Clinical Laboratory Test market Growth Drivers, Applications and Forecast to 2023

The Report of Global Clinical Laboratory Test Market by Market Research Future Covers the Information like Global Clinical Laboratory Test Market Growth, Prominent Players, Upcoming Trends, Business Analysis.

Market Overview:

Global Clinical Laboratory Test Market is anticipated to develop to USD 324.5 billion by 2022 from USD 206.7 billion in 2016. The market is expected to generate a CAGR growth of 6.5% during the forecasted period of 2016 to 2022.

Drivers:

The increasing prevalence of diseases and the growing population of the world is the critical driver of the market. The market is getting a boost from the growing screening programs initiated by the major governments. The inclusion of mandatory screening in the affordable healthcare act for newborns is expected to lead to a fast growth. Increasing awareness and growing bias towards evidence based medicines coupled with the growing volume of in-vitro diagnostic tests will also press the market growth.

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The advent of biotech based tests such as DNA based tests are a large market opportunity as they result in greater selectivity and sensitivity. Growing trends towards self-diagnostic tests is expected to make a positive contribution to the markets. Panel based tests are the latest market trend due to their ease of use and single use systems.

Automation is another trend driving the market as newer instruments have the capacity and capability to be linked and synced with another instruments. One such glaring example, is that of high pressure liquid chromatography and mass spectroscopy systems which save time and efforts.

Restraints:

Stringent government rules and regulations and the high costs of the tests are the critical constraints on the market. The presence of spurious low cost products is hampering the market due to customer’s loss of faith. False results are other restraints as many older tests have low selectivity and detection limits to their targets.

Top Players:

Laboratory Corporation of America, LifeLabs Medical Laboratories, Sonic Healthcare, Aurora Diagnostics, Quest Diagnostics, and others.

Segments:

Laboratory type - hospital based laboratories, central/independent laboratories, physician office laboratory (pol) and others. The market segmented by laboratory type is dominated by the hospital based laboratories.

Laboratory tests - Complete Blood Count (CBC) and other routine blood tests, anatomic pathology, molecular tests, immunology tests, drug testing and others. On the basis of laboratory tests, CBC and other routine blood tests are expected to hold the largest market share.

Regional Analysis:

North America is the largest market of global Clinical Laboratory Test market which is expected to grow at the CAGR of 6.2%. North America clinical test market is highest revenue generator. US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.

Europe is the second largest market for Clinical Laboratory test which is expected to grow at a CAGR of 6.6%.

Globally Asia-pacific region is the fastest growing market in clinical laboratory tests mainly because of growing awareness about various medical test, government support in order to improve healthcare sector, innovation of new tests and procedures by major market players.

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