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 of Clinical Laboratory test Market:
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.
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.
Segments of Clinical Laboratory test Market:
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 of Clinical Laboratory test Market:
North America is the largest market share holder accounting for 44.6% of global clinical laboratory test market and is expected to generate a CAGR growth of 6.2%. U.S. is expected to be the prime market share holder of North America clinical laboratory testing market generating an anticipated CAGR growth of 5.8%. Large number of laboratories and growing volume of clinical testing procedures are the prime reasons for the dominance of the U.S. Canada, is expected to be the fastest market in the North American region with an expected CAGR growth of 6.3%.
Europe is expected to be the second largest market for clinical laboratory test and is expected to generate a CAGR growth of 6.6%. Europe region is expected to be dominated by Germany owing to its highly developed medical device companies. Germany is expected to be followed by France and the U.K.
Asia-pacific region is expected to be the fastest growing market, with a growth rate of 6.5% to 7% on account of growing awareness, strengthening government support and growing healthcare infrastructure.
Key Players for Clinical Laboratory test Market:
Laboratory Corporation of America, LifeLabs Medical Laboratories, Sonic Healthcare, Aurora Diagnostics, Quest Diagnostics, and others.
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