Transparency Market Research Report Added "Clinical Laboratory Services Market" to its database.
Albany, NY -- (SBWIRE) -- 12/04/2015 -- The dynamic and rapidly-evolving global clinical laboratory services market forms an important part of the healthcare industry, with majority of a physician's diagnosis depending on laboratory testing.
Stand-alone, hospital-based, and clinic-based clinical laboratory services include four main test types: medical microbiology and cytology, clinical chemistry, human and tumor genetics, and other esoteric tests. The demand for routine testing, such as urine and blood tests, and high-end testing, such as molecular expressing tests and genetic analysis, is on the rise to detect abnormalities and disease progression.
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Surging Prevalence of Cancer and Diabetes Boosting Growth
The incidence rates of chronic conditions such as diabetes, cancer, and infectious diseases have risen in recent years. According to the World Health Organization (WHO), by 2030, diabetes is likely to be the seventh leading cause of death. In 2014, an estimated 9.0% adults aged 18 years and above were diagnosed with diabetes. In 2012, approximately 1.5 million people died from causes directly related to diabetes. In case of cancer, WHO states that in 2012, an estimated 14 million new cancer cases were reported, with 8.2 million people dying from the disease that year. Over the next two decades, the number of new cancer cases is most likely to grow by an astounding 70.0%, growing from 14 million in 2012 to 22 million on a yearly basis. As far as infectious diseases is concerned, according to the Centers for Disease Control and Prevention, in 2012 alone, US reported 53,800 new cases of salmonella, 9,945 cases of tuberculosis, 551 new cases of meningococcal disease, and 30,831 new cases of Lyme disease. The alarming rise in such chronic medical conditions significantly impacts the demand for clinical laboratory services.
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Oligopolistic Nature of the Global Market
The global clinical laboratory services market is rather oligopolistic in nature and only a handful of leading players account for over 50.0% of the overall market. Companies such as Sonic Healthcare, Charles River Laboratories, Laboratory Corporation of America Holdings, Spectra Laboratories, Abbott Laboratories, Bio-Reference Laboratories, Labco S.A., Healthscope, Quest Diagnostics, Inc., and Genoptix Medical Laboratory are presently operational in the clinical laboratory services market.
North America dominates the worldwide clinical laboratory services market in terms of revenue and is forecast to retain its lead through 2019. Favorable reimbursement scenario, presence of sophisticated healthcare infrastructure, and rising incidence of chronic diseases drives the North America market. The US is a leading market for clinical laboratory services in this region owing to a high percentage of geriatric population. Experts predict that by 2030, the percentage of aging population in the country will rise to 20.0%. A burgeoning population base of the elderly results in increased volumes of testing for clinical laboratories.
Asia Pacific is anticipated to show strong growth over the next four years owing to large population base combined with high level of unmet medical needs. Even though poor and highly unorganized healthcare reimbursement scenario in the region threatens to impede the growth of the clinical laboratory services market, absence of a stringent regulatory framework is likely to offset this and ensure tremendous growth by 2019.
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About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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