The medical and diagnostic laboratory services market consists of sales of medical and diagnostic laboratory services and related goods by entities that provide diagnostics tests for various diseases. Paper diagnostics can be used as a replacement of color-based tests on paper for the ease of use, storage, and as effective cost measures. Assay wells are printed onto a piece of paper of the size of a postal stamp; samples such as blood, urine or sweat wick through the paper and color changes can be easily compared by users with the reference scale on the paper. It is a significant technology which can give access to 60% of the world’s population who do not have access to urban hospitals and medical infrastructure. Thus, this technique has scope to significantly expand diagnostic reach and can increase growth of the medical and diagnostic laboratories market.
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Medical And Diagnostic Laboratory Services Market Segmentation
The global medical and diagnostic laboratory services market report is segmented by type into medical laboratory services, diagnostic imaging centers, by application into cardiology, oncology, neurology, orthopedics, gastroenterology, gynecology, others, by end user gender into male, female, by type of expenditure into public, private. Subsegments covered are computed tomography (CT-scan) centers, medical radiological laboratories, dental or medical X-ray laboratories, ultrasound imaging centers, magnetic resonance imaging (MRI) centers.
Medical And Diagnostic Laboratory Services Market Regions
North America was the largest region in the global medical and diagnostic laboratory services market, accounting for 49% of the market in 2019. Asia Pacific was the second largest region, accounting for 22% of the global medical and diagnostic laboratory services market. Africa was the smallest region in the market.
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Coronavirus Impact On The Medical And Diagnostic Laboratory Services Industry
The global medical and diagnostic laboratory services market is expected to decline from $126.4 billion in 2019 to $108.8 billion in 2020 at a rate of -14%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. Governments across countries have prioritized COVID-19 screening, and imaging is not routinely used to screen for the disease. COVID-19 is mainly screened through molecular and RT PCR based tests. Most of the medical and diagnostic laboratories are currently shutdown, and a few top facilities have been asked to reschedule any nonurgent, outpatient imaging visits as a precaution to help keep patients and staff safe. Additionally, due to extensions of the lockdown, there are many cancellations of pre-scheduled patient visits. The market is expected to recover and grow at a rate of 6% from 2021 and reach $170.3 billion in 2023.
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