Clinical Laboratory Services Market Driven by Growing Prevalence of Cancer, Diabetes
Growing Demand for Surefire Drugs, Disease Treatments to Drive Clinical Laboratory Services Market
The Global Clinical Laboratory Services Market is expected to reach a valuation of more than USD 274 billion by 2023, according to the latest research report from Market Research Future (MRFR). The global clinical laboratory services market is expected to gain strongly from the increasing healthcare expenditure and the increasing demand to find definitive cures to a number of diseases. The report profiles the global clinical laboratory services market in detail, providing a thorough outlook on the market’s major drivers and restraints. The major economic factors enabling the growth of the clinical laboratory services market are profiled in detail in the report to provide a conclusive explanation of the market’s economic background. The competitive landscape of the global clinical laboratory services market is also explained in detail in the report with the help of company profiles of the leading players operating in the market.
Clinical laboratory services have taken on a vital role in the healthcare sector in recent years due to the increasing emphasis on clinical research. Various areas of clinical research, such as biochemical research, genetics research, and cytological research, have emerged as important in curing problematic diseases such as diabetes and cancer. This has driven the demand for clinical laboratory services in the last few years. Medical research into cellular interactions and genetics has made vital inroads into cancer treatment in the last few years, with further advances expected in the coming years. This has augured well for the clinical laboratory services market, which has received a growing demand in regions with a burgeoning healthcare sector, including North America, Europe, and leading economies in Asia Pacific.
The increasing demand for further research into medical conditions such as cancer, hematological diseases, and genetics is likely to remain the major driver for the clinical laboratory services market over the forecast period. The growing prevalence of cancer and the continued lack of success in curing cancer with traditional means is likely to lead to a growing demand for innovative, groundbreaking ways to treat the disease. This is likely to drive the clinical laboratory services market at a strong growth rate over the forecast period.
Leading players in the global clinical laboratory services market include Sonic Healthcare, Cerba Healthcare, Eurofins Scientific, ACM Medical Laboratory, Synlab International, Quest Diagnostics Inc., Lifelabs Medicals Laboratories, Amedes Holdings, Adicon Clinical Laboratory, Clinical Reference Laboratory, Bio-Reference Laboratories, Unilabs, Spectra Laboratories Inc., Mayo Medical Laboratories, and Laboratory Corporation of America Holdings.
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In December 2019, Quest Diagnostics completed the purchase of some assets of Boston Clinical Laboratories. The assets will be transferred to Quest’s laboratory in Marlborough, MA.
The global clinical laboratory services market is segmented on the basis of type, application, and region.
By type, the global clinical laboratory services market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others.
By application, the global clinical laboratory services market is segmented into independent, laboratory, reference laboratory, and hospital laboratory.
North America is a major regional market for clinical laboratory services and is likely to retain top spot over the forecast period. The growing number of clinical laboratories in the U.S. is the major driver for the clinical laboratory services market in North America. The U.S. is likely to remain the leading regional player in the global clinical laboratory services market on the basis of country. The advanced state of the healthcare sector in North America, particularly the U.S., has led to a strong foundation for the clinical laboratory services market, due to which the market has been able to grow at a strong rate. The growing awareness about lifestyle diseases such as diabetes and cardiovascular diseases in North America is also likely to drive the demand for clinical laboratory services in the region.
Asia Pacific is likely to emerge as an important regional market in the global clinical laboratory services market over the forecast period. China, India, Japan, and South Korea are likely to play a key role.