Global Clinical Laboratory Services Market – Scope of Report
TMR’s report on the global clinical laboratory services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global clinical laboratory services market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global clinical laboratory services market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global clinical laboratory services market.
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Surge in Incidence of Chronic and Infectious Disease to Drive the Demand for Clinical Laboratory Services: Key Drivers
- Incidence of chronic and infectious diseases is anticipated to rise at an alarming rate during the forecast period
- Chronic diseases such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people worldwide
- The rise in these non-communicable chronic diseases is due to urbanization and adoption of unhealthy life styles. According to Centers of Disease control and Prevention (CDC) more than 60% of preventable deaths worldwide are caused due to non-communicable diseases
- In developing countries48% of such deaths occur in persons above 70 years of age. The incidence of chronic diseases is also increasing rapidly in Africa
- Incidence of infectious diseases such as HIV, hepatitis, and other viral diseases has also been rising in the world
- World Health Organization (WHO) forecast that 13million deaths would occur due to infectious diseases till 2050
- These factors have led to increasing demand for clinical laboratory testing, and are expected to drive the clinical laboratory services market from 2019 to 2027
- According to Transparency Market Research’s latest report on the global clinical laboratory services market for the historical period 2017–2018 and forecast period 2019–2027, surge in incidence of chronic and infectious diseases, growing medical tourism, and employer sponsored medical programs are projected to drive the global clinical laboratory services market during the forecast period.
- According to the report, the global clinical laboratory services market was valued at US$ 6 Bn in 2018 and is anticipated to expand at a CAGR of 6.3% from 2019 to 2027
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Stringent Regulatory Scenarios to Hamper Market
- The U.S. FDA that controls the approval and commercialization of medical devices in the country has claimed its control over laboratory developed tests (LDTs) as well, although there has been no enforcement exercised by the FDA to require laboratories to comply with its regulations
- LDTs refer to clinical laboratories developing diagnostic tests in-house to provide quicker and efficient results to their customers.
- In 2010, the FDA announced that it would exercise its regulatory authority over LDTs by issuing guidance to the clinical laboratory industry regarding its regulatory approach which would essentially be risk-based. This is expected to considerably increase the regulatory burden for clinical laboratories. It would also have a considerable impact on the profit margins due to the additional costs and possible delays in introducing newly developed tests.
- Although the FDA has not issued any such guidelines till date, industry experts believe that this factor would greatly affect market growth and also prevent new entrants from venturing into the industry.
Global Clinical Laboratory Services Market: Competitive Landscape
- This report profiles major players in the global clinical laboratory services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global clinical laboratory services market are
- Charles River Laboratories International, Inc.
- OPKO Health, Inc.
- Laboratory Corporation of America Holdings
- Quest Diagnostics Incorporated
- Sonic Healthcare
- Fresenius Medical Care Holdings, Inc. (Spectra)
- NeoGenomics Laboratories, Inc.
- Genomic Health, Inc.
- SYNLAB International GmbH
- UNILABS
- ARUP Laboratories
- Eurofins Scientific
- GENOPTIX
- ALERE,INC.
- among others
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Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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