Market Research Report
Clinical Laboratory Services Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||922037|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Clinical Laboratory Services Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 114 Pages||
The clinical laboratory services market is primarily driven by the rising incidences of chronic diseases and the increasing demand for accurate disease diagnosis, along with the government's focus on public-private partnerships. However, the lack of medical laboratories, advanced diagnostic equipment, and inadequately trained laboratory staff are restraining the market's growth. Most of the developing countries across the globe are facing a high prevalence of communicable diseases along with the rising prevalence of non-communicable diseases. As per the World Health Organization 2018, 41 million, or 71% of the global deaths were due to noncommunicable diseases (NCDs). People across the developing countries are becoming more selective about the health services they get. Due to the favorable reimbursement and developed healthcare systems of countries such as the United States, France, the UK, etc., there is a high demand for laboratory services which is propelling the growth of the market studied.
The progression of chronic diseases can be prevented through lifestyle changes. However, the early diagnosis of an underline disease is necessary for interventions to be effective. Thus, owing to the increasing burden of chronic diseases, the volumes of diagnostic tests are expected to increase rapidly, resulting in the expansion of the market.
Independent Laboratories to Register Healthy Growth
The demand for laboratory testing is increasing, due to the increasing incidences of chronic diseases, thereby increasing the demand for the accurate diagnosis of different diseases. In highly populated countries like India and China where a significant chunk of the population does not have access to proper medical diagnostic facilities, there is a huge opportunity for independent laboratories. In countries like Nigeria, the laboratory services are being integrated with the three-tier public health system at the primary, secondary, and tertiary levels. Besides these, there are reference laboratories, research laboratories, and disease-specific reference laboratories to provide services for complex and special tests.
The independent laboratories are coming up with highly advanced types of equipment and are providing multiple test types which is enabling patients to access the service as per their convenience. Hence, independent laboratories are expected to witness healthy growth.
United States Holds the Largest Share of the Market
The major factor driving growth of the United States clinical laboratory services market is the presence of key players and the government organizations in the country which enables the awareness among the general population and allows them to access the services conveniently. For instance, the American Clinical Laboratory Association is a not-for-profit organization offers members the benefits of representation, education, information, and research. Also, the high adoption of technological advancements in the country backed up by proper quality measures is playing an important role in delivering quality, efficient and effective service to the growing healthcare industry.
The market for clinical laboratory services is moderately competitive and various global, as well as local companies, are present in the market. A major share of the market is grabbed by the global players and local companies are also focusing on delivering innovative services to the people which is allowing these companies to establish their considerable place in this market. With a rising need for technology, it is expected that few new entrants will be seen in the market in the future and these players will gain a substantial share.