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. Companies are focusing on establishing regional supremacy in turn improving the dynamics of clinical laboratory services market.
Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. In addition, genetic and cytology testing is increasing that enable better diagnosis of cancer. This is expected to proliferate demand and spur 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 thus, upgrading their processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific also need to develop products catering to this evolving market. Seamless integration of equipment manufacturer and service provider technologies would be a great boost for 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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