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The global clinical laboratory services market is growing significantly due to the advances in diagnostic techniques, increasing incidences of chronic diseases, and increasing geriatric population. Healthcare providers’ compliance for clinical diagnostic services is increasing due to the increasing demand for reducing hospitalization time and hospital readmission rates. This in turn propels the growth of the global clinical laboratory services market. Massive unexplored clinical laboratory services market in emerging economies is creating ample opportunities for the global clinical laboratory services market to grow at a considerable rate in the coming years. Several pharmaceutical companies investing huge capital for the development of advanced clinical laboratory devices is also supporting the demand for cost effective and efficient clinical laboratory services.
Clinical laboratory services provide information to the healthcare providers for the diagnosis, prevention and treatment of diseases. Clinical laboratory services utilizes several diagnostic procedures and instruments to gather, interpret, and analyze the information from human body specimens, such as blood and urine. Clinical laboratory services have applications in various diagnostic tests, such as nucleic acid tests, pregnancy tests, HIV tests, and test for checking cholesterol level and the test have strong impact on the health outcome. Technological advancements have made diagnostic procedures easy, accurate, and less time consuming, and ultimately improving health outcomes.
The global clinical laboratory services market is categorized as clinical laboratory service providers and clinical laboratory test types. Based on clinical laboratory service providers, the clinical laboratory services market is categorized as clinic-based laboratory service providers, stand-alone laboratory service providers, and hospital-based laboratory service providers. Based on clinical laboratory test types, the clinical laboratory services market is categorized as medical microbiology and cytology laboratory tests, clinical chemistry laboratory tests, human and tumor genetics tests, and other esoteric tests.
Some of the factors driving the growth of the global clinical laboratory services market are advances in diagnostic techniques, increasing geriatric population, increasing healthcare providers’ compliance for diagnostic test and services, and increasing investment by big biopharmaceutical companies in the clinical laboratory services market. In addition, increasing prevalence of chronic diseases and increasing healthcare expenditure are supporting the growth of the global clinical laboratory services market. However, stringent regulatory requirements and lack of skilled professionals are some of the factors inhibiting the growth of the global clinical laboratory services market to some extent.
Geographically, North America leads the global clinical laboratory services market due to high healthcare expenditure, high proportion of geriatric population, and high healthcare providers’ compliance for clinical laboratory services instruments. The high prevalence of chronic diseases also fuels the growth of the global clinical laboratory services market. Asia-Pacific is the fastest growing region in the global clinical laboratory services market. The major reasons for the fastest growth in the region are increasing healthcare expenditure, increasing geriatric population, and improving healthcare infrastructure. Moreover, the clinical laboratory services market is growing rapidly due to the increasing prevalence of chronic diseases and increasing investment by pharmaceutical companies in clinical laboratory services market in emerging economies, such as India and China.
Some of the major players operating in the global clinical laboratory services market are ARUP Laboratories, Abbott Laboratories, Bio-Reference Laboratories, Charles River Laboratories, Bioscientia Healthcare, Genoptix Medical Laboratory, Healthscope Ltd, Laboratory Corporation Of America Holdings, Labco S.A., Quest Diagnostics Inc., Spectra Laboratories, Sonic Healthcare Limited, and Genoptix Medical Laboratory.