MRFR reports that the clinical laboratory services market growth is likely to exhibit a sound growth rate during the forecast period (2018-2023). The global clinical laboratory services market is expected to surpass a valuation of USD 274,400 Million by 2023. Demand for clinical laboratory services is on the rise due to the increased healthcare expenditure coupled with growing awareness about such services. North America is a major region for these services and presents lucrative growth opportunities to market players. Moreover, existence of advanced healthcare infrastructure and widespread availability of lab experts and technicians is supplementing the growth of the clinical laboratory services market in North America. Meanwhile, APAC is also likely to remain under the investment radar of companies operating on a global level.
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The increased healthcare expenditure in the market will support the growth. As per clinical laboratory services market analysts, the market-based companies will face certain challenges during the forecast period 2018 to 2023. The market research report provides in-depth analysis of the type, regions, and applications segments. The market research report presents factors such as concerns regarding budget that could slow down the market's growth.
Market Segmentation
The market has been segmented into type, regions, and applications. Based on the segment which is type, the market is categorized on the basis of biochemistry, cytology, endocrinology, genetic testing, hematology, histopathology, microbiology, and others. The global market for clinical laboratory services is further segmented based on applications into hospital laboratory, independent, laboratory, and reference laboratory.
The clinical laboratory services market report offers comprehensive study of the market segments including type, regions, and applications. The analysts have also studied the market's spread across the regional markets across many of the market’s segments at country levels. The type, regions, and applications segments spread across the market along with the subsegments are studied. The global market for clinical laboratory services is spread across various product and service-based segments. The market research report highlights these key segments and offers forecasts based on primary and secondary data. The global market research report presents key company profiles of organizations active across the market.
Regional Overview
Underdeveloped infrastructure in developing countries may hinder the clinical laboratory services market growth. market research report suggests that companies in the clinical laboratory services market could be supported by widespread availability of lab experts as well as new investment from companies active in the market during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per market analysts, the market is set to witness tremendous growth across type, regions, and applications segments. The market’s North American region covers clinical laboratory services markets across the United States, Mexico, Canada, and others. Businesses present in the market are also profiled and their strategies have been presented in detail in the market research report.
The market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the clinical laboratory services market research report provides details about the APAC region covering markets from China, India, Australia, Japan, and others. The market is also active across several other parts of the world. The clinical laboratory services market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global clinical laboratory services market.
Competitive Landscape
Clinical laboratory services have seen tremendous growth, due to improved infrastructure and availability of solutions. However, lack of professional services and shortage of skilled professionals would challenge the companies active in the market. Furthermore, companies using growth strategies to stay ahead in the global market are expected to help the market during the forecast period 2018 to 2023. As the market report suggests that the market will register a high CAGR and reach a US$274,400 million by 2023, the market report highlights key areas market-based companies need to focus on. The market research report projects a long-term growth till 2023. Based on market’s analysis on the basis of SWOT and Porters’ Five Force Model, the clinical laboratory services market will rise during the forecast period 2018 to 2023, however the companies need to move ahead with caution. The clinical laboratory services market research report highlights such key areas.
Industry News
The purchasers begin to engulf smaller laboratory firms. It would confuse several lab managers and pathologists to find out that during the last couple of years, as many as five separate laboratory firms were purchased. The public was informed of only one takeover. The remaining four were private sales and both buyers and sellers chose not to advertise on these purchases.
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