The global clinical laboratory services market is projected to display a healthy more than 6% CAGR over the 2017-2025 forecast period.
Albany, NY -- (SBWIRE) -- 12/07/2017 -- The global clinical laboratory services market is likely to grow at a steady CAGR through 2025, and surpass US$ 360 Bn in revenues, according to a new research report added to the repository of Market Research Hub (MRH). According to the report, titled "Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025", the global market is likely to be driven by a range of macroeconomic and microeconomic factors.
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According to the report, the growth of the clinical laboratory services market is largely dependent on the greater developments in the healthcare sector. Focus on providing better healthcare services is a key factor that will play a role in shaping the global market for clinical laboratories during the forecast period. Governments in developing countries are now turning their attention on boosting their healthcare infrastructure, which has led to a surge in government procurements for healthcare products and equipment. This is likely to provide an impetus to the growth of clinical laboratory services market during the assessment period.
The advancement in technology and changing focus from cure to prevention is leading to greater emphasis on diagnosing diseases at an early stage. The use of simple test kits and advanced equipment to detect and diagnose diseases is growing, which is likely to provide an impetus to growth of the market. Outbreak of infectious diseases and growing prevalence of lifestyle-induced diseases has also necessitated the need for comprehensive care, which in turn has facilitated the growth of the market. On the back of these factors, the global clinical laboratory services market is projected to maintain a steady pace of growth during the forecast period.
To offer readers detailed analysis on the market, the report segments the market on the basis of test type, service provider, and geography. The advantage of segment-wise analysis is that it offers readers opportunities in identifying the emerging markets. Segment-wise analysis also helps stakeholders in gaining valuable information on the challenges that can create muted growth for a segment. By test type, clinical chemistry segment is projected to grow at a CAGR of nearly 6% through 2025. The growth of this segment can be attributed to the advancement in mass spectrometry and flowcytometry, and the use of various clinical chemistry segments as the first line of testing procedure against various diseases. By service provider, stand-alone laboratories account for a significant revenue share of the market.
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North America remains one of the leading markets for clinical laboratory services market. The growth of the market in the region is attributed to strong demand for advanced equipment in the US. Demand is also surging at a steady clip in Asia Pacific excluding Japan (APEJ). The APEJ clinical laboratory services market is likely to grow at a CAGR of 8% through 2025. Some of the leading players profiled in the report include Charles River Laboratories International Inc., Sonic Healthcare, Fresenius Medical Care, NeoGenomics Laboratories Inc., Quest Diagnostics Incorporated, SYNLAB International GmbH, Genomic Health Inc., Laboratory Corporation of America Holdings, UNILABS, and Eurofins Scientific
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