Seattle, WA -- (SBWIRE) -- 09/20/2019 -- Around 70% of medical decisions are based on lab results, as revealed by statistic released by Quest Diagnostics. Thus, optimization of laboratory facilities to deliver quality and cost-effective patient care is of utmost importance for clinical laboratory service providers. The three major types of clinical laboratory service providers are hospital-based laboratories, clinic-based laboratories and standalone laboratories. Major factors impacting the dynamics of global clinical laboratory service market include growing aging population, increasing disease burden, and increasing number of preventive health check-ups.
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The global clinical laboratory services market was valued at US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016 – 2024).
Increasing number of geriatric population susceptibility to chronic diseases is expected to boost the market growth
People above 65 years of age are more vulnerable to chronic diseases. Therefore, increasing geriatric population is expected to boost the market growth. For instance, according to the U.S. Census Bureau Report in 2015, around 8.5% of the world population was aged 65 years and above and is expected to reach around 12% of the world population by 2030. According to the same source, geriatric population is expected to be significantly higher in emerging economies of Asia Pacific and Latin America.
According to the U.S. Census Bureau Report, there is a rapid increase in deaths caused due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke. This situation is highly prevalent in the emerging economies of Asia Pacific, Africa, and Latin America. Therefore, increasing geriatric population vulnerable to non-communicable and chronic diseases is expected to lead to high demand for clinical laboratory services during the forecast period.
Increasing health awareness among the populace
The adoption of routine health check-ups has witnessed a rising trend, owing to increasing health concerns and growing risk of transmittable diseases among the populace. Moreover, changing lifestyle and increasing consumption of unhealthy food products has led to high susceptibility in human population to bacterial and viral infections. This is turn has led to high demand for tests to diagnosis diseases such as malaria and tuberculosis. The prevalence of these diseases is high in tropical regions such as South Asia, Africa, and Latin America. Therefore, the clinical laboratory services market in Latin America is projected to expand at a relatively high CAGR of 9.1% during the forecast period.
Following test guidelines are essential to prevent false-positive results
The clinical laboratory service providers need to adopt ethical and efficient clinical practices to avoid false-positive results. In December 2016, the U.S. FDA issued a safety alert for ZIKA virus test takers, following reports that showed increasing false-positive results from ZIKV Detect test.
Market consolidation: The prevalent trend in the market
The global market for clinical laboratory services is undergoing consolidation. Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, thereby becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company also acquired ClearPath Diagnostics, a leading clinical laboratory service provider in Northeastern region of U.S., in October 2016. Inorganic growth strategies would continue to be a part of future roadmap for leading healthcare service providers in the long run in order to ensure sustained growth.
Detailed Segmentation:
Global Clinical Laboratory Services Market, By Test Type:
Clinical Chemistry
Medical Microbiology & Cytology
Human & Tumor Genetics
Other Esoteric Tests
Global Clinical Laboratory Services Market, By Service Provider:
Clinic-based
Hospital-based
Standalone
Global Clinical Laboratory Services Market, By Geography:
North America
Europe
Asia Pacific
Latin America
Middle East
Africa
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