Clinical Laboratory Service – Be informed of your health in advance
Around 70% of medical decisions are based on lab results, as revealed by statistic released by Quest Diagnostics. Thus, optimization of laboratory facilities to deliver quality and cost-effective patient care is of utmost importance for clinical laboratory service providers. The three major types of clinical laboratory service providers are hospital-based laboratories, clinic-based laboratories and standalone laboratories. Major factors impacting the dynamics of global clinical laboratory service market include growing aging population, increasing disease burden, and increasing number of preventive health check-ups.
The global clinical laboratory services market was valued at US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016 – 2024).
Figure 1. Global Clinical Laboratory Services Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014-2024
Source: Coherent Market Insights Analysis (2017)
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Rising susceptibility of geriatric population to chronic diseases is expected to drive growth of the market
According to the U.S. Census Bureau Report in 2015, around 8.5% of the world population was aged 65 years and above and is expected to reach around 12% of the world population by 2030. Moreover, as per the report, geriatric population is expected to be significantly higher in emerging economies of Asia and Latin America. Moreover, deaths caused due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke is increasing rapidly worldwide, according to the U.S. Census Bureau Report. This alarming trend is mainly observed in emerging economies of Asia, Africa, and Latin America. Therefore, rising geriatric population and increasing risk of diseases, especially non-communicable diseases is expected to increase the demand for clinical laboratory service providers over the forecast period.
Increasing uptake of routine health tests by consumers
Increasing health concerns coupled with growing risk of transmittable diseases among the populace is leading to rapid uptake in routine health check-ups by consumers. Unhealthy food habits is making the human population vulnerable to bacterial and viral infections. Demand is especially high for tests to detect malaria and tuberculosis, which are highly prevalent in tropical regions such as South Asia, Africa, and Latin America. Therefore, growth of the clinical laboratory services market in Latin America is projected to expand at a relatively high CAGR of 9.1% during the forecast period.
Following test guidelines are essential to prevent false-positive results
The clinical laboratory service providers need to adopt ethical and efficient clinical practices to avoid false-positive results. In December 2016, the U.S. FDA issued a safety alert for ZIKA virus test takers, following reports that showed increasing false-positive results from ZIKV Detect test.
Market consolidation: The prevalent trend in the market
The global market for clinical laboratory services is undergoing consolidation. Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, thereby becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company also acquired ClearPath Diagnostics, a leading clinical laboratory service provider in Northeastern region of U.S., in October 2016. Inorganic growth strategies would continue to be a part of future roadmap for leading healthcare service providers in the long run in order to ensure sustained growth.
Clinical laboratory tests are an integral part of healthcare industry, aiding effective diagnosis of diseases. The tests conducted at diagnostic laboratories enable identification of the epidemiology of disease, the resultant abnormalities, level of progression (stage) of the disease, and imbalances in the physiology. With growing competition, clinical laboratories are providing additional services such as free-home pick-up of the blood and urine sample, sharing medical reports directly with the concerned physician, and regular updates/reminders for health check-up. The clinical test equipment manufacturers such as Quest Diagnostics, Inc. and Abbott Laboratories are constantly working on improving their laboratory products to shorten the duration of test and increase product efficiency. This enables effective management of clinical laboratories.
According to the United Nations 2015 World Population Prospects Report, the number of people aged 60 years and above is expected to grow by 56% to reach 1.4 billion by 2050. Aging increases the risk of infections and chronic disorders such as arthritis, atherosclerosis, cancer, liver diseases, and diabetes. This makes the geriatric population a key target group for diagnostic tests. Increasing health consciousness and awareness among people for regular-health check-ups for identifying signs of any disease have also increased number of visits to laboratories. Also, diagnostic laboratories are launching multiple health packages for routine health check-ups and encouraging the general population to perform routine health check-up at least once a year. Such initiatives from the clinical test service providers is also fueling the demand for clinical laboratory services.
This report segments the global clinical laboratory services market on the basis of test type and service provider. On the basis of test type, the global clinical laboratory services market is classified as clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests. Service providers include clinic-based laboratories, hospital-based clinical laboratories, and standalone clinical laboratories.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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