The clinical laboratory Services Market is Projected to Reach USD 146.41 Billion at a CAGR of 5.2% by 2022
The global clinical laboratory services market is projected to reach USD 146.41 Billion by 2022 from USD 113.44 Billion in 2017, at a CAGR of 5.2%. Request FREE Sample Report @: https://www.marketsandmarkets.com/requestsampleNew.asp?id=554
The rising demand for early and accurate disease diagnosis, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
This report broadly segments the clinical laboratory services market into specilaty, provider, and region. On the basis of specialty, the market is categorized into clinical chemistry, microbiology, hematology, immunology, cytology, genetic, and drugs of abuse testing. In 2017, the clinical chemistry segment is expected to account for the largest share of the market. The large market share of this segment is attributed to technological innovations in clinical chemistry, improving healthcare system, and rising per capita disposable income in developing countries.
Based on provider, the market is categorized into three segments, namely, independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. In 2017, independent and reference laboratories are expected to account for the largest share of the market. The dominant share of this segment is credited to the ongoing automation & digitalization of diagnostic laboratories across major countries and significant reimbursement coverage for clinical tests performed at reference/independent laboratories in developed countries.
In 2016, Mayo Medical Laboratories (US), Laboratory Corporation of America Holdings (US), Quest Diagnostics Incorporated (US), Spectra Laboratories Inc. (US), and DaVita Healthcare Partners (US), held the leading position in the global clinical laboratory services market. In the past three years, these companies adopted service launches, upgrades; agreements, collaborations & partnerships; mergers & acquisitions; and expansions as their key business strategies to ensure market dominance.
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Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International (Germany), Bio-Reference Laboratories (US), Sonic Healthcare (UK), and Cerba HealthCare (France) were some of the other major players in this market.
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