Market Research Future (MRFR) has announced a new release on the global clinical lab testing market. The report provides a detailed account of the market’s likely growth trajectory over the forecast period based on a study of the market’s historical growth and present conditions. Major segments and leading players in the global clinical laboratory test market are profiled in the report to provide an accurate report of the market’s inner workings. Key drivers and restraints affecting the global clinical laboratory test market are assessed in the report to provide readers with an accurate picture of the conditions favoring and hampering the market’s growth. According to the report, the global clinical laboratory test market is expected to exhibit a CAGR of 6.5% over the forecast period from 2017 to 2022, rising from a value of USD 206.7 billion in 2016 to USD 324.5 billion in 2022.
Clinical laboratory testing plays a major role in the healthcare sector, as it is used to diagnose diseases and help the patient manage the disease. Clinical laboratories also play a major role in enhancing the chances of disease prevention by researching the behavior of various disease-causing organisms.
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The growing prevalence of diseases and the growing demand for in-vitro diagnostic tests are likely to be the major drivers for the global clinical laboratory test market. Various lifestyle and environmental factors have combined to drive the global prevalence of diseases, which has driven the demand for diagnostic and therapeutic services. The effectiveness of in-vitro diagnostics has driven the demand for the same in the healthcare sector, which is likely to remain a key driver for the global clinical laboratory test market over the forecast period.
The growing global population and increasing awareness among patients are also likely to be major drivers for the global clinical laboratory test market over the forecast period. On the other hand, strict government rules and regulations on testing quality and safety are likely to restrain the clinical laboratory test market’s growth over the coming years.
Competitive Landscape:
Leading players in the global clinical laboratory test market include AURORA Diagnostics, LifeLabs Medical Laboratories, Sonic Healthcare, Quest Diagnostics, and Laboratory Corporation of America.
Regional Analysis:
Geographically, the global clinical laboratory test market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America is the dominant regional market in the global clinical laboratory test market due to the widespread of clinical laboratories and the increasing desire to incorporate the latest innovations in the healthcare sector. Government support to medical research is reasonably high in this region, which is likely to remain the major driver for the clinical laboratory test market in the region over the forecast period. The growing prevalence of diseases in the region is also a major driver for the clinical laboratory test market in North America. The U.S. is the leading country-level market within North America and is expected to grow at a CAGR of 5.8% over the forecast period. Canada is expected to exhibit a slightly higher 6.3% CAGR over the forecast period.
Europe is expected to exhibit strong growth in the global clinical laboratory test market over the forecast period, at a 6.6% CAGR. The Europe market holds the second largest share in the global clinical laboratory test market and is likely to make significant contributions to the market over the forecast period due to the strong growth prospects of the healthcare sector in the region.
Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the growing awareness about clinical testing and the growing government support for improving the healthcare sector, especially in countries such as India and other southeast Asian countries.
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Segmentation Analysis:
The global clinical laboratory test market is segmented on the basis of lab type, test type, and region.
On the basis of laboratory type, the global clinical laboratory test market is segmented into hospital-based laboratories, central/independent laboratories, physician office laboratory (POL), and others.
On the basis of test, the market is segmented into complete blood count (CBC) and other routine blood tests, anatomic pathology, molecular tests, immunology tests, drug testing, and others.
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