Growing Burden of Non-communicable Diseases to Underpin Rise of Clinical Laboratory Services Market to Mid US$ 300 Billion Level by 2024 - Coherent Market Insights

Published On : Jan 12, 2017

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.

To know the latest trends and insights of this market, click the link below:

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.

  • For instance, in July 2016, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. to lead market in non-invasive prenatal testing (NIPT) for reproductive health. Furthermore, in October 2016, the company acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.
  • In November 2016, Sonic Healthcare Limited increased ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines.
  • Furthermore, in November 2016, Sonic Healthcare Limited expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

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:

  • The global clinical laboratory services market is estimated to be valued at US$ 192.3 billion in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories to undergo preventive tests
  • Clinical chemistry test was the dominant segment in the global clinical laboratory services market, accounting for more than 40% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.
  • Among service providers, the hospital-based clinical laboratories segment generated the highest revenue in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.
  • However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased
  • The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups

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

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:

Mr. Shah
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Tel: +1-206-701-6702
Email: [email protected]

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

Coherent Market Insights Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.