Clinical Laboratory Services Market Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Clinical Laboratory Services Market


The global Clinical Laboratory Services market size is projected to reach US$ 348.53 billion by 2026, from US$ 240.21 billion in 2020, at a CAGR of 6.4% during 2021-2026. Such services help deliver effective care in the current complex healthcare system. Quality clinical lab services encompass numerous aspects including the complete testing process and derivation of the results that are to be communicated to the concerned physician.

These services also ensure that the correct test is being performed at the apt moment; further yielding accurate test results. This also boosts the market growth. Introduction of novel solutions offers clinicians with the maximum efficiency and minimum risk of errors, which has driven the uptake of services in the market. Clinical labs look forward to adhering to international standards, which provide opportunities for interoperability and automation.

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. The advent of accurate and technologically advanced products, such as biochips and microarrays, and advanced diagnostic modes, such as companion diagnostics, has bolstered the demand for early disease detection.

In addition, rising healthcare expenditure and prevalence of chronic diseases supplements the demand for these services. Growing geriatric population base will also have a positive impact on the market development. According to World Population Prospects by the United Nations, the global geriatric population is expected to double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050.

Market Segmentation, Outlook & Viewpoint: Global Clinical Laboratory Services Market

Test Type Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

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

Service Provider Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Hospital-based Laboratories
  
Stand-alone Laboratories
  
Clinics-based Laboratories

Key Players, Recent Developments & Regional Insights: Global Clinical Laboratory Services Market

Clinical chemistry test segment accounted for the major revenue share owing to the wide usage of tests related to urine, plasma, serum, and other body fluids for disease screening. Improvement in the tests through the introduction of novel markers and applications for the existing markers is likely to boost the segment growth. Medical microbiology & cytology segment is projected to witness the highest CAGR during the forecast period.

This can be attributed to the rising cases of nosocomial, viral, fungal, and parasitic bacterial infections. Furthermore, development and subsequent decline in the costs of sequencing technology have accelerated the microbes investigation a step further, thereby driving the market. Next-Generation Sequencing (NGS) technology helps microbiologists in procuring information pertaining to the role of particular microbes in disease pathogenesis, thereby streamlining the lab services portfolio.

Service Provider Insights

Based on service provider, the market has been divided into hospital-, clinics-based, and stand-alone labs. With gradual acceptance of digital pathology, stand-alone laboratories are expected to serve as a lucrative source of revenue in the forecast period. Integration of digital workflows that enables handling of large volumes of diagnostic tests at expedited rate offers economies of scale to the service provider.

Moreover, growing trend of retail clinics in disease monitoring is anticipated to positively influence the segment development. Capabilities of hospitals to acquire novel technologies and hire trained personnel in their disease testing units have contributed to the highest revenue generation of hospital-based lab services segment. In addition, the fact that clinical labs are a critical unit in any hospital also contributed to the segment growth.

Regional Insights

North America is the largest regional market on account of higher healthcare expenditure, particularly in U.S. Furthermore, supportive regulatory infrastructure for the development and approval of new diagnostic products contributes to the growth of this region. Asia Pacific is projected to be the fastest-growing region over the forecast period. Emerging countries in APAC have adopted strategic measures to increase their revenue share in the market. These measures are targeted towards expanding the business footprints of major service providers in the region and provide patients with access to robust healthcare systems. This is expected to serve as the high impact rendering factor for the APAC market growth.

Clinical Laboratory Services Market Insights

Over the years, the market has witnessed a substantial number of consolidations. For example, in December 2017, Siemens Healthineers acquired Luxembourg-based Fast Track Diagnostics, a global supplier of infectious diagnostics tests. Similarly, in September 2018, Quest Diagnostics acquired U.S. Laboratory Services operations of Oxford Immunotec. Some of the key service providers in the market include Laboratory Corporation of America Holdings (LabCorp); Siemens AG, Abbott Laboratories; Quest Diagnostics; Sonic Healthcare; OPKO Health, Inc.; Neogenomics Laboratories, Inc.; Charles River Laboratories; and ARUP Laboratories.

Key Insights Covered: Global Clinical Laboratory Services Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Clinical Laboratory Services industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Clinical Laboratory Services industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Clinical Laboratory Services industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Clinical Laboratory Services industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Clinical Laboratory Services industry.

Research Methodology: Global Clinical Laboratory Services Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other