Clinical laboratory services market projected to grow at a CAGR of 5.2%
The clinical laboratory services market is projected to reach USD 146.14 billion by 2022 from USD 113.44 billion in 2017, at a CAGR of 5.2%. The increasing global burden of target diseases, advancements in clinical diagnostic techniques, and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures are the major factors driving the demand for clinical laboratory services market. Factors such as the pricing pressure faced by healthcare payers and providers and the procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are limiting the growth of the market to a certain extent.
The genetic testing segment is expected to witness the highest growth during the forecast period
In 2017, on the basis of specialty, the genetic testing segment is expected to register the highest growth rate during the forecast period, due to growing adoption of precision medicine and increasing awareness among people about preventive care.
The independent & reference laboratories segment is poised to be the fastest growing during the forecast period
In 2017, on the basis of provider, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a global focus on patient diagnosis for target diseases worldwide and the competitive benefits offered by providers over hospital-based laboratories.
Asia Pacific is expected to register the highest growth rate during the forecast period
Geographically, the clinical laboratory services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to register the highest growth rate during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, and a significant rise in the disposable income among their middle-class population.
Breakdown of supply-side primary interviews: by company type, designation, and region:
• By Company Type - Tier 1 – 48%, Tier 2 – 40% and Tier 3 – 12%
• By Designation – C-level – 26%, Director-level – 30%, Others – 44%
• By Region – North America - 34%, Europe – 26%, APAC – 23%, South America – 9% and Middle East – 8%
The global clinical laboratory services market is competitive, with a large number of global and local players. In 2016, the market was dominated by Mayo Medical Laboratories (US), LabCorp (US), and Quest Diagnostics (US). Service launches, upgrades, and approvals; agreements, partnerships, and collaborations were the major strategies adopted by market players to achieve growth in the market.
This report studies the clinical laboratory services market based on specialty, provider, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for the market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Reasons to Buy the Report:
This research report focuses on various levels of analysis—industry trends, market share analysis of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the clinical laboratory services market, and high-growth regions and countries and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn can help firms garner greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on service portfolios offered by the major players in the clinical laboratory services market. The report analyzes the clinical laboratory services market based on specialty, provider, and region
• New Service Development: Detailed insights on the research and development activities and service launches in the clinical laboratory services market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various clinical laboratory services across geographies
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the clinical laboratory services market
• Competitive Assessment: In-depth assessment of market ranking, strategies, service portfolios, distribution networks, and providers capabilities of leading players in the clinical laboratory services market