Market Research Report
Clinical Lab Services Market, By Test Type, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||966641|
|Published||Content info||228 Pages
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|Clinical Lab Services Market, By Test Type, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2021-2027|
|Published: October 1, 2020||Content info: 228 Pages||
Clinical Lab Services Market, By Test Type (Microbiology Testing, Clinical Chemistry Testing, Immunology Testing, Hematology Testing, Genetic Testing, Cytology Testing, and Drug of Abuse Testing), and By Geography (EU, NA, APAC, LATAM, and MEA) - Analysis, Size, Share, Trends, & Forecast from 2021-2027.
The global clinical lab services market was valued at USD 120.5 billion by 2019, growing with 5.1% CAGR during the forecast period, 2021-2027.
Clinical labs are an integral part of the healthcare system that provides information and service to improve healthcare services at various levels. Through diagnosis tests ranging from blood tests to genetic tests, clinical labs assist medical practitioners or service providers to make the right decision pertaining to a particular disease.
Clinical lab service is a well-established market, yet witness a healthy growth prospect over the coming years because of the rising prevalence of chronic disease and other infectious diseases. As per the stats published by the World Health Organization (WHO), the prevalence of chronic disease expected to rise by 57% by the end of the year 2020. Besides, an increasing number of elderly populations predominantly in developing countries such as China and India because of the lack of awareness. However, the USA is a well-developed market that faces significant growth in the elderly population due to advanced medical technologies available that have increased the average life period of the people in the region.
Further, technological advancement in the clinical research facilities and laboratory service is the other major factor estimated to drive the market growth. Manufacturers in the industry aimed at developing the testing and diagnostic procedures in order to offer better services to their customers.
Test Type Takeaway
On the basis of test type, the industry is bifurcated into microbiology testing, clinical chemistry testing, immunology testing, hematology testing, genetic testing, cytology testing, and drug of abuse testing. Clinical chemistry testing dominated the global industry with around half of the revenue share in 2019 and estimated to continue its dominance in the coming years. This is mainly attributed to the increased application of chemistry testing for numerous diseases. Additionally, on-going advancements in endocrinology and specialized testing further boost the market growth of chemistry testing in the upcoming years.
On the contrary, microbiology testing and cytology testing expected to be the most lucrative segments in terms of growth. An increasing number of infections and infectious diseases is the prime factor that supports the prominent growth of the segment.
Service Provider Takeaway
Based on service provider, the industry is classified into hospital-based laboratories, independent & reference laboratories, and nursing & physician office-based laboratories. Hospital-based laboratories led the global market with notable revenue share in 2019 and further predicted to forecast a growth rate of nearly 6% during the forthcoming years. The significant growth of the segment is mainly because of the rising trend for early prediction of the disease coupled with favorable reimbursement policies offered by the hospitals. The clinic-based laboratory is the other most promising segment because of the rising number of chronic disease and hormonal disorders among the people.
Geographically, the global industry classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for a significant market share in the year 2019 and is the most promising region for future growth prospects. This is majorly due to the considerable efforts undertaken by the regional government to improve their clinical services on account to enhance their diagnosis procedures and testing of diseases. Further, increasing awareness towards health and fitness has spur the rate of early diagnosis that again flourishes the demand for clinical lab services in the region.
Europe and North America are the other most prominent markets in the clinical lab services and accounted for a considerable portion of revenue share in 2019. Favorable government regulation together with well-developed healthcare infrastructure is the key factor contributing towards their significant market hold. In addition, the regions are the early technology adopters with the presence of large of the global industry players that again boost the market growth in the regions.
The outbreak of COVID-19 has severely impacted several industries and brought huge disruptions in the supply chain and logistics. To fight against this pandemic situation governments of various countries have imposed complete lockdown in their region that has again halted several manufacturing sectors and badly hit the country's economy. Although, several markets have maintained their growth prospect over this time owing to a surge in the demand for their products and services such as the healthcare industry particularly clinical research and diagnosis procedures and kits. The need for advanced diagnosis and testing procedures for COVID-19 has prominently boosted clinical lab services across the globe.
Key Vendor Takeaway
Some of the prominent players operating in the industry include Laboratory Corporation of America, Mayo Medical Laboratories, Spectra Laboratories, Quest Diagnostics, DaVita Healthcare Partners, Eurofins Scientific, SYNLAB International, Unilabs, Bio-Reference Laboratories, Cerba HealthCare, Sonic Healthcare among others.
The industry is highly competitive in nature because of the large number of market players present both internationally and regionally. Apart from this, with the increasing demand for clinical research services, the industry participants have prominently adopted inorganic market growth strategies such as partnership, collaboration, joint venture, and merger & acquisition to retain their position on the global scale. For instance, in July 2019, Pharmaceutical Product Development, LLC (PPD) and NeoGenomics, Inc. entered into a collaboration agreement under which they opened a pharma services lab in Singapore. This initiative by the company will enhance its pathology and molecular capabilities in the Asia Pacific region.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2016 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2021 to 2027
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CLINICAL LAB SERVICES MARKET KEY PLAYERS
Laboratory Corporation of America Holdings
Mayo Medical Laboratories
Spectra Laboratories Inc.
Quest Diagnostics Incorporated
DaVita Healthcare Partners
GLOBAL CLINICAL LAB SERVICES MARKET, BY TEST TYPE
Clinical Chemistry Testing
Drug of Abuse Testing
GLOBAL CLINICAL LAB SERVICES MARKET, BY SERVICE PROVIDER
Independent & Reference Laboratories
Nursing & Physician Office-based Laboratories
GLOBAL CLINICAL LAB SERVICES MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA