Accurate and timely lab test results enable healthcare providers to make the right diagnostic and therapeutic decisions. Laboratory tests are undoubtedly an important component in the healthcare service spectrum. According to a new study by Grand View Research, Inc, the global market for clinical laboratory tests is poised to grow at a significant rate in the coming years. The study predicts that the size of the market will register a CAGR of 6.8% to reach USD 148.8 billion in 2020.
Several factors are expected to drive the growth of the clinical lab tests market:
- Expanding base of geriatric population
- Growing prevalence of chronic diseases
- Medical conditions such as obesity and other metabolic abnormalities
- Segment for HbA1c tests for monitoring diabetic treatment and control
- The development of novel laboratory testing methodologies
- Specialized and accurate diagnosis provided in the fields of endocrinology, gynecology and oncology
- Increasing patient awareness levels
Emerging economies in the Asia Pacific region with more clinical testing needs and less availability of novel clinical testing methodologies are expected to provide the clinical laboratory tests market with lucrative opportunities for growth throughout the forecast period.
The reports lists the key participants in the clinical laboratory tests as Charles River Laboratories, Siemens Healthcare, Quest Diagnostics Inc., Sonic Healthcare Ltd., Bioscientia Healthcare, Abbott Laboratories, Bio-Reference Laboratories, Labco S.A., Healthscope Limited., Laboratory Corporation of America Holdings (Labcorp), ARUP Laboratories, Genoptix Medical Laboratory, Qiagen, Genzyme Corporation, Clarient Inc.
These market leaders, the report points out, are involved in constant efforts to develop new methodologies of testing which would increase the accuracy and efficiency of test results, while facilitating the processing of larger number of samples simultaneously. They are also entering into strategic collaborations with healthcare establishments to extend their global patient base.
Clinical laboratory services have a direct impact on many aspects of care including patient safety and length of stay. A wide range of simple and complex clinical tests are now available to help in early disease detection and better treatment. The more efficient the testing protocol, the shorter the length of inpatient stay or outpatient encounter, the faster the implementation of therapy, and the lower the overall cost of care.