The clinical tests performed by laboratories can be broadly classified into four major categories, namely, clinical chemistry, medical microbiology & cytology, human and tumor genetics and other esoteric tests. The three major types of service providers in this market include hospital-based laboratories, clinic-based laboratories and stand-alone laboratories.
The global clinical laboratory services market is estimated to account for US$ 255.5 Bn by the end of 2020.
Global Clinical Laboratory Services Market: Drivers
Launch of new products is expected to propel growth of the global clinical laboratory services market over the forecast period. For instance, in May 2019, ACON Laboratories, Inc. announced the release of On Call Sure Platform in Europe and Latin America. The On Call Sure Platform is designed to meet the demands of professional testing. Its GDH-FAD enzyme offers the ability to test capillary for venous and arterial blood samples.
Global Clinical Laboratory Services Market: Opportunities
Government initiatives to boost the number of labs19 is expected to offer lucrative growth opportunities for players in the global clinical laboratory services market. For instance, in February 2020, the U.S. Food and Drug Administration (FDA) expanded its Emergency Use Authorization (EUA) policy to allow more labs to apply for approval to conduct testing for COVID-19.
Global Clinical Laboratory Services Market: Restraints
Lack of adequate resources is expected to hinder growth of the global clinical laboratory services market. The lack of recognition for laboratorians compounded by inadequate compensation often leads to job dissatisfaction, negligence, lack of interest, and as a result, departure from the profession.
Among by type, clinical chemistry segment of global clinical laboratory services market is expected to hold major revenue share of 45.7% in 2020 owing to the increasing prevalence of chronic diseases such diabetes and others
Major players in the global clinical laboratory services market are focused on launching new products to expand their product portfolio. For instance, in January 2019, Roche Diagnostics launched Cobas pro integrated solutions, which was developed in collaboration with the company’s long-term partner Hitachi High-Technologies. It enhances automated lab procedures and reduces manual time.
Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2018, SYNLAB acquired a Finnish laboratory service provider, Yhtyneet Medix Laboratoriot Oy (YML) and diagnostic service provider Cityterveys.
Global Clinical Laboratory Services Market: Competitive Landscape
Major players operating in the global clinical laboratory services market include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.
Global Clinical Laboratory Services Market: Key Developments
Major players in the global clinical laboratory services market are focused on adopting M&A strategies to expand their product portfolio. For instance, in September 2020, LabCorp acquired Franciscan Missionaries of Our Lady Health System’s clinical ambulatory laboratory business and select assets and will provide reference testing for all Franciscan Missionaries of Our Lady Health System facilities and clinics.
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