Sellbyville, DE -- (SBWIRE) -- 11/26/2018 -- The Clinical Laboratory Services Market will exceed USD 340 billion by 2024 as per a new research report. Expansion in patient pool, owing to the prevalence of diabetes, cancer, and several other infectious diseases as well as the growing burden of non-communicable diseases leads to the steep rise in the global clinical laboratory market. In addition, emergence of indigenous solutions that offer maximum accuracy with less or zero error and provide faster analysis boost the clinical laboratory services market growth.

The use of healthcare IT systems has empowered implementation of technologically advanced procedures. For example, TECAN liquid handling robotics (robot assisted laboratory technique) will fuel the clinical laboratory market growth. Escalating importance of timely diagnosis of chronic diseases associated to gynecology, endocrinology and oncology will also propel the global market.

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Dearth of skilled professionals, reimbursement cuts on medical testing procedures hinder the clinical laboratory services market growth.

Clinical chemistry market segment commands the largest share in clinical laboratory services market. Rising prevalence of cardiovascular, diabetes, liver & kidney disorders coupled with increasing awareness for timely diagnosis are the factors boosting clinical chemistry market growth.

Hospital-based laboratories contributes to the largest segment of the clinical laboratory services market. Increased patient volume and the consequent presence of high test volumes in healthcare establishments will foster the segment growth.

The stand-alone reference laboratories market segment will grow at the fastest CAGR during the forecast period. The availability of innovative and advanced technologies for molecular diagnostics, growing opportunities and the presence of new range of condition-specific tests and markers are the factors fostering the stand-alone reference laboratories market.

North America clinical laboratory services market dominated the global market, owing to the soaring prevalence of chronic diseases, demand for timely and regular diagnosis and the availability of Clinical Laboratory Improvement Amendment (CLIA) waived tests fuel the high clinical laboratory services in North America. U.S. held the largest share, owing to the presence of large test volumes and high patient awareness.

Asia Pacific clinical laboratory market is slated to arise as a strong contender, owing to expanding geriatric population, deaths due to non-communicable diseases such as cancer, lung disorders and cardiovascular diseases. Moreover, the Asia Pacific clinical laboratory services market is escalating rapidly due to the rising prevalence of chronic diseases and investments by pharmaceutical companies in the emerging economies of India and China.

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Middle East and Africa clinical laboratory market will expand at high CAGR during the forecast period, owing to growing health concerns coupled with increased risk of transmittable diseases, unhealthy food habits leading to infections. Demand is especially high for the tests to detect tuberculosis and malaria in the tropical regions of South Africa.

Some key industry players are Abbott Laboratories, Clarient, Inc., Bioscientia Healthcare, Bio-Reference Laboratories are consolidating their market position by focusing on research activities to develop new cost-effective technologies.