Global Clinical Laboratory Services Market Fueled by Growing Prevalence of Chronic and Debilitating Medical Conditions

Clinical laboratories provide various tests that aid in detecting abnormalities and the progression of diseases. Clinical diagnostic tests are performed widely by laboratories globally. These clinical diagnostic tests range from routine urine and blood tests to high-end genetic analysis. Molecular expression testing and fluorescence in situ hybridization are examples of diagnostic tests.

According to a study by Transparency Market Research, a global market intelligence firm, in 2012, the global clinical laboratory services market was valued at US$162.7 bn and is estimated to reach a value of US$241.3 bn by the end of 2019. This market is expected to exhibit a 5.80% CAGR between 2013 and 2019.

The global market for clinical laboratory services offers several types of tests such as human and tumor genetics, clinical chemistry, medical microbiology and cytology, and other esoteric tests. The three major service providers in the clinical laboratory services market are stand-alone, clinic-based, and hospital-based. Among these types, the hospital-based laboratories segment is expected to lead the global market owing to the vast difference in testing volumes of these laboratories when compared to the other two service providers. Nevertheless, stand-alone laboratories are gaining importance due to the quick processing of samples and easy access for patients.

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Some of the major factors that are expected to fuel the growth of the global clinical laboratory services market are:

• The growing prevalence of diseases such as diabetes, cancer, and other infectious diseases are forcing patients to opt for several tests

• The detection of diseases at an early stage with the help of specialized diagnostic tests is boosting the demand for several other clinical laboratory services

• The geriatric population in the U.S. is expected to grow by 20% by the end of 2030, leading to a high demand for clinical laboratory services

• Major diagnostics test devices manufacturing companies are emphasizing on developing new products and systems for providing an accurate analysis of samples

• The growing adoption of employer-sponsored wellness programs is expected to fuel the growth of the market.

On the other hand, the rigid regulatory environment is the major factor that is expected to hamper the growth of the global clinical laboratory services market in the next few years.

By geography, the Asia Pacific market for clinical laboratory services is projected to witness high growth in the next few years, due to the growing population in this region coupled with high unmet medical requirements. The healthcare reimbursement situation in Asia Pacific is extremely unorganized, resulting in the curtailed growth of the clinical laboratory services market. In 2012, the North America market for clinical laboratory services dominated the overall market in terms of revenue, and is projected to continue to lead, thanks to the favorable reimbursement set-up, sophisticated healthcare infrastructure, and the growing prevalence of several diseases.

The global market for clinical laboratory services has been highly oligopolistic owing to the few players that dominate the market. The dominant players operating in the global clinical laboratory services market are Genoptix Medical Laboratory, Labco S.A., Healthscope, Spectra Laboratories, Charles River Laboratories, Laboratory Corporation of America Holdings, Abbott Laboratories, Quest Diagnostics, Inc., Sonic Healthcare, and Bio-Reference Laboratories.

Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

The dynamic and rapidly-evolving global clinical laboratory services market forms an important part of the healthcare industry, with majority of a physician’s diagnosis depending on laboratory testing.

Stand-alone, hospital-based, and clinic-based clinical laboratory services include four main test types: medical microbiology and cytology, clinical chemistry, human and tumor genetics, and other esoteric tests. The demand for routine testing, such as urine and blood tests, and high-end testing, such as molecular expressing tests and genetic analysis, is on the rise to detect abnormalities and disease progression.

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Surging Prevalence of Cancer and Diabetes Boosting Growth

The incidence rates of chronic conditions such as diabetes, cancer, and infectious diseases have risen in recent years. According to the World Health Organization (WHO), by 2030, diabetes is likely to be the seventh leading cause of death. In 2014, an estimated 9.0% adults aged 18 years and above were diagnosed with diabetes. In 2012, approximately 1.5 million people died from causes directly related to diabetes. In case of cancer, WHO states that in 2012, an estimated 14 million new cancer cases were reported, with 8.2 million people dying from the disease that year. Over the next two decades, the number of new cancer cases is most likely to grow by an astounding 70.0%, growing from 14 million in 2012 to 22 million on a yearly basis. As far as infectious diseases is concerned, according to the Centers for Disease Control and Prevention, in 2012 alone, US reported 53,800 new cases of salmonella, 9,945 cases of tuberculosis, 551 new cases of meningococcal disease, and 30,831 new cases of Lyme disease. The alarming rise in such chronic medical conditions significantly impacts the demand for clinical laboratory services.

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Oligopolistic Nature of the Global Market

The global clinical laboratory services market is rather oligopolistic in nature and only a handful of leading players account for over 50.0% of the overall market. Companies such as Sonic Healthcare, Charles River Laboratories, Laboratory Corporation of America Holdings, Spectra Laboratories, Abbott Laboratories, Bio-Reference Laboratories, Labco S.A., Healthscope, Quest Diagnostics, Inc., and Genoptix Medical Laboratory are presently operational in the clinical laboratory services market.

North America dominates the worldwide clinical laboratory services market in terms of revenue and is forecast to retain its lead through 2019. Favorable reimbursement scenario, presence of sophisticated healthcare infrastructure, and rising incidence of chronic diseases drives the North America market. The US is a leading market for clinical laboratory services in this region owing to a high percentage of geriatric population. Experts predict that by 2030, the percentage of aging population in the country will rise to 20.0%. A burgeoning population base of the elderly results in increased volumes of testing for clinical laboratories.

Asia Pacific is anticipated to show strong growth over the next four years owing to large population base combined with high level of unmet medical needs. Even though poor and highly unorganized healthcare reimbursement scenario in the region threatens to impede the growth of the clinical laboratory services market, absence of a stringent regulatory framework is likely to offset this and ensure tremendous growth by 2019.

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About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations. 

Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Transparency Market Research announces the release of a new research report titled “Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”. The research publication reveals that driven by rise in aging population, increase in disease incidence rates, introduction of employer-sponsored wellness programs, and early disease detection aided by advanced diagnostic tests, the global clinical laboratory services market is anticipated to rise from a value of US$162.7 Bn in 2012 to US$241.3 Bn in 2019 at a 5.80% CAGR during that period.

Browse the full Clinical Laboratory Services Market (Clinical Chemistry, Medical Microbiology & Cytology, Human & Tumor Genetics and Other Esoteric Tests) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 report at http://www.transparencymarketresearch.com/clinical-laboratory-services-market.html

A study of the population and disease incidence rate reveals details pertaining to the total world population from 2000 to 2030, population by continent from 1990 to 2050, world cancer incidence by types in 2008 and 2015, and the global disease burden for 2002 and 2030.With the help of Porter’s Five Forces Analysis, the research report investigates the threat of new entrants and substitutes, bargaining power of buyers and suppliers, and level of competitive rivalry. The report also studies the market attractiveness of the major geographical segments for 2012.

The clinical laboratory services market is segmented on the basis of test type into medical microbiology and cytology, clinical chemistry, human and tumor genetics, and other esoteric tests. By service provider, the market is categorized into hospital-based, clinic-based, and standalone. On the basis of region, the global market for clinical laboratory services comprises North America, Europe, Asia Pacific, and Rest of the World. North America is by far the largest market in terms of revenue and analysts believe that this region is likely to retain its lead over the course of the forecast period owing to high incidence rate of diseases, favorable reimbursement scenario, and high-quality healthcare infrastructure.

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Asia Pacific is forecast to emerge as a strong contender in the global clinical laboratory services market owing to growing population serving as a large patient pool and increasing number of unmet medical needs. However, this region is estimated to be hampered by lack of stringent regulatory framework and unorganized healthcare reimbursement scenario.With a handful players enjoying over 50% of the overall market, the competitive landscape of the clinical laboratory services market is immensely oligopolistic in nature. Sonic Healthcare, Charles River Laboratories, Healthscope Ltd., Genoptix Medical Laboratory, ARUP Laboratories, Quest Diagnostics, Inc., Laboratory Corporation of America Holdings (LabCorp), Labco S.A., Bioscientia Healthcare, Spectra Laboratories, Bio-Reference Laboratories, and Abbott Laboratories are the top players operating in the global clinical laboratory services market. These vendors are examined in the research study based on parameters such as company overview, recent developments, product portfolio, business strategies, and financial standing.

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Clinical Laboratory Services Market, by Test Type

• Clinical Chemistry
• Medical Microbiology & Cytology
• Human & Tumor Genetics
• Other Esoteric Tests

Clinical Laboratory Services Market, by Service Provider

• Clinic-based
• Hospital-based
• Stand-alone

Clinical Laboratory Services Market, by Geography

• North America
• Europe
• Asia-Pacific

About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

Global Clinical Laboratory Services Market - Market Trends, Types, Demand Patterns, and Key Players

Transparency Market Research announces the release of a new market research report on the global market for clinical laboratory services. The report provides an executive-level overview of the market and equips market players with crucial information about the market. It employs various reliable analytical tools to present a comprehensive examination of the market. Results of the Porter’s Five Forces Analysis present the dynamics between the supplier and the buyer, and established and new market players; impact analysis presents a precise analysis of the effect influential factors will have on the growth of the market; and market attractiveness analysis provides insightful information to potential investors.

Browse Full Report: http://www.transparencymarketresearch.com/clinical-laboratory-services-market.html

The report, compiled by experienced industry experts, is titled ‘Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’. According to the comprehensive analysis presented in the report, the global clinical services market is expected to grow at a CAGR of 5.8% upon its 2012 valuation of US$162.71 billion to reach a value of US$241.37 billion in 2019.The report divides the global clinical laboratory services market according to test type, service provider, and geography. Each of the segmentations is carefully analyzed to present the market hierarchy with regard to the particular criterion and growth prospects of each category.

By test type, the clinical laboratory services market is divided into clinical chemistry, medical microbiology and cytology, human and tumor genetics, and other esoteric tests. Due to the rising incidence of diseases such as cancer and diabetes, the demand for these tests is expected to rise at a steady rate. The convenience, precision, and efficiency offered by these diagnostic tests is also a major growth driver for the market. The increasing global geriatric population, which is more prone to diseases requiring these tests, is also a major driver for the clinical laboratory services market.

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Rising geriatric population also has a role to play in the geographical breakdown of the clinical laboratory services market. North America, of whose population 20% is expected to be geriatric by 2030, is a dominant market leader in the global clinical laboratory services market and is expected to retain the domination through the forecast period. The growing pool of geriatric citizens in Asia Pacific will help the regional market grow at a rapid rate, though not enough to upstage the North America market. Other geographical segments of the global clinical laboratory services market are Europe and the Rest of the World.A major restraint acting on the clinical laboratory services market is the inconsistency in regulations governing the market in various regions of the world and the convoluted approval procedures for new products.

Browse the full Clinical Laboratory Services Market (Clinical Chemistry, Medical Microbiology & Cytology, Human & Tumor Genetics and Other Esoteric Tests) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 Press Release at http://www.transparencymarketresearch.com/pressrelease/clinical-laboratory-services-market.htm

The report also examines the market’s key players, facilitating a comprehensive understanding of the market’s competitive landscape and helping the formulation of informed market strategies with a higher probability of success. The report performs a financial overview and examines the product catalog, business strategies, and recent developments of major market players such as ARUP Laboratories, Abbott Laboratories, Charles River Laboratories, Bioscientia Healthcare, Genoptix Genoptix Medical Laboratory, and Healthscope Ltd.