Clinical Laboratory Services Market valued $342bn by 2024

As per the medical report "Clinical Laboratory Services Market Size By Test (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospitals, Stand-Alone Laboratories, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, China, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024", by Global Market Insights, Inc. says, Clinical laboratory services market was worth USD 196.9 billion in 2015 and will exhibit a CAGR of 6.4% over the coming seven years.

Clinical laboratory services market is gaining popularity across the globe, owing to the growing awareness among the exponentially increasing aging population regarding the importance of early diagnosis. Neurological and cardiovascular diseases are prominent among the elderly, which will lead to massive demand for clinical lab services, thereby impelling the business outlook. The deployment of technologically advanced equipment such as biochips, microarrays, & companion diagnostics will also influence clinical laboratory services industry share.

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Hospital based laboratories dominated service provider segment of clinical laboratory services market by collecting a revenue of USD 113.4 billion in 2015 and will record notable growth rate over the years ahead. Clinics and stand-alone laboratories are the other important service provider segments. The high capability of service providers to carry out more number of tests at once and the availability of a wide range of tests will fuel clinical laboratory services market.

Based on the tests conducted, clinical laboratory services industry mainly comprises clinical chemistry, other esoteric test, human & tumor genetics, and medical microbiology & cytology. Clinical chemistry covered more than 47% of the market share in 2015 and will record a considerable CAGR over the coming timeframe. Surging requirement of clinical chemistry, owing to the growing occurrence of diseases such as blood disorders, diabetes, cardiovascular, liver & kidney disorders will stimulate clinical laboratory services industry size.

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Geographically, Asia Pacific clinical laboratory services market will surpass a revenue collection of USD 76 billion by 2024. The attributing factor toward the market growth is the escalating aging population prevalent mainly across China and Japan. The presence of innovative diagnostic facilities along with growing investments in the healthcare infrastructure development will also fuel the product demand noticeably.

Europe clinical laboratory services industry will collect a revenue of more than USD 62 billion by 2024 with considerable annual growth rate. Increasing awareness among patients about the benefits of early diagnosis of diseases along with the readiness of featured diagnostic test will augment the industry growth. The frequent occurrence of a large number of target diseases will generate attractive opportunities for the market players.

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U.S. clinical laboratory services market covered a major portion of the regional share with a revenue collection of USD 64 billion in 2015 and will generate notable revenue by 2024. Increasing implementation of advanced diagnostic facilities along with availability of a large number of clinical testing equipment will boost the product demand.

The noteworthy players in clinical laboratory services market are Quest Diagnostics, Bio-Reference Laboratories, Inc., Sonic Healthcare, Charles River Laboratories, Genoptix Medical Laboratory, Abbott Laboratories, Labco S.A, LabCorp, and Healthscope Ltd.

Browse Related Report:

Healthcare Laboratory Informatics Market Size By Product (LIMS, ELN, SDMS, CDS, LES), By Deployment (On Premise, Cloud Based), By Component (Services, Software), By End Use (Biotech Companies, Pharmaceuticals, Clinical), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, China, Japan, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Development, Price Trend, Competitive Landscape & Forecast, 2017 – 2024

https://www.gminsights.com/industry-analysis/healthcare-laboratory-informatics-market

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Fractovia.org is one of India's leading in-house and free news portal. It is fully automated, and operates on a constant premise, interfacing with news sites and offering redesigned breaking features to readers across the globe.