Clinical Laboratory Services Market size is estimated to be $126.7 billion in 2019, growing at a CAGR of 5.2% during the forecast period 2020-2025. The increasing population along with the rise in diseases is a major factor driving the Clinical Laboratory Services Market during the forecast period 2020-2025. Technological advancement and developments in clinical pathology, anatomic pathology, clinical microbiology, and hematology are also driving the Clinical Laboratory Services Market. Furthermore, the clinical laboratory provides services that contribute to maximizing the effective delivery of care in the healthcare system by assuring that the correct test is performed on the right person, at the right time with accurate results. This enables providers to make the right diagnostic and therapeutic decisions using the right level of health care sources. Moreover, while technology continues to improve the productivity of laboratories, new technologies, new disease, and disease strains continue to drive the need for more tests and testing.
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By Specialty- Segment Analysis
By Type, the Clinical Laboratory Services Market is segmented into Clinical Chemistry Testing, Microbiology Testing, Hematology Testing, Immunology Testing, Cytology Testing, Genetic Testing, and Drugs Abuse of Testing. Among these, the clinical chemistry testing is projected to be the fastest growing with a CAGR of 4.3% during the forecast period 2020-2025. This is owing to the wide usage of tests related to serum, plasma, urine, and cerebrospinal fluid. Furthermore, techniques such as spectrophotometry, immunoassays, and electrophoresis are also used in clinical chemistry to measure the concentration of substances such as glucose, lipids, enzymes, electrolytes, hormones, proteins, and other metabolic products present in the human blood and urine.
By Provider- Segment Analysis
Hospitals-based Laboratories accounts for major share of the Clinical Laboratory Services Market in 2019 owing to the ease of facilities for diagnosis in these laboratories. Laboratory information enables physicians and other healthcare professionals to make appropriate evidence-based diagnostics or therapeutic decisions for patients. Furthermore, increasing chronic disease among elderly people has led hospitals to perform diagnosis test thereby driving the Clinical Laboratory Services Market during the forecast period 2020-2025.
By Geography- Segment Analysis
North America accounts for 38% of the Clinical Laboratory Services Market share in 2019. Increasing health concerns along with the growing demand for advanced laboratory systems, high awareness about early diagnosis and a better healthcare structure are the major factors driving its market growth. Furthermore, the presence of a large number of laboratories and ease of diagnosis in this region are also driving the market growth here.
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Drivers –Clinical Laboratory Services Market
Increasing chronic disease is a major factor driving the clinical laboratory services market. Furthermore, monitoring of many chronic diseases such as diabetes requires frequent testing and this is driving the market growth. Moreover, according to the American College of Cardiology in the U.S. in 2019 coronary events are to occur in about 1,055,000 individuals including 720,000 new and 335,000 recurrent coronary events.
Increasing demand for early diagnosis is further fueling the market growth. Demand for access to quicker, more accurate diagnosis is rising, increasing the capacity and capability of diagnostic providers. Furthermore, early detection and diagnosis help the patients prevent many major diseases. It also reduces the scale and cost of treatment.
Challenges – Clinical Laboratory Services Market
The rising cost of Clinical laboratory services is a major factor restraining its market growth during the forecast period 2020-2025. Therefore, high cost and limited buying power coupled with a fluctuating testing volume are major challenges for Clinical Laboratory Services Market.
Clinical Laboratory Services Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R& D activities are key strategies adopted by players in the Clinical Laboratory Services Market. Clinical Laboratory Services top 10 companies are ACM Medical Laboratory, Adicon Clinical Laboratory, Amedes Holding, Bio-Reference Laboratories, Cerba Healthcare, Clinical Reference Laboratory, Davita Healthcare Partners, Eurofins Scientific, Labcorp, and Lifelabs Medical Laboratories.
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