It has been determined that the global market for clinical reference laboratories is steadily expanding, and it is anticipated that this trend will continue in the near future. As hospitals have started to outsource some or perhaps all of their pathology and radiology diagnostic services, the adoption of value-based services has accelerated. Hospital budget constraints brought on by declining Medicare reimbursements are one of the factors driving hospitals’ increased outsourcing. The Medicare reimbursement rates for clinical lab services have been reduced, which has had a significant effect on the U.S. lab market. It wasn’t just the direct billings that were impacted; it also harmed U.S. clinical labs, which rely on Medicare for close to 20% of their billings and up to 80% of their business in some areas. Many hospital CEOs are resorting to outsourcing various value-based services, and numerous businesses are emerging to provide these diagnostic outsourcing contracts from hospitals in their ongoing efforts to safeguard the hospitals’ bottom line. Therefore, the demand for these independent reference laboratory services has been strengthened by hospitals’ rising value-based outsourcing.
Clinical Reference Laboratory Market Worldwide By 2027, it is predicted that Laboratory will grow at a CAGR of 5.8% and reach a market value of USD 247,167.8 Million.
Additionally, investing in laboratory services has proven profitable in improving patient care and producing the highly desired “efficiencies”. The development of technology that can carry out repetitive tasks at a reasonably high speed has improved quality, consistency, and efficacy. Now, tests on materials that once required hours to process can yield results in just a few minutes. Microbiology and histology are significantly impacted by laboratory automation. The most major advance is the integration of genetics and molecular technologies into standard medical practise, which will have a profound impact on patient care, clinical practise, and community health.
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Clinical reference laboratory market is divided into four major regions based on geography: America, Europe, Asia-Pacific, and Middle East & Africa. The biggest market for clinical reference laboratories worldwide is America. With nations like the United States and Canada playing a significant role in the industry, the North American region is the largest market in the Americas. The second-largest market for clinical reference laboratories is currently in Europe, and it is anticipated that this market will expand over the coming years. In the market for clinical reference laboratories, the Asia-Pacific region is anticipated to grow at the fastest rate.
From the Service Provider it is segmented into Clinically Based, Hospital-Based, Stand-Alone. The hospital-based application is anticipated to dominate the global market for clinical reference laboratories in the application segment. In 2015, the sector brought in USD 56,990,40 million.The clinical reference laboratories market has been divided into Stand Alone, Hospital Based, and Clinical Based service providers. Based on applications, including those for clinical trials and laboratory medicine.
Laboratory Corporation of America, KingMed Diagnostics, Aurora Diagnostics, Sonic HealthCare Limited, Synlab International GmbH, Bioreference Laboratories, Unilabs, Clinical Reference Laboratory, ARUP Laboratories, Quest Diagnostics, and other companies are some of the major players in this market.
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