Clinical Laboratory Services Market 2020 Regional Growth To 2026 By Top Players

Clinical Laboratory Services Market 2020 Regional Growth To 2026 By Top Players

The clinical laboratory services market size is expected to impel in view of increasing burden of target diseases and subsequent steps to reduce them. Growing cases of COVID-19 infections in developing countries including India are anticipated to drive the demand for clinical laboratory services. Clinical laboratory services are provided by stand-alone, clinic-based, and hospital-based laboratories.

Given to its robust demand, several firms operating in the clinical laboratory services market are developing new tests and related offerings. For instance, in 2020, diagnostic information services provider, Quest Diagnostics announced the launch of a COVID-19 (coronavirus) test service, which is aimed to help the presumptive detection of nucleic acid in respiratory specimens of patients, meeting the clinical criteria set by the CDC for COVID-19 testing. With such developments, Global Market Insights, Inc., reports that the clinical laboratory services market may surpass USD 426 billion by 2026.

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The clinic-based laboratories segment registered USD 14.2 billion in 2019 and is expected to rise in the upcoming years owing to high incidence of diabetes and other chronic illnesses. Endocrinological disorders such as hypothyroidism and diabetes are caused due to hormonal fluctuations in the body which are observed a lot in elderly patients.

Instances such as these could lead to high patient footfall across clinic-based laboratories that are well equipped with advanced medical devices. These laboratories have numerous medical facilities and a well-defined infrastructure which are beneficial and convenient for patients.

The medical microbiology and cytology segment held around 18.4% of market share and is likely to grow significantly owing to rising applications of these tests in disease diagnosis. There is a high prevalence of viral and bacterial infections among elderly patients that are more prone to these infections. The Asia Pacific region sees several infections including mucor mycosis, pythiosis, aspergillosis, and fungal candida infections, which could raise the demand for microbiological diagnostic tests.

Several initiatives are being undertaken by governments and non-government organizations to lessen and control the burden of diseases. For example, the Population Services International incentivizes their staff members to mark and identify health conditions that have a high economic burden. Within the last decade, the organization has also set a goal to target around 42% of such illnesses and list them under the Global Burden of Disease study. This goal is anticipated to help organizations take decisions concerning the reduction of disease burden.

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Presently, companies such as Quest Diagnostics, Fresenius Medical Care, Eurofins Scientific, and LabCorp are the major contenders in the clinical laboratory services market. These firms are focusing on improving their market position through different strategies such as innovative product launches, acquisitions, and business expansions.

Partial Chapter of the Table of Content

Chapter 2   Executive Summary

2.1    Clinical laboratory services industry 360° synopsis, 2015-2026

2.1.1    Business trends

2.1.2    Test type trends

2.1.3    Service provider trends

2.1.4    Regional trends

Chapter 3   Clinical Laboratory Services Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2015 - 2026

3.3    Industry impact forces

3.3.1    Growth drivers    Increasing prevalence of targeted diseases globally    Worldwide rising demand for early disease detection    Introduction of innovative solutions    Growing elderly population base in developed countries

3.3.2    Industry pitfalls & challenges    Presence of ambiguous regulatory framework    Inadequate reimbursement

3.4    Growth potential analysis

3.4.1    By test type

3.4.2    By service provider

3.5    COVID-19 impact analysis

3.5.1    Impact of COVID-19 on major markets, 2020 – 2022    Overview    U.S.    Canada    Germany    UK    France    Spain    Italy    Japan    China    India

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