Harrisburg, NC -- (SBWIRE) -- 10/16/2020 -- The Medical And Diagnostic Laboratory Services Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The global medical and diagnostic laboratory services market is expected to decline from $126.4 billion in 2019 to $108.8 billion in 2020 at a compound annual growth rate (CAGR) of -14%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The decline is mainly because the governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. COVID-19 is mainly through molecular and RT PCR based tests. Most of the medical and diagnostic laboratories are currently shutdown, and few top facilities are asked to reschedule any nonurgent, outpatient imaging visits as necessary to help keep patients and staff safe. Additionally, due to extending lockdown, there are many cancellations of pre-scheduled patient visits. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $170.3 billion in 2023.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Medical And Diagnostic Laboratory Services Market: Quest Diagnostics Inc; Sonic Healthcare Limited; Eurofins; OPKO Health Inc; Medical And Diagnostic Laboratory Services.
Industry News and Updates:
Quest Diagnostics Completes Acquisition of Laboratory Services Business of Boyce & Bynum Pathology Laboratories
SECAUCUS, N.J. and COLUMBIA, Mo., Feb. 11, 2019 -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced that it has completed its previously announced acquisition of the clinical laboratory services business of Boyce & Bynum Pathology Laboratories (BBPL), a leading provider of diagnostic and clinical laboratory services in the Midwest. Through a separate professional services agreement, Boyce and Bynum Pathology Professional Services, Inc. (BBPPS), is now the exclusive pathology provider for Quest Diagnostics clients in Missouri and a preferred pathology provider in the greater Midwestern region. Additional financial terms were not disclosed.
The aim for the transaction is to bring a broader menu of innovative clinical laboratory and pathology services to patients and providers throughout the region. In addition, the relationship will provide patients with access to an expanded network of service centers across the Midwest, for greater convenience.
Sonic Healthcare USA to Expand COVID-19 Testing Capacity in the United States in Collaboration with the NIH RADx Initiative
AUSTIN, Texas, Sept. 2, 2020 -- Today, Sonic Healthcare USA (Sonic) was awarded a contract from the National Institutes of Health (NIH) Rapid Acceleration of Diagnostics Advanced Technology Platforms (RADx-ATP) initiative. The contract involves funding to expeditiously ramp up COVID-19 testing to 166,000 tests per day at nine of Sonic's network of high-throughput laboratory testing locations, giving Sonic the capacity to service geographies across the United States.
Sonic was also selected by the U.S. Department of Health and Human Services (HHS) as one of two commercial laboratories to receive critical laboratory equipment to support the expansion of COVID-19 testing. Through these investments, aggressive expansion has begun at the following Sonic COVID-19 testing locations: American Esoteric Laboratories (AEL), located in Memphis, TN, Clinical Pathology Laboratories (CPL), located in Austin, TX and WestPac Labs located in Santa Fe Springs, CA. The added capacities will be coming online beginning this week.
While the NIH contract amplifies Sonic's existing COVID-19 testing effort for all populations, a significant component includes improving testing access for underserved communities. Sonic has been supporting these populations directly and in partnership with local government and public health agencies. Funding from the RADx initiative will be used to develop comprehensive access with measurable coverage assessment for these populations. The RADx initiative complements Sonic's current commitment to prioritize services to the most vulnerable and high-risk patients. Servicing these populations will continue to be a central part of our testing strategy.
Key Market Trends
North America was the largest region in the global medical and diagnostic laboratory services market, accounting for 49% of the market in 2019. Asia Pacific was the second largest region accounting for 22% of the global medical and diagnostic laboratory services market. Africa was the smallest region in the global medical and diagnostic laboratory services market.
Paper diagnostics can be used as replacement of color based tests on paper for the ease of use, storage and as effective cost measures. Assay wells are printed onto a piece of paper of the size of a postal stamp; samples such as blood, urine or sweat wick through the paper and color changes can be easily compared by users with the reference scale on the paper. It is a significant technology which can help access to 60% of the world population who do not have access to urban hospitals and medical infrastructure. Thus, this technique has scope to significantly expand the diagnostic reach and can expand the medical and diagnostic laboratories market.
The medical and diagnostic laboratory services market consists of sales of medical and diagnostic laboratory services and related goods by entities (organizations, sole traders and partnerships) that provide diagnostics tests for various diseases. This industry includes CT scan centers, X- ray centers and other clinics that undertake disease diagnosis.
1) By Type: Medical Laboratory Services; Diagnostic Imaging Centers
2) By Application: Cardiology; Oncology; Neurology; Orthopedics; Gastroenterology; Gynecology; Others
3) By End User Gender: Male; Female
4) By Type of Expenditure: Public; Private
Influence Of The Medical And Diagnostic Laboratory Services Market Report:
-Comprehensive assessment of all opportunities and risk in the Medical And Diagnostic Laboratory Services market.
- Medical And Diagnostic Laboratory Services market recent innovations and major events.
-Detailed study of business strategies for growth of the Medical And Diagnostic Laboratory Services market-leading players.
-Conclusive study about the growth plot of Medical And Diagnostic Laboratory Services market for forthcoming years.
-In-depth understanding of Medical And Diagnostic Laboratory Services market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Medical And Diagnostic Laboratory Services market.
The report has 150 tables and figures browse the report description and TOC:
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
Analytical Tools: The Global Medical And Diagnostic Laboratory Services Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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