Clinical Laboratory Services Market is projected to grow at a CAGR of 5.2%. The rising demand for early and accurate disease diagnosis, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
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Browse in-depth TOC on “Clinical Laboratory Services Market”
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Key Player
The clinical laboratory services market is highly competitive with the presence of several small and big players. Some of the players in the clinical laboratory services market include Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), Animas Corporation (US), Tandem Diabetes Care, Inc. (US), Sanofi (France), Biocon Ltd. (India), Eli Lilly and Company (US), and Insulet Corporation (US) Mayo Medical Laboratories (US), Laboratory Corporation of America Holdings (LabCorp) (US), Quest Diagnostics Incorporated (Quest Diagnostics) (US), Spectra Laboratories Inc. (Spectra Laboratories) (US), DaVita Healthcare Partners (Davita) (US), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International GmbH (SYNLAB International) (Germany), Bio-Reference Laboratories (US), Sonic Healthcare Limited (Sonic Healthcare) (UK), Clinical Reference Laboratory, Inc. (Clinical Reference Laboratory) (US), Cerba HealthCare (France), ACM Medical Laboratory (US), ADICON Clinical Laboratory (China), Amedes Holding GmbH (Amedes) (Germany); and others.
Clinical chemistry segment to dominate the market in 2017
Based on specialty, the clinical laboratory services market is categorized into seven major segments, namely, clinical chemistry, microbiology, hematology, immunology, cytology, genetic, and drugs of abuse testing. In 2017, the clinical chemistry segment is expected to command the largest share of the clinical laboratory services market. This large share can be attributed to large volume of clinical chemistry tests performed compared to other specialties, growing global disease burden of chronic and infectious disorders, and technological innovations in clinical chemistry.
Independent and reference laboratories segment is expected to grow at the highest CAGR
By provider, the clinical laboratory services market is segmented into independent and reference laboratories, hospital-based laboratories, and nursing and physician office-based laboratories. The independent and reference laboratories segment is estimated to command the largest share of the market in 2017 and is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be primarily attributed to large number of patient diagnostic tests undertaken in these labs, competitive benefits offered by these providers over hospital-based laboratories, and significant reimbursement coverage.
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Europe to dominate the market
In 2017, Europe is expected to account for the largest share of the global clinical laboratory services market. Europe’s leadership position in the market can be attributed to the rising aging population, increasing prevalence of chronic disease conditions, government initiatives to promote awareness about preventive screening, and favorable reimbursement policies for laboratory tests in developed European countries.
Objectives of the study are:
- To define, describe, and forecast the overall market on the basis of specialty, provider, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with respect to their individual growth trends, prospects, and contributions to the total market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the clinical laboratory services market size (in terms of value) of individual segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW)
- To profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as product launches; agreements, partnerships, and collaborations; mergers and acquisitions; and research and development activities in the global market
This research study involves the extensive usage of secondary sources, directories, and databases (such as, Bloomberg Business, Factiva, and Dun & Bradstreet), in order to identify and collect information useful for this technical, market-oriented, and financial study of the market. In-depth interviews were conducted with various primary respondents, including subject-matter experts (SMEs), C-level executives of key market players, and industry consultants to obtain and verify qualitative and quantitative information and to assess market prospects.
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