The Global Clinical Laboratory Services Market was valued US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016-2024), as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health consciousness leading to higher preventive measures, especially in Asia Pacific region, would be a major factor for increasing demand of the clinical laboratory services market. Increasing insurance coverage is further propelling adoption of diagnostic testing and in turn favors growth of clinical laboratory services market.
In order to capitalize on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups. Charles River Laboratories International, Inc., analyzes samples for metabolic disorders, bone therapy, diabetes and oncology. Globally too, clinical laboratories receive large volumes of samples for analyzing metabolic disorders. The market for clinical chemistry test types is therefore positioned on a strong growth trajectory.
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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in industry consolidation and vertical/horizontal integration. Leading players in the market are adopting inorganic growth strategies such as mergers and acquisition in order to maintain leading position in the market. Furthermore, Market players are focused on geographic expansion, which in turn driving growth of the clinical laboratory services market.
High prevalence of infectious diseases and the growing burden of non-communicable diseases is propelling demand for clinical tests, which is influencing clinical laboratory service providers to increase their functional capabilities for meeting patient requirements. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. Furthermore, genetic and cytology testing provides efficient diagnosis of cancer, which is expected to drive growth for clinical laboratory services market in emerging economies such as China and India. Core Diagnostics, Metropolis, SRL Diagnostics and Dr. Lal Pathlabs are few major diagnostic service providers in India expanding at a rapid pace.
Clinical laboratory service providers are focused on advancing processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific are engaged in developing advanced products for clinical services. Seamless integration of equipment manufacturer and service provider technologies is expected to boost growth of the global clinical laboratory services market.
Key takeaways of the market:
Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016
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