The rising global incidences of infectious diseases, increasing technological advancements and growing prevalence of chronic disorders are major factors expected to drive the Clinical Laboratory Services market in the forecast period.

New York, March 24, 2020 (GLOBE NEWSWIRE) -- According to the current analysis of Reports and Data, the Clinical Laboratory Services market was valued at USD 119.1 billion in 2018 and is expected to reach USD 179.9 billion by the year 2026, at a CAGR of 5.3%. Clinical laboratories provide diagnostics and testing about various diseases as well as provide high-quality testing in fields of cytology, hematology, genetics, and others. Therefore, the clinical laboratory service helps to deliver effective testing results, which in turn help the physicians and other healthcare professionals in research and diagnostics.

The clinical laboratory services market is widely driven by increasing infectious diseases in the world. Early diagnosis and testing of such diseases are an important step to start any treatment for any disease. The emergence of new viruses causing severe life-threatening conditions for humans is also expected to be a driving factor for the market. The developing research and treatment options for such viruses contribute to development in healthcare.

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The implementation of various automated devices and testing kits, which provide accurate results, are used extensively in the market as these devices decrease human errors as well as labor costs. The use of technologically apt devices such as various computer software, microarray, biochips, etc. anticipates market growth as these advancements reduce the time of testing, providing quick results. Moreover, the increasing prevalence of chronic diseases and the increasing geriatric population are also some primary factors expected to drive the market.

For instance, the World Population Prospects by the United Nations state that the global geriatric population is expected to double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050. The rise in healthcare expenditure has propelled the market growth in the forecast period. However, strict regulatory norms imposed by the governments across the globe and scarcity of skilled and certified professionals are some of the major hindrances in the growth of the market in the forecast period

Further key findings from the report suggest

• Key market players are involved in various mergers and acquisitions to keep a strong presence in the market. For instance, in December 2017, Siemens Healthineers took over Fast track diagnostics which is a global infectious diagnostics supplier in Luxembourg. Moreover, Siemens Healthineers is further investing in other aspects such as precision medicine and better patient experience through solutions that eliminate the need for repeat diagnostic testing, reducing time and improving patient outcomes.
• Many research studies are being conducted to know the scope for development in the clinical laboratory services. For instance, the American journal of clinical pathology conducted a research to understand the developmental area for clinical laboratory services in southern Ethiopia
• Companies have also invested in assets to improve their services in the market. For instance, in December 2019, Quest Diagnostics purchased assets from Boston Clinical Laboratories which will be incurred in Quest’s laboratory. BCL’s patients and service providers now have access to Quest’s wider range of diagnostic services, a wider network of patient service centers, and access to innovative tools, such as the company’s Quanum suite of healthcare information technologies and data analytics.
• Regionally, Europe occupied the largest share in the market. The high share could be attributed to the rising prevalence of chronic diseases and favorable reimbursement policies in the region
• Key participants in the market include Siemens AG, Quest Diagnostics, Inc., Mayo Medical Laboratories, Laboratory Corporation of America Holdings, DaVita Healthcare Partners, SYNLAB International, Unilabs, Sonic Healthcare, Cerba HealthCare, and Abbott Laboratories                                                            

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For the purpose of this report, Reports and Data has segmented the Clinical Laboratory Services market on the basis of specialty, service providers and region:

By Specialty Outlook (Revenue in Million USD; 2016–2026)

• Clinical Chemistry Testing
  • Therapeutic Drug Monitoring
  • Endocrinology Testing
  • Routine Chemistry Testing
  • Specialized Testing
  • Others
• Microbiology Testing
  • Infectious Diseases Testing
  • Transplant Diagnostic Testing            
  • Others
• Cytology Testing
• Immunology Testing
• Hematology Testing
• Human and Tumor Genetic Testing
• Drug Abuse Testing
• Other Esoteric Tests

By Service Providers Outlook (Revenue in Million USD; 2016–2026)

• Hospital-based Laboratories
• Clinical-based Laboratories
• Independent and Reference Laboratories
• Standalone Laboratories

Regional Outlook (Revenue in Million USD; 2016–2026)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of the Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
• Latin America
  • Brazil

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/clinical-laboratory-services-market

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