Data Bridge Market Research announces the release of the report “Clinical Laboratory Services Market Size, Share & Trends Analysis Report By 2027”. This report highlights key market dynamics of Clinical Laboratory Services industry and covers historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. This Clinical Laboratory Services report provides current as well as upcoming technical and financial details of the industry to 2027. Depending on client’s demand, huge amount of business, product and market related information has been brought together via this industry report that eventually helps businesses create better strategies.
Data Bridge Market Research analyses that the Clinical Laboratory Services Market is growing with a CAGR of 6.2% in the forecast period of 2020 to 2027 and expected to reach USD 217,941.33 million by 2027 from USD 134,692.52 million in 2019.
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Clinical Laboratory Services Market Scenario
According to Data Bridge Market Research the market for clinical laboratory services in North America region has the highest market share followed by Europe and Asia-Pacific. The market leader Siemens Healthineers AG accounts an estimated market share of approximately 5% to 10%. The sales revenue of Siemens Healthineers AG has increased by 2.68% to generate sales revenue of USD 16,279.03 million 2019 as compared to 2018. According to Data Bridge Market Research the market for clinical laboratory services in North America region has the highest market share followed by Europe and Asia-Pacific. The market leader Siemens Healthineers AG accounts an estimated market share of approximately 40% of market share in the Americas. Siemens Healthineers AG is a worldwide leading provider of healthcare solutions and services, in more than 180 countries all over the world and additionally the company is continuously involved in the innovation its portfolio of diagnostic and therapeutic imaging and in laboratory diagnostics and molecular medicine products and services. The clinical laboratory services revenue of Siemens Healthineers AG has increased by 4%. Siemens Healthineers is also involved in development of its digital health services and enterprise services.
This Clinical Laboratory Services report encompasses an infinite knowledge and information on what the market’s definition, classifications, applications, and engagements are and also explains the drivers and restraints of the market which is obtained from SWOT analysis. By applying market intelligence for this Clinical Laboratory Services market report, industry expert measure strategic options, summarize successful action plans and support companies with critical bottom-line decisions. Additionally, the data, facts and figures collected to generate this market report are obtained from the trustworthy sources such as websites, journals, mergers, newspapers and other authentic sources. The supremacy and transparency maintained in this Clinical Laboratory Services report makes it achieve the trust and reliance of the member companies and customers
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The Global Clinical Laboratory Services segments and Market Data Break Down are illuminated below:
By Specialty (Clinical Chemistry Testing, Hematology Testing, Microbiology Testing, Immunology Testing, Drugs of Abuse Testing, Cytology Testing, Genetic Testing)
By Provider (Hospital-Based Laboratories, Independent & Reference Laboratories, Nursing and Physician Office-Based Laboratories)
By Application (Bioanalytical & Lab Chemistry Services, Drug Development Related Services, Drug Discovery Related Services, Toxicology Testing Services, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services, Other Clinical Laboratory Services)
Major Players in Global Clinical Laboratory Services Market Include-
Mayo Foundation for Medical Education and Research (MFMER)
Laboratory Corporation of America Holding
Quest Diagnostics Incorporated
Spectra Laboratories (A Subsidiary of Fresenius Medical Care AG & Co. KGaA)
SYNLAB International GmbH
MIRACA HOLDINGS Inc.
ACM Global Laboratories
Alere (A Subsidiary of Abbott)
Siemens Healthineers AG
BioReference Laboratories, Inc.
NeoGenomics Laboratories, Inc.
Clinical Laboratory Services report displays data on key players, major collaborations, merger & acquisitions along with trending innovation and business policies. The report highlights current and future market trends and carries out analysis of the effect of buyers, substitutes, new entrants, competitors, and suppliers on the market. The key topics that have been explained in this Clinical Laboratory Services market report include market definition, market segmentation, key developments, competitive analysis and research methodology. To accomplish maximum return on investment (ROI), it’s very essential to be acquainted with market parameters such as brand awareness, market landscape, possible future issues, industry trends and customer behavior where this Clinical Laboratory Services report comes into play.
In September 2019, Spectra Laboratories announced to construct a 200,000 square foot facility in Southaven’s Stateline Business Park. More than 300 workers would check samples to assess the quality of the patients ‘ kidneys there. Quick distribution of test results by the agency, allowing patients to access the specific care they need in a timely manner. This expansion increases the productivity of the company which increases their market share.
In September 2018, DaVita Kidney Care, a subsidiary of DaVita Inc., a leading provider of kidney care services, announced the completion of a 150,000 square-foot facility of DaVita Laboratories, a clinical laboratory servicing the DaVita dialysis clinics and their clients. This expansion will increase the market value .of the company.
Global Clinical Laboratory Services Market Scope and Market Size
Global clinical laboratory services market is segmented of the basis of specialty, provider and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
Based on specialty, the market is segmented into clinical chemistry testing, microbiology testing, hematology testing, immunology testing, cytology testing, genetic testing and drugs of abuse testing. The clinical chemistry testing segment is dominating the market due to the growing cases of chronic diseases such as liver diseases, cardiovascular diseases and blood disorders which are increasing the demand to use clinical chemistry services. Additionally, the increasing demand of point of care testing solutions which is used for the fast diagnosis of the disease is expected to help the market to growth significantly.
Rising demand of clinical laboratory services across the world is one of the prominent factors for increasing demand of clinical chemistry testing. For instance, yearly in the U.K., the usually citizen has 14 tests completed by a laboratory specialist. However in the U.S., laboratory testing is the only highest-volume medical activity and approximately 13,000 million tests are performed per year. Hence, this factor has led the patients to shift towards clinical chemistry testing because it offers a wide range of tests which are performed in the clinical laboratory testing. In the current scenario the technological advancements boost the patients’ reach to laboratory testing, which is becoming gradually more precise and affordable. For instance, point-of-care testing (POCT) is regularly applied in hospitals and other healthcare practices, so the patients not need to travel to the clinical laboratories for testing. The increasing use of point-of-care testing has reduced demand tests which are conventionally executed at industry laboratories.
Rising demand of early and accurate disease diagnosis across the globe is one of the prominent factors for an upsurge demand of clinical laboratory services. For instance, in 2018, World Health Organization projected that projected that an estimated 1.8 million new cases and almost 861,000 deaths occur due to colorectal cancer (CRC). This factor has increased the number of clinical laboratories around the globe as Delays in accessing cancer care are very common in the late-stage presentation, especially in lower vulnerable populations and resource settings.
Based on provider, the market is segmented into independent & reference laboratories, hospital-based laboratories, nursing and physician office-based laboratories. The hospital-based laboratories segment is dominating the market due to increasing cases of injuries in the hospitals which leads to the high patient volumes and high test demand. Additionally, the rising inclination of retail clinics for disease monitoring is expected to positively impact in the demand of hospital-based laboratories. Competences of hospitals for acquiring novel technologies and hiring of trained professionals in the disease testing units has created an opportunity for the highest revenue generation. Additionally, the clinical labs are more crucial part of any hospital.
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