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Global Clinical Laboratory Services Market– Market Insights

Clinical laboratories are an integral part of healthcare industry. All diagnostic tests, which range from blood test to genetic analysis, are performed in these clinical laboratories to diagnose different diseases. Around 70% of medical decisions are based on lab results, as revealed by statistic released by Quest Diagnostics in 2014. Thus, optimization of laboratory facilities to deliver quality and cost-effective patient care is of utmost importance for clinical laboratory service providers. Major factors impacting the dynamics of global clinical laboratory services market include growing geriatric population, increasing burden of disease patients and increasing number of preventive health check-ups.

Furthermore, implementation of automated solutions in clinical workflows enables processing of larger samples per unit of time, which further enhances the productivity while minimizing human errors and labor costs. Integration of automated data management solutions enables seamless operations, thereby driving the market growth. According to press release from May 2019, ACON Laboratories, Inc., announced the release of On Call Sure Platform in Europe and Latin America. The On Call Sure Platform is designed to meet the demands of professional testing. Its GDH-FAD enzyme offers the ability to test capillary for venous and arterial blood samples.

The global clinical laboratory services market size was valued at US$ 206.8 billion in 2018 and is expected to exhibit a CAGR of 7.3% over the forecast period (2019–2027).

Figure 1. Global Clinical Laboratory Services Market Value (US$ Bn), by Region, 2018

Source: Coherent Market Insights Analysis (2019)

Increase in incidence rate of diabetes, cancer, respiratory diseases, and other infectious disease conditions is expected drive growth of global clinical laboratory services market.

Increasing incidences of diseases such as diabetes, cancer, respiratory diseases is expected to drive growth of the global clinical laboratory services market. According to the International Federation of Diabetes, 2017 report, around 425 million adults were suffering from diabetes and the number is expected to reach 629 million by 2045 globally.

According to press release from September 2018 by the International Agency for Research on Cancer, the global cancer burden is estimated to have 18.1 million new cases and 9.6 million deaths in 2018.

According to International Agency for Research on Cancer 2018 report, one in 5 men and one in 6 women worldwide develop cancer during their lifetime, and one in 8 men and one in 11 women die from the disease.

According to the World Health Organization 2017 statistics, globally, it is estimated that there were 3.17 million incidences of chronic obstructive pulmonary disease (COPD) in 2015. Moreover, according to the World Health Organization, 2017, over 90% of COPD incidences occurred in low and middle income countries.

However, major restraining factors for global clinical laboratory services market are lack of skilled professionals and inadequate reimbursements. Moreover, the product recall by manufacturers in the market is the biggest factor hindering growth of the market. According to press release from June 2019, Premier Pharmacy Labs issued voluntary nationwide recall for all unexpired sterile drug product lots, due to lack of sterility assurance, after inspected by the U.S. Food and Drug Administration.

Figure 2. Global Clinical Laboratory Services Market Share (%), by Test Type

Source: Coherent Market Insights Analysis (2019)

Rising susceptibility of geriatric population to chronic diseases is expected to drive growth of the market.

Growing geriatric population base will also have a positive impact on the market development. According to the World Population Prospects by the United Nations (UN), the global geriatric population is expected to double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050. Moreover, according to the U.S. Census Bureau report 2017, geriatric population is expected to be significantly higher in emerging economies such as Asia Pacific and Latin America as compared to other developed countries.

Furthermore, strategic collaboration between market players and new product launches along with increased focus on research and development are other factors driving growth of the global clinical laboratory services market. According to press release from June 2018, Laboratory Corporation of America Holdings (Labcorp) and Philips, Inc., collaborated on digital pathology to enhance the efficiency of pathology diagnostics.

According to press release from January 2019, Abbott's Alinity was launched. Alinity is a state-of-the-art technology poised to reinvent clinical lab diagnostics as it's a harmonized family of systems for clinical diagnostics.

Moreover, in November 2017, Genomic Health and Cleveland Diagnostics collaborated to develop and commercialize new prostate cancer tests.

Key Players

Major players operating in the global clinical laboratory services market include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, Sonic Healthcare Limited, and Others.