The global clinical laboratory services market is projected to reach USD 146.41 Billion by 2022 from USD 113.44 Billion in 2017, at a CAGR of 5.2% during 2017–2022
Northbrook, IL -- (SBWIRE) -- 01/10/2018 -- The report "Clinical Laboratory Services Market by Specialty (Biochemistry, Endocrinology, Microbiology, Hematology, Cytology, Histopathology, Genetic Testing), Providers (Independent Laboratory, Reference Laboratory, Hospital Laboratory) - Global Forecasts to 2022", studies the global clinical laboratory services market over the forecast period of 2017 to 2022. The market is projected to reach USD 146.41 Billion by 2022 from USD 113.44 Billion in 2017, at a CAGR of 5.2%. Factors such as the rising demand for early and accurate disease diagnosis; growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures; and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures, are driving the growth of the clinical laboratory services market.
Browse 73 market data Tables and 31 Figures spread through 167 Pages and in-depth TOC on "Clinical Laboratory Services Market by Specialty (Biochemistry, Endocrinology, Microbiology, Hematology, Cytology, Histopathology, Genetic Testing), Providers (Independent Laboratory, Reference Laboratory, Hospital Laboratory) - Global Forecasts to 2022"
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Based on specialty, the genetic testing segment is expected to witness the highest growth during the forecast period.
On the basis of specialty, the clinical laboratory services market is categorized into seven major testing categories, namely, clinical chemistry, microbiology, hematology, immunology, cytology, genetic, and drugs of abuse testing. In 2017, the clinical chemistry segment is expected to account for the largest share of the market. This can be attributed to the large volume of clinical chemistry tests performed compared to other specialties, growing global disease burden of chronic and infectious disorders, technological innovations in clinical chemistry, and improving healthcare infrastructure in developing nations.
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Based on type, routine chemistry testing segment is estimated to have the largest share of the clinical chemistry market in 2017.
The clinical chemistry segment is further sub-segmented by type into routine chemistry testing, endocrinology chemistry testing, therapeutic drug monitoring (TDM) testing, specialized chemistry testing, and other clinical chemistry testing. The routine chemistry testing segment is expected to account for the largest share of the clinical chemistry market owing to the rising awareness of the importance of regular health checkups and the growing government initiatives to promote benefits and importance of early disease diagnosis.
Independent and reference laboratories are expected to witness the highest growth during the forecast period.
By provider, the market is segmented into independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. The independent and reference laboratories segment is expected to account for the largest share of the market. This segment is also estimated to register the highest CAGR during the forecast period. The large market share of independent & reference laboratories is primarily attributed to the large number of patient diagnostic tests undertaken in these labs, competitive benefits offered by these providers over hospital-based laboratories, significant reimbursement coverage, and ongoing consolidation & streamlining of diagnostic laboratories across major markets.
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Europe is expected to dominate the clinical laboratory services market in 2017.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is expected to account for the largest share of the market in 2017, followed by North America. The market in Europe is primarily driven by the rising geriatric population, increasing the incidence of chronic disease conditions, and growing public and private funding for clinical laboratory test research.
The major players in the market include Mayo Medical Laboratories (US), Laboratory Corporation of America Holdings (US), Quest Diagnostics Incorporated (US), Spectra Laboratories Inc. (US), and DaVita Healthcare Partners (US). Other key players in this market include Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International GmbH (Germany), Bio-Reference Laboratories (US), Sonic Healthcare Limited (UK), Clinical Reference Laboratory, Inc. (US), Cerba HealthCare (France), ACM Medical Laboratory (US), ADICON Clinical Laboratory (China), Amedes Holding GmbH (Germany); and others.
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