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Friday, 9 April 2021

Clinical Reference Laboratory Market – Gross Earning and Emerging Growth Opportunity To 2027

Market Synopsis

The global clinical reference laboratories market is considered to demonstrate 5.8% CAGR during the forecast period (2016-2027) owing to the usage of advanced robotics technology in reference laboratories, asserts Market Research Future (MRFR). Reference laboratories are referred to as commercial as well as private facilities which perform high-volume and specialty testing routinely. Physicians’ clinics, offices, government agencies, hospitals, pharmaceuticals, insurance companies, and biotechnology companies generally outsource the specialty to reference laboratories.

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Drivers and Constraints Impacting the Market

The global clinical reference laboratories market is progressively growing and is estimated to continue its growth in the coming years. With adoption of value-based services gaining prominence, hospitals are outsourcing some part or even all of their radiology and pathology diagnostic services. One of the major reasons for rising outsourcing by the hospitals is the constrained budgets due to Medicare reimbursements. The cut down in the rates of clinical laboratories reimbursements under Medicare has impacted the U.S. lab industry.

The U.S. clinical labs which depend on Medicare for 20% of their billings and for certain communities it is 80% of the business, got affected. To protect the hospitals, CEOs are outsourcing value-based services. Such factors have augmented the market for these independent reference laboratory services. Moreover, technologies which are capable of performing repetitive activities at high speed has developed to improve the consistency, quality, and effectiveness. The test results on samples which used to consume several hours to process can be found in a few minutes. Automation has impacted histopathology and microbiology to a great extent. Development of molecular technologies and genetics into the mainstream medicine being the most significant innovation, has impacted the health of the population, management of patients, and clinical practice. Moreover, launch of cost-effective, time-saving, and new diagnostic procedures owing to the accelerating number of FDA approvals is considered to contribute to the market growth.

On the flip side, illegible and incorrect sample labelling are some of the major factors considered to slowdown the market growth during the appraisal period.

Global Clinical Reference Laboratories Market: Segmental Analysis

The global clinical reference laboratories market has been segmented on the basis of service providers and application.

By mode of service providers, the global clinical reference laboratories market has been segmented into hospital based, stand alone, and clinical based. Among these, the stand-alone service providers are presumed to dominate the global market. With rising opportunities, presence of a new-range of condition-specific markers, availability of advanced technologies, and tests with advances in proteomics and genomics are some of the key factors likely to drive the segment.

By mode of application, the global clinical reference laboratories market has been segmented into clinical trials, laboratory medicine, and others.

Regional Insights

Geographically, the clinical reference laboratories market spans across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.

Among all the regions, America is considered to be the largest market for clinical reference laboratories. North America with countries such as Canada, and the United States lead the global market.

The European region occupies the second-largest share of the global market and is anticipated to continue its dominance in the coming years. The growth is credited to the increasing geriatric population, rising private and public funding for clinical laboratory test research, and growing incidences of chronic diseases. On the other hand, Asia Pacific is anticipated to expand at the fastest rate during the assessment period.

Industry Updates

January 18, 2019: One of the leading healthcare bio-analytic solution providers, Invitrocue has recently announced its first laboratory agreement in Germany in order to make its Onco-PDO personalized cancer screening service which will be available to the physicians and patients in Germany.

Competitive Dashboard

The prominent players operating the global clinical reference laboratories market are Quest Diagnostics, Clinical Reference Laboratory, ARUP Laboratories, Sonic HealthCare Limited, Unilabs, Laboratory Corporation of America, Bioreference Laboratories, KingMed Diagnostics, Aurora Diagnostics, Synlab International GmbH, and others.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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NOTE : Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

Tuesday, 30 March 2021

Clinical Reference Laboratory Market Trends, Global Demand, Growth and Forecast

Clinical Reference Laboratories Market Overview:

The global clinical reference laboratories market, as described in the report of Market Research Future (MRFR), is expected to rise by attaining 5.8% CAGR during the forecast period (2016-2027). Clinical reference laboratories play an integral part in providing patient care, but its role is equally important in medical researches and laboratory services such as diagnosis, treatment, monitoring, and others. In order to obtain a precise result in short time, clinical reference laboratories help by implementing strategies, exact data collection, and step-wise planning.

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The value-based services are gaining much precedence in the recent time which is expected to boost the overall clinical reference laboratories market growth. Hospitals are often outsourcing such diagnosis results to expert companies outside to curb their cost. This could give rise to clinical reference laboratories market. In addition, the technology needed to support such establishments are progressing rapidly owing to which the market can easily expand. Introduction of automation has significantly taken sectors like microbiology and histopathology forward. Genetics and molecular biology are also gaining much from technological advancements. Automation has eased the process of obtaining results which is also a major driving factor for the market’s growth in the coming days.

Clinical Reference Laboratories Market Regional Analysis:

Depending on the geographic region, MRFR includes, namely the Americas, Europe, Asia-Pacific, and Middle East & Africa to conduct a study on the clinical reference laboratory market. This is to analyze opportunities that would better the market prospect.

Structural superiority and high investment capability have taken the clinical reference laboratory market of the America’s forward. Especially, due to the presence of the U.S. in the North American region is bolstering growth. The region has the well-structure infrastructure and several products in the pipeline to get the market soaring. Along with Canada, the U.S. is playing a significant role in ensuring the growth of the market.

Europe ranks second in terms of fetching revenues. The regional market shares similar features like that of the Americas. In addition, the presence of countries like Germany, France, and the U.K. can change the market dynamics as their investment in the sector is considerable. But recent deals with the Brexit could weaken the market. The APAC region is expected to clock the fastest CAGR during the forecast period. The region would benefit much from investment in researches in countries like Japan, China, and India.

Clinical Reference Laboratories Market Segmental Analysis:

The clinical reference laboratories market gets segmented by service providers and applications as a mode for better analysis. MRFR in their report on it is focusing primarily on the value-based and volume-based data review to get a comprehensive picture of the market.

Based on service providers, the clinical reference laboratories market can be segmented into stand-alone, hospital-based and clinical-based. The stand-alone segment is expected to gain much from the investments waiting to be introduced in the sector.

Based on applications, the clinical reference laboratories market can be segmented into laboratory medicine, clinical trials, and others. The laboratory medicine segment is expected to grow with a substantial CAGR during the forecast period. Several products in the healthcare sector are also awaiting trials owing to which the clinical trials segment can grow in the coming years.

Competitive Landscape:

Significant players to impact the global clinical reference laboratories market are ARUP Laboratories, KingMed Diagnostics, Laboratory Corporation of America, Sonic HealthCare Limited, Aurora Diagnostics, Bioreference Laboratories, Synlab International GmbH, Clinical Reference Laboratory, Unilabs, Quest Diagnostics, and others. These companies are making an effort in taking the market ahead by investing substantially in developing strategies.

Notified Body (NB) and MedTech are planning a reformation in rules and regulations regarding medical devices and in vitro diagnostic regulations (MDR/IVDR). This would substantially push the demand for clinical reference laboratories market as the change in certificates would demand a necessary revamping of the existing standards in infrastructure.