Market Overview
The Global Clinical Laboratory Test Market is slated to register 6.5% CAGR to reach USD 324.508 billion by 2022.
Market Dynamics
The critical driver of the market is the growing prevalence of diseases and the growing population of the world. From the growing screening programs initiated by the major governments, the market is getting a boost. It is expected that the inclusion of mandatory screening in the Affordable Healthcare Act for newborns will lead to rapid growth. The growth of the market will also be pressured by increasing awareness and increasing bias towards evidence-based medicines, coupled with the increasing volume of in-vitro diagnostic tests. In addition, market growth is driven by the preference for preventive medicine, shorter hospital stays, and high demand for integrated analytical systems.
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As they lead to greater selectivity and sensitivity, the advent of biotech-based tests such as DNA-based tests is a big market opportunity. Growing trends towards self-diagnostic testing are expected to contribute positively to the market. Due to their ease of use and single use systems, panel based tests are the latest market trend. As newer instruments have the ability and capacity to be linked and synchronized with other instruments, automation is another trend driving the market.
On the other hand, the strict government rules and regulations relating to laboratory testing are the major factor limiting market growth. Due to the loss of faith by customers, the presence of spurious low-cost products is hampering the market. False findings are other constraints, as many older tests have limits on their targets for low selectivity and detection. Nonetheless, because of the various untapped therapeutic testing markets, the global market has significant growth opportunities. In addition, it is expected that the introduction and implementation of database management tools and solutions with reduced errors, increased efficiency and satisfactory services will offer market growth opportunities in the near future.
Segmental Analysis
The global clinical laboratory tests market is segmented into types of laboratories, types of test, and region.
Based on types of laboratories, the global clinical laboratory tests market is segmented into physician office-based laboratories, central/independent laboratories, hospital-based laboratories, and others.
Based on types of test, the global market is segmented into basic metabolic panel (BMP), comprehensive metabolic panel tests, HbA1c tests, HGB/HCT tests, BUN creatinine tests, renal panel tests, complete blood count (CBC), electrolytes testing, liver panel tests, and lipid panel tests. Due to increasing awareness of the prevalence of cardiovascular disorders and diabetes, lipid panel tests are projected to be the fastest-growing segment during the forecast period.
Based on application, the global market is segmented into virology, hematology, toxicology, immunology/serology, parasitology, histopathology, and urinalysis.
Based on end user, the global market is segmented into stand-alone laboratories, hospital-based laboratories, and clinics-based laboratories. It is expected that increasing awareness among patients and physicians of laboratory testing in clinics would drive the clinic segment over the forecast era. It is also anticipated that key technical developments such as portable and rapid analyzers would accelerate development in the market..
Regional Analysis
The global clinical laboratory test market, based on region, is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
North America is the main market for clinical laboratories, accounting for 44.6% of global market, and is estimated to rise at a CAGR of 6.2% over the forecast period. The U.S. is projected to be the North American clinical laboratory research industry's prime market share holder, driving an expected 5.8 percent CAGR growth. High numbers of labs and clinical trials are the reasons for the contribution of the United States in the world. Canada will be the fastest growing economy in the country with an estimated growth of 6.3%. Owing to the high incidence of diseases linked to high blood pressure, cardiovascular disease and cancer, healthcare investment and medical education is largest in North America, and Europe is a near second.
Europe is expected to be the second largest market for medical laboratory research and this growth trend would place it at number two in terms of market share. Germany is expected to lead the European medical-device market because of its highly evolved medical-device sector. France and the U.K. are supposed to obey Germany. Usage of clinical laboratories has expanded across the country, which has been met with increased demand for these facilities.
Asia-Pacific is anticipated to become the fastest growing region, with a forecast annual growth rate of 7% due to rises in literacy, government funding and increases in healthcare infrastructure in China and Japan. Additionally, the presence of untapped opportunities in the form of unmet medical needs, positive economic development, and growing avenues of scientific study are some of the key drivers for the Asia Pacific demand for clinical laboratory testing.
Competitive Landscape
The eminent players in the global clinical laboratory test market are Quest Diagnostics, Laboratory Corporation of America, AURORA Diagnostics, LifeLabs Medical Laboratories, and Sonic Healthcare.
Players in the market are currently focused on product releases, and building global footprints through the penetration of untapped markets.
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