The global Clinical Laboratory Services Market size is expected to reach USD 326.97 billion by 2025 and is projected to grow at a CAGR of 6.4%, according to a new report by Grand View Research, Inc. Improvement in database management tools, introduction of integrated workflow management systems, and wide acceptance of Point-of-Care (PoC) testing solutions are some of the key factors driving the market.
Unmet medical needs pertaining to disease management along with
subsequent rise in patient awareness levels is also expected to spur the market
growth. Furthermore, presence of effective regulatory structure to oversight
the laboratory operations will have a positive impact on the market expansion.
Clinical laboratories are enforced to meet the standards and guidelines
established by CLIA. This results in safe and effective implementation of
clinical workflows to improve patient outcome, thereby driving the demand for
clinical laboratory services. Market participants have undertaken several
strategies to strengthen their industry position.
For instance, in February 2019 Quest Diagnostics acquired clinical
laboratory services business segment of the Boyce & Bynum Pathology
Laboratories (BBPL). Through this acquisition, BBPL is expected to be an
exclusive provider of pathology products to Quest Diagnostics. In addition, in
February 2019, RenalytixAI partnered with AKESOgen, which offers clinical
laboratory services. Both of the companies will provide their products under
one manufacturer as RENX AI Labs, LLC. With this partnership RenalytixAI aims
to expand its contract research and clinical diagnostic business segment.
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Further key findings from the study suggest:
·
Clinical chemistry services accounted for
the largest market share in 2018 owing to wide usage of chemical tests during
the screening of disease
·
Medical microbiology & cytology
vertical is estimated to witness the highest CAGR due to growing incidence of
fungal, viral, and other infections
·
Stand-alone labs segment will expand at the
highest CAGR owing to the ability of these labs to manage a large volume of
diagnostic tests with the integration of digital workflow
·
North America is the leading regional
market due to the high penetration of novel diagnostic techniques
·
Several service providers from western
countries are investing to expand their businesses in Asian countries owing to
numerous untapped opportunities
·
APAC is projected to be the fastest-growing
regional market owing to numerous untapped growth opportunities in medical
research and presence of low-cost production facilities in the region
·
Some of the key market participants are
Abbott Laboratories, Quest Diagnostics, Siemens AG, Laboratory Corporation of
America Holdings, Charles River Laboratories
·
Most of these companies focus on
establishing mutually beneficial alliances with others companies as well as
healthcare organizations to scale up their product portfolio
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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