Albany, NY -- (SBWIRE) -- 11/24/2017 -- According to TMR's estimations, the worldwide market for clinical laboratory services will serve a demand to attract a revenue of US$361.3 bn by the end of 2025 from US$208.0 bn in 2016 at a CAGR of more than 6% from 2016 to 2025.
Based on test type, clinical chemistry test segment is likely to lead the global market through 2025. The segment of standalone laboratories among the various service provider segments holds dominance in this market. However, hospital based laboratories segment is expected to display the leading growth rate among all service provider segments over the forecast period. Geography-wise, North America is anticipated to continue to dominate in the global clinical laboratory services market over the forecast period.
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High prevalence of infectious diseases is one of the key factors driving the growth of global clinical laboratory services market. This, along with the rising awareness about the importance of disease diagnosis, incidence of seasonal diseases, and prevalence of lifestyle related diseases are attributed to drive the growth of clinical laboratory services market during the forecast period.
In the present scenario, advanced technologies, demand for quick results, and revolution in testing methodologies are some of the key factors that are likely to propel the market's growth over the forecast period. Consumers are aware of the availability of tests that help diagnose the condition at an early stage and administer the course of treatment. Furthermore, rise in per capita healthcare expenditure by consumers, government funding for modernization of laboratory services in emerging economies, and increasing global population are expected to stoke growth of the clinical laboratory services market in the upcoming years.
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Clinical laboratory refers to a facility where tests are performed on the clinical specimen to obtain information about the medical condition of patients so as to diagnose and deliver the line of treatment in a timely manner. The tests help physicians to understand the root cause of the disease and subsequently administer appropriate treatment.
On the downside, factors such as lack of awareness in developing countries about the importance of diagnosis and prevention of diseases, lack of infrastructure and dearth of expert technicians in developing nations, and stringent regulatory scenarios in many countries are restricting the growth of clinical laboratory services market.
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The global clinical laboratory services market demonstrates a largely fragmented business landscape due to the presence of a large pool of international and regional players, states a recent market intelligence report by Transparency Market Research (TMR). Keen players in the market are pouring money for facility automation and for the inclusion of technologically advanced tests as well as to expand their existing capacities that will help them serve a large customer base. They are also seen to expand their geographical outreach with mergers and acquisitions and strategic alliances, which is making the market somewhat consolidated.
Key companies operating in the global clinical laboratory services market include Charles River Laboratories International Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories Inc., Genomic Health Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings, UNILABS, Quest Diagnostics Incorporated, and Eurofins Scientific among others.
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