North America to Grab the Lion’s Share in the Clinical Laboratory Services Market

Tue, 26 May 2020 6:39

Infectious diseases are considered as the leading causes of death across the globe. As per the World Health Organization, lower respiratory infections caused 3 million deaths in 2017 globally. Growing patient awareness towards the importance of clinical diagnostic tests and the availability of cost-effective diagnostic tests drives the market growth.

Wide variety of clinical tests facilitate the ability to efficiently diagnose diseases, and over 4,000 clinical tests are available today, such as lipid profiling, complete blood count, HbA1c tests, HGB/HCT, creatinine estimation, liver profiling, electrolytes testing, allergy profile testing, basic and comprehensive metabolic tests, and renal profile tests. Clinical testing laboratories offer these tests and services to meet the needs of the medical industry, further driving the market growth.

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Impact of COVID-19

The coronavirus outbreak has surged the need for accurate clinical laboratory test methods. The governments across the globe are actively working to develop functional and effective COVID-19 clinical diagnostic kits to control the prevalence and decelerated the death toll. Recently, the U.S. based ‘Ortho Clinical Diagnostics’ launched an immunodiagnostic kit to detect antibodies (including IgG and IgM) such as SARS-CoV-2 and immune response to the virus.

Key Highlights

  • The clinical laboratory services market was valued at USD 225.75 billion in 2019 and is expected to grow with a CAGR of 6.42% during the forecast study period.
  • The microbiology testing segment is witnessing the fastest growth in the market due to the growing cases of nosocomial, infectious, fungal, and bacterial parasitic infections.
  • The clinic-based laboratories segment accounted for the largest share and is predicted to show considerable growth in the coming years.
  • North America leads the laboratory services market owing to technological advancements in clinical testing techniques and increasing healthcare expenditure.

Key Players

  • Laboratory Corporation of America Holdings (LabCorp)
  • Roche Diagnostics
  • Abbott Laboratories
  • Bio-Rad Laboratories Inc.
  • Charles River Laboratories
  • Quest Diagnostics Inc.
  • Neogenomics Laboratories, Inc.
  • RUP Laboratories
  • Mayo Medical Laboratories
  • Spectra Laboratories Inc.

Recent Development

  • In June 2019, QIAGEN diagnostics and DiaSorin collaborated to offer a fully automated tuberculosis detection QuantiFERON TB gold plus analyzer system.
  • In July 2017, Arup Laboratories, Inc. partnered with IDbyDNA to develop next-generation sequencing infectious disease testing.

Clinical Laboratory Services Market Segmentation

By Test Type

  • Clinical chemistry testing
  • Microbiology testing
  • Cytology testing
  • Genetic testing
  • Hematology testing
  • Immunology testing

By Service Provider

  • Hospital-based laboratories
  • Stand-alone laboratories
  • Clinics-based laboratories

By Region

  • North America
  • Europe
  • Asia Pacific
  • Central and South America and the Caribbean
  • The Middle East and Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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