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Clinical Laboratory Services Market Gained Traction due to High Awareness for Early and Accurate Diagnostics - TMR
ALBANY, New York, May 29, 2019 /PRNewswire/ -- Increasing efforts are made to improve healthcare services and special emphasis is given to enhance clinical laboratory services. Players operating in the global clinical laboratory services market are focusing on advancing laboratory technologies by including advanced automation features. Moreover, they are also providing these services to diagnose emerging threats of diseases to get a competitive edge among the other contenders in the market.
Adoption of various organic and inorganic strategies is benefitting players to get larger shares in the global clinical laboratory services market. For instance, Siemens Healthineers acquired a global supplier of infectious diagnostics tests - Luxembourg-based Fast Track Diagnostics. Other players in the market including SYNLAB International GmbH, Fresenius Medical Care, Genomic Health Inc., Quest Diagnostics Incorporated, and NeoGenomics Laboratories Inc. are also taking similar steps.
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Based on the statistical information gathered from the report generated by Transparency Market Research, US$361.3 bn is estimated to be generated in the global clinical laboratory services market by the end of 2025. In 2016, this market earned US$208.0 bn. This figure is attainable if the market rises at 6.0% CAGR between 2017 and 2025.
In developed regions, the global clinical laboratory services market is growing stupendously due to increased investments from the public and private sector. North America is standing at the forefront holding maximum number of share. Additionally, developing regions in Asia Pacific show a positive stance for clinical laboratory services. Pertaining to these factors, intact, geographical growth of clinical laboratory services is considerably high and gain more attraction in the coming years.
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Stand-alone laboratories have gained huge attention among the other services providers. They are expected to hold nearly 40% share in the global clinical laboratory services market in the coming years. Privatization and advanced healthcare infrastructure along with high government spending in health care boosted stand-alone laboratories.
Bioterrorism Threats Offer New Opportunities in Clinical Laboratory Services Market
The global clinical laboratory services market has huge potential to grow, as countries across the globe are making deliberate efforts to enhance healthcare services. Apart from developed economies, developing economies are also showing huge interest in adopting advanced techniques in the healthcare sector. A growing number of target diseases and initiative to provide quality health care services is providing a fillip in the global clinical laboratory services market.
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High preference given to comprehensive health checkups provided by clinical laboratories and wide adoption of digital pathology platforms is also encouraging growth for clinical laboratory services. Patient-initiated diagnostic testing along with clinical labs making efforts to stick with international standards has opened new opportunities in the global clinical laboratory services market. Growing threats related to bioterrorism will further enhance opportunities for clinical laboratory services.
Improving Government Healthcare Initiatives Result In Wide Adoption of Clinical Services
More preference given to home-based point-of-care testing procedures rather than from lab-based diagnosis and the burden of high prices faced by providers and payers are expected to hamper growth in the global clinical laboratory services market. Additionally, unmet needs of improved diagnostics devices in laboratories are challenging growth in this market.
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Contradicting to the above-mentioned restraints, advancements taking place in clinical diagnostics techniques and growing awareness about early and accurate diagnostics might encourage the growth in this market. Government initiatives to enhance healthcare services and the aim to provide quality and affordable healthcare services will also drive the demand in this market. These restraints might challenge the growth of clinical laboratory services of some time, but in the long-run, the global clinical laboratory services are likely to rise at a considerable rate.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Clinical Laboratory Services Market (Test Type - Clinical Chemistry, Medical Microbiology and Cytology, Food Intolerance Tests, Human and Tumor Genetics, and Other Esoteric Tests; Service Provider - Stand Alone Laboratories, Hospital based Laboratories, and Contract Research Organizations (CROs)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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