboratory services market is segmented into

• Hospitals Based
• Standalone Laboratories
• Clinical Laboratories

Based on application, clinical laboratory services market is segmented into

• Gene Therapy
• Toxicological Study
• Drug Discovery and Development
• Pre-clinical & Clinical Trial Services
• Others

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Market overview: Clinical Laboratory Services Market

Global laboratory services market is expected to grow at significant rates owing to technological advancements in the laboratory technologies. For instance, microarrays and lab on chips are the revolutionary products that enabled the preparation of DNA and RNA or protein samples which can be analyzed in a single chip. The market is highly competitive due to the presence of more number of market players present internationally and regionally. Companies in the market are acquiring other market players to expand their geographical reach and further increase their market share. For instance, in October 2017, Abbot Laboratories acquired Alere Inc., a leader in point of care diagnostics and clinical laboratory services provider to strengthen its product portfolio. Similarly, in may 2017, LabCorp, has acquired Pathology Associates Medical Laboratories (PAML), a premier medial reverence laboratory and healthcare solution company of Washington, to expand its geographic presence.

Region Overview: Clinical Laboratory Services Market

Geographically, clinical laboratory services market is segmented into following regions viz. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America clinical laboratory services market is expected to grow at significant rates owing to the factors such as growing research and development in biotechnological field that requires clinical testing and presence and well-established healthcare infrastructure and growing prevalence of the diseases such as cardiovascular diseases, cancer, and infectious diseases. Asia Pacific region is expected to have significant growth rate owing to the factors such as developing healthcare infrastructure and increase in funding for R&D in the field of healthcare for developing new drugs and diagnosis of diseases. Europe clinical laboratory services market is expected to grow at notable rates owing to the presence of many local and multinational players who are actively involving in acquisitions and mergers to increase their market share. Furthermore, growing aging population in this region who are susceptible to the diseases may drive the market growth.

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Competition Assessment: Clinical Laboratory Services Market

Some of the players in clinical laboratory services market are Bio-Reference Laboratories Inc. (OPKO Health) (U.S.), Alere, Inc. (Abbott Laboratories) (U.S.), DaVita Healthcare Partners, Inc. U.S.), Laboratory Corporation of America Holdings (U.S.), Genomic Health, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Quest Diagnostics, Inc. (U.S.), NeoGenomics, Inc. (U.S.), Siemens Healthineers (Siemens AG) (Germany), Spectra Laboratories (Fresenius Medical) (Germany), SYNLAB Group (Germany), and Sonic Healthcare Limited (Australia).

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