In their new market research report "Global Clinical Laboratory Services Market Analysis And Segment Forecasts To 2020", Grand View Research, Inc. predicts that the global clinical laboratory services market could be valued at USD 261.42 billion by 2020, with a CAGR of over 6% over 2014-2020. Key market players in this segment include Siemens Healthcare, Abbott Laboratories, Quest Diagnostics, Inc., Bioscientia Healthcare, Sonic Healthcare Limited, and Bio-Reference Laboratories.
The report analyzes the market by test (human & tumor genetics, clinical chemistry, medical microbiology & cytology and other esoteric tests), by service providers (hospital-based laboratories, stand-alone laboratories and clinic-based laboratories), by region, and by major market players.
According to the U.S. based market research and consulting company, market growth for clinical laboratory services will be driven by the constantly rising demand for early diagnosis which makes effective therapeutic interventions possible. The main findings of the study are as follows:
- With over 45.0% of the revenue share, clinical chemistry based services dominated the overall market in 2013. This could be due to the fact that these tests, which are necessary for initial disease diagnosis, are carried out in large volumes
- Standing second in terms of revenue is human & tumor genetics. The increasing worldwide incidence of cancer will lead to high growth in this segment, which is expected to grow at a CAGR of over 6.0% from 2014 to 2020.
- The geographical analysis covered North America, Europe, RoW and Asia Pacific. It was found that North America accounted for a major share of the revenue in the global clinical laboratory services market, mainly due to factors such as rising chronic disease prevalence and the presence of sophisticated healthcare infrastructure and favorable reimbursement policies. However, the fastest CAGR is predicted for the Asia Pacific clinical laboratory services market, driven by the existence of a high level of unmet medical needs along with rapidly improving healthcare infrastructure in the emerging markets of India and China.
The research also reveals that the clinical lab services market has seen a rapid increase in R&D spending in recent years, aimed at developing technologically advanced laboratory equipment, reagents and consumables which can provide precise results even with large sample volumes. For instance, the R&D efforts of leading companies such as Siemens Healthcare, according to a recent report, have focused on two trends: a rising and aging global population and the need for robust systems to diagnose large numbers of patients. Like industry leaders, the company is constantly engaged in developing laboratory systems which are cost-effective and easy to use and maintain, and enable quick, accurate diagnosis of a large number of samples.