Clinical Laboratory Test Market is Expected to Reach USD 324.5 billion by 2022 | Declares MRFR
Exclusive Analysis by MarketResearchFuture.com of Global Clinical Laboratory Test Market Research Report 2019 to 2022, with respect to region specific market growth and competitive analysis on the basis of major players present in the market.
Pune, India – March 29, 2019 /MarketersMedia/ —
Market Scenario:
Clinical Laboratory Test Market is anticipated to reach 324.5 billion USD by the end of 2022 from 206.7 billion USD in 2016 with a CAGR of 6.5 % during the assessment period.
Clinical laboratory tests are being used for the detection of wide varieties of diseases such as anaemia, small viral infections, cancer and other routine blood tests, pathology tests, drug test and other tests for diagnosis and treatment of diseases. For instance, according to the National Cancer Institute in 2016, an approximate 1,685,210 new cancer cases were diagnosed in the U.S. The clinical laboratory test market is driven by factors such as to growing awareness about benefits of diagnostic tests, increasing prevalence of chronic diseases, and growing global volume of in-vitro diagnostic tests. Moreover, increasing adoption of laboratory automation systems is expected to contribute to the growth of the clinical laboratory test market.
Despite the drivers, high cost and development of new technologies, changing government rules and regulations and lack of skilled professionals in emerging economies may hinder the growth of the market during the assessment period.
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Top Players:
Aurora Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics, Inc. (U.S.), Sonic Healthcare (Australia) and others are some prominent players in the global clinical laboratory test market.
Segments:
Laboratory type – hospital based laboratories, central/independent laboratories, physician office laboratory (pol) and others. The market segmented by laboratory type is dominated by the hospital based laboratories.
Laboratory tests – Complete Blood Count (CBC) and other routine blood tests, anatomic pathology, molecular tests, immunology tests, drug testing and others. On the basis of laboratory tests, CBC and other routine blood tests are expected to hold the largest market share.
Regional Analysis:
The global clinical laboratory test market, by region is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas is expected to dominate the market increasing prevalence of diseases, availability of government funding’s, and increasing preference for outpatient services. Moreover the presence of the major market players such as Quest Diagnostics and Laboratory Corporation of America (LabCorp) contribute to the growth of the market in this region. Furthermore, increasing number of routine check-ups and overall clinical laboratory testing boosts the growth of the market.
Europe is anticipated to hold the second position in the global clinical laboratory test market. The market growth in this region is attributed to well-developed healthcare system and increasing prevalence of chronic diseases which requires proper diagnosis.
Asia-pacific region is expected to be the fastest growing market in clinical laboratory tests market owing to the growing awareness about various medical test, increasing government support in order to improve healthcare sector, innovation of new tests and procedures by major market players in this region.
The Middle East and Africa holds the least share in this market. In this region, Middle East is expected to dominate owing to the developing healthcare system and increasing awareness about treatment of various diseases.
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Source: MarketersMedia
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