The Global Clinical Laboratory Test Market is expected to register 6.5% CAGR to reach USD 324508.8 Million by 2022.
Clinical laboratory testing has emerged as a rapidly growing segment in healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood tests to anatomical, pathological testing, molecular, immunological, drug testing, and other tests for disease diagnosis and treatment.
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CBC and other routine blood tests are the most common type of tests that are used for screening certain disorders leading to an increase or decrease of cell counts. These tests help to diagnose a broad range of conditions from anemia and infections to cancer. Increasing prevalence of diseases and growing awareness and concerns regarding health issues all around the globe are the primary reasons for the growth of these routine check-ups and overall clinical laboratory testing market. On the other hand, the major factor restricting the growth of market is the strict government rules and regulations regarding laboratory testing. The global market has significant growth opportunities due to the various untapped therapeutic testing markets.
Market Dynamics
The global clinical laboratories market is segmented by routine medical testing includes full-body testing includes eye check-up, blood test, diabetes testing, and others; anatomical pathology testing includes histological analysis and urinalysis; esoteric medical testing includes tests for infrequent diseases; diagnostic imaging testing includes radiation procedures such as X-ray, CT, MRI, and ultrasound used for diagnosing the patient’s condition through imaging of internal organs.
Currently, around 617 million people, which is approximately 8.5% of people worldwide are aged 65 and over. According to the report “An Aging World: 2015,”, this percentage is expected to jump to nearly 17% by 2050 (1.6 billion). This is the primary reason for the swift growth of clinical laboratories. Besides these, other factors responsible for driving the clinical laboratory market are physician contribution to improve laboratory testing by counseling the patient for a screening of uncertain diseases or symptoms.
Segmentation
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 hospital-based laboratories, central/independent laboratories, physician office-based laboratories, and others. Based on types of test, the global market is segmented into complete blood count (CBC), basic metabolic panel (BMP), HbA1c tests, HGB/HCT tests, comprehensive metabolic panel tests, BUN creatinine tests, renal panel tests, electrolytes testing, liver panel tests, and lipid panel tests. Based on application, the global market is segmented into parasitology, virology, hematology, toxicology, immunology/serology, histopathology, and urinalysis. Based on end user, the global market is segmented into hospital-based laboratories, stand-alone laboratories, and clinics-based laboratories.
Regional Analysis
The clinical laboratory market is witnessing significant growth in developing and developed countries such as the UK, the US, China, India, and Spain.
The global clinical laboratory test market, based on region, is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. There is a widespread presence of diseases related to hypertension, cardiovascular diseases, cancer, stroke, and other fatal diseases, due to which the expenditure on healthcare and R&D is the highest in North America, followed by Europe. The use of clinical laboratories by research institutes, hospitals, and clinics have increased the demand for clinical laboratories across the world. Asia-Pacific is the fastest-growing market in clinical laboratory tests due to the large geriatric population in China and Japan.
Key Players
The prominent players in the global clinical laboratory test market are AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, and Sonic Healthcare.
The players operating in the global clinical laboratory test market are focusing on product launches and expanding their global footprints by entering untapped markets.
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