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Clinical Laboratory Services Market to Hit $350 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Oct. 10, 2019 /PRNewswire/ -- Global Clinical Laboratory Services Market is expected to surpass USD 350 billion by 2025; according to a new research report by Global Market Insights, Inc. Growing demand for early disease detection across the globe should foster medical laboratory services industry growth. Rising awareness and accessibility among population regarding primary disease management should boost business growth. Ongoing research such as early disease analysis by new detection system, further fosters business growth. Additionally, research focused on spot rare molecules that relate to early disease diagnosis should propel medical laboratories market growth. Moreover, identifying significant biomarkers in minor concentrations has led patients to obtain earlier treatment for diseases. Thus, massive demand for biomarkers will augment the overall demand for clinical testing.
Introduction to innovative solutions coupled with launch of diagnostic platforms providing efficient detection of diseases will render positive impact on clinical laboratory testing services business growth. Several advantages associated with advanced diagnostic equipment that meet patients' diagnosis and serves physicians demand boosts business growth. Moreover, ongoing development in diagnostic technologies that detects the root cause of disease and yields faster results will augment revenue share. Additionally, growing R&D activities for introducing innovative solutions including accuracy and real-time results is expected to boost clinical lab services business growth. However, inadequate reimbursements policies may restrict clinical laboratory services market growth over the coming years.
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Clinical chemistry segment was valued around 105 billion in 2018 and will show lucrative growth during the forthcoming years. Advancements in medical devices and high precision instruments utilized in the clinical chemistry tests favors segmental growth. Moreover, growing prevalence of infectious diseases worldwide should escalate medical laboratory services business demand.
Clinical Laboratory Services Market Forecasts, By Test Type
1.1. Key segment trends
1.2. Human & tumor genetics
1.2.1. Market size, by region, 2014 – 2025 (USD Billion)
1.3. Clinical chemistry
1.3.1. Market size, by region, 2014-2025 (USD Billion)
1.3.2. Routine chemistry testing
188.8.131.52. Market size, by region, 2014-2025 (USD Billion)
1.3.3. Specialized chemistry testing
184.108.40.206. Market size, by region, 2014-2025 (USD Billion)
1.3.4. Therapeutic drug monitoring (TDM) testing
220.127.116.11. Market size, by region, 2014-2025 (USD Billion)
1.3.5. Endocrinology chemistry testing
18.104.22.168. Market size, by region, 2014-2025 (USD Billion)
1.3.6. Other Clinical Chemistry Testing
22.214.171.124. Market size, by region, 2014-2025 (USD Billion)
1.4. Medical microbiology & cytology
1.4.1. Market estimates and forecast, by region, 2014 – 2025
1.5. Other esoteric tests
1.5.1. Market estimates and forecast, by region, 2014 – 2025
Browse key industry insights spread across 129 pages with 164 market data tables & 8 figures & charts from the report, "Clinical Laboratory Services Market Size By Test Type (Human & Tumor Genetics, Clinical Chemistry, [Routine Chemistry Testing, Specialized Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Endocrinology Chemistry Testing, Other Clinical Chemistry Testing] Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Stand-alone laboratories segment accounted for over 35% revenue share in 2018 and will witness substantial CAGR by 2025. Stand-alone laboratories not only perform testing of particular genetic diseases but also are involved in adoption of automated medical devices that aid accurate and efficient detection. Additionally, availability of technologically advanced devices utilized for diagnosing diseases in stand-alone laboratories will elevate segment growth.
North America market was valued around USD 86 billion in 2018. Increasing prevalence of diseases such as blood disorders, diabetes and cardiovascular among population will drive the regional growth. Presence of well-developed healthcare infrastructure coupled with favorable reimbursement policies for secured patient management should foster clinical laboratory testing services business growth.
Some of the notable business players working in clinical laboratory services market include Arup Laboratories, Abbott, Genoptix Medical Laboratory, Fresenius Medical Care, Charles River Laboratories, Fullerton Health, Laboratory Corporation of America Holdings, Opko Health, Qiagen, Neogenomics Laboratories, Genzyme, Siemens, Quest Diagnostics and Sonic Healthcare. Several inorganic strategies undertaken by industry players including acquisition will prove beneficial for business growth. For instance, in March 2018, QIAGEN and Natera partnered to develop cell-free DNA assays for usage on GeneReader NGS System. Furthermore, in May 2017, Labcorp acquired Pathology Associates Medical Laboratories (PAML). This acquisition strengthened LabCorp's relation with anchor health systems, it also expanded LabCorp's geographic presence.
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Contract Research Organization Market Outlook 2024: Pharmaceutical and biopharmaceutical companies segment accounted for 54.7% revenue share in 2017 and the segment will witness robust growth in the coming years. Segmental growth is attributed to growing investment in new drug development coupled with increasing government support. Prominent industry players operating in the CRO market include Parexel International, Laboratory Corporation of America Holdings (Covance), Charles River Laboratories International (CRL), CMIC, Syneos Health, EPS International, Clinipace, IQVIA (Quintiles IMS), Clinitec, ICON, Medpace, Pharmaceutical Product Development (PDD), PRA Health Sciences, Worldwide Clinical Trials, Synteract and Wuxi AppTec.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Clinical Laboratory Services Market Statistics 2019-2025
The clinical laboratory services market is poised to achieve over 6% CAGR from 2019 to 2025, supported by escalating prevalence of numerous diseases.
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SOURCE Global Market Insights Inc.