Modern laboratories use advanced clinical laboratory equipment to perform diagnostic tests ranging from CBC and other routine blood tests to anatomical pathological testing, molecular, immunological, and drugs of abuse testing to help physicians diagnose various diseases and/or monitor disease states. According to a new report from Market Research Future, the global clinical laboratory test market is expected to witness fast growth till the year 2022. The report identifies the key factors driving the growth of the clinical lab device market as:
- Increasing prevalence of chronic diseases
- Growing patient population
- Increase in global volume of in-vitro diagnostic tests, and
- Increasing patient awareness about clinical tests
However, the report notes that market growth is restrained by massive development costs for each test, which ultimately increases cost of the test.
According to the report, the key players in this market include AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, Sonic Healthcare, and others.
- Quest Diagnostics and Laboratory Corporation of America Holdings are two major companies operating in the clinical laboratory testing market.
- Both the manufacturers offer diverse diagnostic testing services ranging from routine CBC testing to prenatal tests, and highly sensitive cancer and genetics tests.
- While Quest Diagnostics commands around 17-18% share of the total global market, LabCorp accounts for around 10-12% market share of the domestic market, and is growing at a faster pace than its competitor.
- Other key players include Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others.
Merger and acquisitions with other companies and other small players was the key strategy adopted by the major players. Aurora Diagnostics acquired Pathology Associates in April 2016, which will expand its capabilities in the field of pathology. LabCorp acquired the assets of Mount Sinai Health (Mount Sinai) in 2017, giving the company the opportunity to serve the critical New York metro market. Quest Diagnostics launched the nation’s first hepatitis B virus quantitative test in January 2017 to help access response to anti-viral therapy. They also partnered with Montefiore Health System, a premiere academic health system.
Region-wise, North America accounted for the maximum market share with the maximum number of laboratories and clinical testing procedures. Factors such as growing awareness about various medical tests, government support to improve the healthcare sector, and development of new tests and procedures by major market players, Asia-Pacific is expected to be the fastest growing region.