Clinical Laboratory Services Market 2022 Key Players, Size, Share, Trends, Opportunities, Growth Analysis and Forecast to 2027

Market Overview

MRFR reports that the clinical laboratory services market is likely to exhibit a sound growth rate during the forecast period

Market Dynamics

The rising pressure of chronic diseases such as cancer, diabetes, and others is expected to drive the global market's growth trajectory in the coming years. The need for early diagnosis has increased as people become more knowledgeable of diseases. This has resulted in a significant growth in preventive healthcare spending. Throughout the forecast period, it is expected to fuel the growth of the clinical laboratory services industry. It is proposed that funds will be focused toward the production of advanced experiments of greater precision and accuracy. Rapid advancements in the healthcare industry, along with robust research and growth, are expected to propel the market forward in the near future.

Clinical laboratory services are in high demand as a result of the healthcare costs and increasing awareness of these services. North America is a crucial market for these programmes, with attractive growth prospects for market participants. Furthermore, North America's medicinal laboratory services industry is benefiting from advanced healthcare technology and broad supply of lab specialists and technicians.

Strong government investments to expand clinic use of COVID-19 diagnostic kits are expected to fuel segment development. COVID-19 walk-in clinics in San Jose are another important initiative that is supposed to boost segment growth. Furthermore, gradual and ground-breaking improvements in laboratory research technologies are projected to serve as a high effect rendering engine for this market.

The data management method in laboratories has been greatly changed thanks to automation in clinical environments. Throughout the forecast era, the industry is projected to benefit from increasing adoption rates of laboratory automation systems. Furthermore, the healthcare industry has provided database management software, patient test reports, and advanced workflow management systems substantial consideration.

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Key Players

Laboratory Corporation of America Holdings, Mayo Medical Laboratories, Spectra Laboratories Inc, Unilabs, Bio-Reference Laboratories, Clinical Reference Laboratory, Adicon Clinical Laboratory, Amedes Holdings, Lifelabs Medicals Laboratories, Quest Diagnostics Incorporated, Synlab International, ACM Medical Laboratory, Eurofins Scientific, Cerba Healthcare and Sonic Healthcare

Segmental Analysis

The clinical laboratory services market can be segmented based on application, type, and region.

According to the type category, the market can be divided into Endocrinology, biochemistry, microbiology, cytology, hematology, genetic testing, and histopathology.

According to the application category, the market can be divided into types of laboratory-like hospital laboratories, independent laboratories, and reference laboratories.

According to the regional category, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.

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Regional Analysis

The global clinical laboratory services market is divided into four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa. In 2017, the Americas accounted for the largest share of the industry, and it is projected to rise dramatically in the coming years. Favourable reimbursement policies, the expansion of clinical laboratories, and the growing number of lab technicians are all factors that are expected to help the growth of the clinical laboratory services market in the area.

Europe is a significant growth region that is expected to take second position in the global economy. Because of the involvement of major prominent main players, rising healthcare spending, the number of clinical tests, and other factors, the market's competitive environment is conducive to development.

Over the forecast period, Asia Pacific is projected to be the fastest growing regional market. The market's expansion would be supported by the region's high growth prospects. During the forecast period, it is projected to rise at a CAGR of 5%. The growing prevalence of diseases such as cancer and diabetes, among others, is propelling market growth in the region.

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