Market Growth Overview
The global clinical laboratory test market is a continually growing space, mainly due to the increasing numbers of tests conducted to detect a myriad of diseases and disorders. Analysis of laboratory test influences 70% of medical decisions, which are vital in establishing or clarifying the diagnosis. As a result, clinical laboratory testing has emerged as the rapidly increasing segment in the healthcare sectors. The emergence of advanced solutions that offer maximum efficiency & accuracy serves as a major game-changer for the market.
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Early diagnosis is gaining a heightened demand due to the availability of technologically advanced diagnostic techniques, tools, and products. With the rise in the processing of a number of samples per year, integrated workflow management tools, patient test records, and database management systems have become extremely important in the healthcare industry. Moreover, rising health-conscious populaces, coupled with a surge in chronic & metabolic disorders, accelerate the growth of the market on a global platform.
According to Market Research Future (MRFR), the global clinical laboratory test market, is poised to create a valuation of over USD 324508.8 MN by 2022, registering 6.5% CAGRduring the assessment period (2016-2022). Rising demand for early diagnosis due to the increasing incidences of chronic diseases, alongside the consequent need to curtail skyrocketing healthcare costs act as a major driving force for the market growth. Also, the growing awareness is propelling the growth of the market.
Conversely, stringent government regulations regarding laboratory testing are expected to impede market growth over the anticipated period. Nevertheless, significant growth opportunities due to the various untapped therapeutic testing markets would support the growth of the market throughout the predicted period. Moreover, rising health concerns across the globe would substantiate market growth, increasing the routine check-ups, and overall clinical laboratory tests.
Global Clinical Laboratory Test Market – Segments
The analysis has been segmented into three major dynamics.
By Types of Laboratories : Hospital-Based laboratories, Central/Independent Laboratories, Physician Office-Based Laboratories, and others.
By Types of Test : Complete Blood Count (CBC), Basic Metabolic Panel (BMP), HbA1c Tests, HGB/HCT Tests, Comprehensive Metabolic Panel Tests, BUN Creatinine Tests, Renal Panel Tests, Electrolytes Testing, Liver Panel Tests, Lipid Panel Tests, and others.
By Application : Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology, Urinalysis, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Clinical Laboratory Test Market – Regional Analysis
North America dominates the global clinical laboratory test market, holding the largest share. The market is predominantly driven by the presence of advanced healthcare infrastructure and a large number of notable market players. Moreover, factors such as the extensive usages of clinical laboratories by research institutes, hospitals, and clinics increase the market demand.
Also, the rising prevalence of diseases and disorders such as hypertension, cardiovascular diseases, cancer, stroke, and other fatal diseases propel the growth of the regional market. Growing numbers of medical, life science, and biotechnology labs, alongside the increasing demand for advanced & cost-competitive diagnostic process, drive the regional market growth. The North American clinical laboratory test market is expected to grow at a significant rate during the assessment period.
Europe stands second in the global clinical laboratory test market, heading with the increasing R&D activities in growing numbers of laboratory infrastructure. The increasing economy in the region plays a causal role in substantiating the growth of the market, widening access to quality care.
Besides, factors such as advanced healthcare infrastructures and increasing numbers of laboratory tests conducted for the diagnosis of myriads of chronic diseases foster the regional market growth. Increased funding for advancing clinical laboratories propel the growth of the regional market, excellently. The European clinical laboratory test is projected to grow at a considerable CAGR during the forecast period.
The Asia Pacific region has emerged as the fastest-growing market for clinical laboratory tests. The market is majorly driven by the growing healthcare sector and rising R&D initiatives in clinical set-ups. Furthermore, the rapidly improving economy in the region and the penetration of advanced biotechnology define the increasing landscape of the APAC market. The region offers tremendous growth opportunities to the market players due to some of its untapped markets. The APAC clinical laboratory test market is anticipated to witness significant growth during the review period.
Clinical Laboratory Test Market – Competitive Landscape
Fiercely competitive, the clinical laboratory test market appears highly fragmented due to the presence of many large & small-scale players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
Players driving the global clinical laboratory testing market overview include Laboratory Corporation of America, AURORA Diagnostics, LifeLabs Medical Laboratories, Sonic Healthcare, and Quest Diagnostics, among others.
Industry/ Innovation/ Related News
March 10, 2020 ---- Invitae Corporation (the US), a genetic information company, announced the acquisition of three companies YouScript, Genelex, and Diploid, to extend its product portfolio further. Invitae specializes in providing information for genetic diagnostics, preimplantation, and carrier screening for inherited disorders, miscarriage analysis, and hereditary cancer.
YouScript Inc. provides a clinical decision support platform that can be integrated into electronic medical records to help physicians manage their patients' medications in the context of genetic test results. Genelex (the US) is a pharmacogenetic testing firm, and Diploid is a Belgian firm that brings genome diagnostics into daily clinical practice. The company has developed an artificial intelligence software called Moon, that diagnoses genetic disorders from patients' gene sequencing and other clinical data.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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