Clinical Laboratory Services Market (Clinical Chemistry, Medical Microbiology & Cytology, Human & Tumor Genetics and Other Esoteric Tests) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Albany, NY -- (SBWIRE) -- 01/07/2015 -- The global clinical laboratory services market is expected to grow at 5.8% CAGR between the years 2013 and 2019, thereby reaching a market value of US$241.37 billion in 2019 from US$162.71 billion in 2012. Clinical laboratories basically refer to centers that are engaged in carrying out diagnostic tests for identifying diseases, examining the causes of the diseases, the imbalances in the overall physiology, and the resultant anomalies. The various industry participants operating in the global clinical laboratory services market provide informatics solutions informatics solutions besides processing samples and developing patient reports.
The informatics solutions offered by the market players ensure systematic management of large volumes of data with regard to diagnostic tests that are performed daily. The global clinical laboratory services market forms a very integral part of the overall healthcare sector. The growing popularity of laboratory services can be attributed to high pressure on the healthcare industry to minimize spending, thereby shifting healthcare utilization more towards laboratory spending.
Global Clinical Laboratory Services Market – Segmentation and Demand Drivers :
The global clinical laboratory services market is segmented on the basis of the type of test, the service providers, and in terms of geography. On the basis of the type of test, the global clinical laboratory services market is categorized into clinical chemistry, medical microbiology and cytology, human and tumor genetics, and other esoteric tests. Owing to rising burden of infectious diseases all across the globe demanding high capacities for testing, it is expected that the medical microbiology and cytology tests segment will report a healthy CAGR of 7.1% between the years 2013 and 2019. Based on service providers, this market is classified into clinic-based laboratories, stand-alone laboratories, and hospital-based laboratories.
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Clinical laboratories offer a range of diagnostic tests for disease detection including routine blood and urine tests, molecular expression testing, and fluorescence in situ hybridization. Lesser contact between the patients and the physicians due to shorter hospital stays drives the market for clinical laboratory services in terms of systematic collection, interpretation, and delivery of accurate information to physicians. Thus, it is expected that the clinical laboratory services market will witness greater proliferation of clinical labs in the forthcoming years especially in the independent sector.
Asia Pacific to Lead the Global Clinical Laboratory Services Market :
Geographically, the global clinical laboratory services market is classified into Europe, the Asia Pacific, North America, and Rest of the World. It is expected that the regions of the Asia Pacific and North America will witness robust growth in terms of volume and revenue during the forecast period. In fact, the Asia Pacific region will exhibit remarkable growth in the global clinical laboratory services market in the years to come.
The Asia Pacific market for clinical laboratory services is primarily driven by a large population base that has several unmet medical and healthcare needs. However, a major market restraint in this region is the highly unorganized healthcare reimbursement trend, which is likely to hinder the growth in this market. The main solution to tackle this problem is the implementation of strict regulatory measures that will ensure growth in the long run.
In terms of revenue, the global clinical laboratory services market is led by North America and is also expected to maintain its leading position owing to higher incidence of diseases, improved healthcare infrastructure, and a favorable reimbursement environment. The hospital-based laboratories segment will continue to dominate the global clinical laboratory services market.
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Some of the prominent players operating in the global clinical laboratory services market are Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, Labco S.A., Laboratory Corporation Of America Holdings (Labcorp), Healthscope Ltd., Genoptix Medical Laboratory, Charles River Laboratories, Bioscientia Healthcare, Bio-Reference Laboratories, ARUP Laboratories, and Abbott Laboratories.
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