The Global Clinical Laboratory Services Market is Expected to Showcase Exponential Growth Over the Forecast Period, owing to influential factors such as the rising healthcare expenditure globally, and the growing awareness about advanced global clinical laboratory services. The increased occurrence of chronic and infectious diseases such as diabetes, cancer, cardiovascular disorders, liver & kidney disorders, blood disorders, among others, have risen the global demand for improved diagnostics for the early disease detection.
According to a report published by Market Research Future (MRFR), the Global Clinical Laboratory Services Market has been assessed to reach a valuation of more than USD 274,400 million at a substantial CAGR by the end of the forecast period.
A clinical laboratory, also called medical laboratory, is a healthcare facility in which a wide range of laboratory procedures are carried out on clinical specimens to obtain exact details about the health condition of the patient. These laboratories vary in size and complexity and offer a variety of testing services such as clinical lab pathology services, immunology testing, drug of abuse testing, cholesterol testing, and spinal fluid testing that help in detecting disease causes, resultant abnormalities, progression of disease, and other such factors.
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The Global Clinical Laboratory Services Market has been segmented on the basis of type, application, and region.
Based on type, the global market for clinical laboratory services has been segmented into biochemistry, endocrinology, hematology, microbiology, histopathology, cytology, genetic testing, and others. Among these, the hematology segment is assessed to show the highest Clinical Laboratory Services Market growth over the forecast period, due to the high prevalence of blood cancer. Additionally, biochemistry segment and the genetic testing segment are estimated to grow at a comparatively higher CAGR due to the high demand for chemistry testing due to the wide range of diagnosis offered through biochemistry testing. Additionally, technological advances in genetic testing are estimated to influence market growth over the forecast period.
Based on application, the clinical laboratory services market has been segmented into independent, laboratory, reference laboratory, hospital laboratory. Among these, the hospital laboratory segment is assessed to contribute substantially to the market share due to the wide-ranging services provided by hospital laboratories, and the alarming rise in the prevalence of infectious diseases has risen the demand for early disease detection and is assessed to reach a valuation of USD 185,982 million by the end of the forecast period. Additionally, independent laboratories are also estimated to grow at a higher CAGR over the forecast period, owing to the increase in initiatives by significant market players to introduce innovative solutions for effective disease detection.
Based on the region, the Global Clinical Laboratory Services Market has been segmented into North America & Latin America, Europe, Asia Pacific, the Middle East & Africa.
The key market players of the global clinical laboratory services market are Laboratory Corporation of America Holdings (U.S.), Spectra Laboratories Inc (U.S.), Mayo Medical Laboratories (U.S.), Bio-Reference Laboratories (U.S.), Clinical Reference Laboratory (U.S.), ACM Medical Laboratory (U.S.), Lifelabs Medicals Laboratories (Canada), Cerba Healthcare Quest Diagnostics Incorporated (France), Amedes Holdings (Germany), Synlab International (Germany), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), and Sonic Healthcare (UK), and Adicon Clinical Laboratory (China).
The North American region is the dominant market for clinical laboratory services globally and is estimated to sustain its leading market share over the forecast period, owing to the presence of major market players that provide advanced test solutions, the rise in chronic diseases prone elderly population, along with the increasing prevalence of diseased associated with urban lifestyle. Europe is the second largest regional market for clinical laboratory services, due to the alarming rise in cardiovascular diseases and infectious diseases leading to an increase in the patient population and consequent demand for clinical laboratory services. Europe is estimated to rise at a moderate CAGR and showcase substantial growth over the forecast period. Asia Pacific region is predicted to be a lucrative market for clinical laboratory services due to the substantial investment towards improving the healthcare sector, technological advancements towards testing equipment to provide better facilities to consumers, followed by the rising demand for early diagnosis by consumers.
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