Rise in Aging Population Fuels Clinical Laboratory Services Industry to Expand at 5.80% CAGR
With the high incidence of debilitating health conditions such as diabetes, cancer, and other chronic ailments, the demand for clinical laboratory services has significantly increased among patients. The clinical diagnostics, or in-vitro diagnostics market comprises assays, instruments, and services that help in the diagnosis and treatment of diseases. The global healthcare community foresees great prospects for the clinical laboratory services market, since it offers personalized medicine and administers accurate therapies at the right time to the right patient with minimal risk of errors.
Industrial Trends of Clinical Laboratory Services:
The report on the global clinical laboratory services market provides an all-encompassing overview of the prevailing trends and dynamics of the market. It has adopted an analytical approach to study the growth trajectory that the market exhibits. As a part of the study, the report segments the global clinical laboratory services market into four major categories based on the clinical diagnostics tests performed in laboratories. These include human and tumor genetics, medical microbiology and cytology, clinical chemistry, and other esoteric tests.
Clinical laboratory services include several tests that help detect abnormalities and disease progression, ranging from regular blood and urine tests to sophisticated genetic analyses such as molecular expressing testing, fluorescence in situ hybridization, and others. Stand-alone laboratories, clinic-based laboratories, and hospital-based laboratories are the key service providers in the market.
Overview of the Clinical Laboratory Services Market
The global clinical laboratory services market is anticipated to exhibit a 5.8% CAGR between 2013 and 2019. The market is expected to grow from US$162.71 billion in 2012 to an estimated valuation of US$241.37 billion in 2019.
Increasing prevalence of chronic ailments, especially among the geriatric populace, is expected to boost the demand for clinical laboratory services. In the U.S., the geriatric demographic is likely to expand by 20% by 2030. Such an increase in the population of aging people in the U.S. alone will result in higher volumes of clinical laboratory testing.
To offer more accurate diagnosis, prominent market players such as Abbott Diagnostics, Roche Holdings, Roche Holdings, Genomic Health, and others are investing on the development of systems and products that will help obtain highly accurate analysis of patient samples and enable processing thousands of samples in time. Such research and development activities will help the clinical laboratory services market cope with the rising demand.
Accreditation of Clinical Laboratory Services: https://goo.gl/bFXI23
Over the forecast period between 2013 and 2019, the clinical services laboratory market in Asia Pacific is expected to register incredible growth. Asia Pacific boasts a large population with high prevalence of unmet medical needs. This provides a tremendous growth opportunity for the clinical laboratory services market. In terms of revenue generation, North America leads the market at present and is expected to continue its dominance over the forecast period.
Companies mentioned in the research report
The global clinical laboratory services market is oligopolistic in nature, with only a handful of major players collectively accounting for over 50% of the market. Some of the leading players operating in the market are Charles River Laboratories, Laboratory Corporation of America Holdings, Genoptix Medical Laboratory, Bio-Reference Laboratories, Quest Diagnostics, Inc., Sonic Healthcare, Spectra Laboratories, Healthscope, Labco S.A., and Abbott Laboratories.