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According to TMR, the global clinical laboratory services market is expected to revenue of US$208.0 mn in the year 2016 to swell with a CAGR of 6% to attain revenue of US$361.3 bn over the forecast period between 2017 and 2025.
Based on the test type, the clinical chemistry test segment is likely to grow with more than 6% CAGR over the forecast period from 2017 to 2025 and expected to hold a dominant position over the forecast period. However, the medical biology and cytology segment is expected to expand with a lucrative CAGR of 6.5% by the 2025-end. Based on the service provider, the stand-alone laboratories segment is leading to account for more than 40% share over the forecast period. Based on the region, North America dominated the global clinical laboratory services market and is expected to remain dominant over the forecast period.
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Growing Prevalence of Several Seasonal Diseases to Benefit Growth
Growing awareness toward diseases and benefits of early disease diagnosis coupled with high prevalence of seasonal diseases is propelling the growth of the global clinical laboratory services market. Additionally, the growing prevalence of various diseases due to poor lifestyle is creating a need for the advanced clinical laboratory services market. Furthermore, increasing incidence of infectious diseases is fuelling the need for the advanced clinical services for early detection of clinical laboratory services and one of the key factors fuelling the growth of the market.
Growing advancements in the technology are leading to boost adoption and heightened demand for these tests for its quick results, which is expected to provide a boost to the growth of the global clinical laboratory services market over the coming years. Furthermore, growing awareness about the benefits and availability of tests that offers advantages of early detection and medication is propelling the growth of the clinical laboratory services market.Moreover, the growing geriatric population is likely to propel the demand for advanced healthcare and diagnosis systems are propelling the growth of the global clinical laboratory services market.
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Lack of Knowledge to Hamper Growth of Market
Despite these factors, lack of infrastructural advancements along with lack of exports to conduct these tests especially in the underdeveloped and developing countries is hampering the growth of the clinical laboratory services market. Additionally, stringent regulations imposed on the clinical laboratory services are restraining growth of the global clinical laboratory services market. Nonetheless, this picture is gradually changing and mainly in the developing countries where investment for healthcare is increasing. This investment is leading to open up doors for numerous opportunities for the players in the market. Additionally, taping the opportunities in the underdeveloped countries could offer lucrative opportunities for growth over the forecast period.
Transparency Market Research (TMR) witnesses the global clinical laboratory services market has a highly fragmented competitive scenario. Some of the companies operating in the global clinical laboratory services market are SYNLAB International GmbH, Sonic Healthcare, Charles River Laboratories International Inc., Genomic Health Inc., Fresenius Medical Care, NeoGenomics Laboratories Inc., UNILABS, Quest Diagnostics Incorporated, and Laboratory Corporation of America Holdings. These players are increasingly adopting strategies such as merger & acquisitions and collaborations, which are leading to an increased level of consolidation in the global clinical laboratory services market.