The global clinical reference laboratories market reached USD 247,167.8 billion with a CAGR of 5.8% by 2027 during the forecast period. In the COVID-19 pandemic, during lockdown restrictions, there was a negative impact on the global clinical reference laboratory market. Less number of patients visit the laboratories because of the fear of COVID-19. The laboratories and hospitals are considered the hotspots in the pandemic which give a severe impact on the clinical laboratory test revenue during the analysis tenure.
The clinical reference laboratory market growth has significant rise because of the accelerating demand for clinical trials which owes to growing the chronic ailments among the expanding populace. These types of laboratories acquire the prominence in forecast term because of the reduction in the budget of the hospital due to the decrease in medicare reimbursements. During the assessment term, the increased value-based outsourcing from the hospitals augment the share of the clinical laboratory services market.
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The growth of the global clinical reference laboratories market was boosted by the growing focus on molecular biology which provides significant expansion opportunities. The demands for clinical laboratory services are fueled by the increased development in microbiology and the increase in several bio reference laboratories globally. The increased investments in laboratory services propel the trade significantly. The growth of the global clinical reference laboratories market was hindered by healthcare budgetary restrictions.
The high expenses which are associated with the advanced technologies were anticipated challenge to the market and obstruct the expansion of the clinical reference laboratory services market during the tenure of the forecast. Americas dominated the global market for clinical reference laboratories. During the analysis timeframe, the increased focus on the health of the animal strengthens the clinical reference laboratory. The US makes crucial participation in garnering the share in the regional market.
During the forecast period, Europe was the second-most lucrative market. During the projection tenure, Germany and France play a salient role in augmenting the regional markets. The regional key players adopt the latest technologies which develop the regional market in the forthcoming term. The market in Europe was propelled by the increased geriatric population and increase in the incidence of chronic illness in the expanding populace. During the forecast period, Asia-Pacific was the fastest growing region that increase the initiatives taken for the improvement of the healthcare infrastructure.
The global clinical reference laboratories market was segmented based on service provider and application.
Based on the service provider, the global clinical reference laboratories market was divided into hospital based, stand alone, and clinical based.
Based on application, the global clinical reference laboratories market was divided into laboratory medicine, clinical trials, and others.
The global clinical reference laboratories market was spread in the following regions – Asia-Pacific, Europe, North America, and the Rest of the World.
The key players involved in the global clinical reference laboratories market are Sonic Healthcare Limited, KingMed Diagnostics, Aurora Diagnostics, SYNLAB International GmbH, Unilabs, Clinical Reference Laboratories, ARUP Laboratories, and Quest Diagnostics.
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