Biopharmaceuticals Market Analysis, Segments, Growth and Value Chain 2020-2027

 According to MRFR analysis, Biopharmaceuticals Market is expected to register a CAGR of 8.99% during the forecast period of 2019 to 2025 and was valued at USD 238,192.7 million in 2018.

Biopharmaceuticals are also known as biological, medical products, or biologics, are pharmaceutical drugs manufactured, extracted, or synthesized using biological sources, such as bacteria, yeast, and mammalian cells.

The global biopharmaceuticals market is growing owing to various factors such as increasing investment by major companies on research & development of biopharmaceuticals and increasing acceptance for biopharmaceuticals due to their ability to treat the previously untreatable diseases. Furthermore, the number of geriatric populations is, tremendously, the incidence rate of chronic diseases is also high, and technological advancements are growing which are also expected to fuel the market growth. However, the entry of low-cost biosimilars, risk of side effects that can occur due to high usage of biopharmaceuticals, and stringent government regulations are expected to pose as restraints to the growth of the global biopharmaceuticals market.

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Several market players currently dominate the global biopharmaceuticals market. The key players are involved in product launches and acquisitions to strengthen their market positions.

Segmentation

The global biopharmaceuticals market has been segmented based on product type and application.

The global biopharmaceuticals market has been segmented, on the basis of product type, into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The recombinant growth factors has been further bifurcated into erythropoietin and granulocyte colony-stimulating factor. The purified proteins segment has been further classified as leukemia inhibitory factor (LIF), P53 protein, P38 protein, and others. The recombinant proteins segment has been further divided into serum albumin, amyloid protein, defensin, transferrin, and others. Vaccines have also been segregated into recombinant vaccines, conventional vaccines, and others. The recombinant vaccines have been further sub-segmented into cancer vaccines, malaria vaccines, Ebola vaccines, hepatitis B vaccines, tetanus vaccines, diphtheria vaccines, cholera vaccines, and others. Conventional vaccines have been categorized as polio vaccines, pox vaccines, and others. Synthetic immunomodulators segment has been further divided into cytokines, interferons, interleukins, tumor necrosis factor (TNF), and others. Monoclonal antibodies segment is anticipated to hold the largest market share in the global biopharmaceutical market due to the increasing number of research activities that are supported by the usage of monoclonal antibodies. Vaccines are expected to grow at the fastest CAGR owing to the rising awareness of chronic diseases.

The market based on application has been segmented into oncology, inflammatory & infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, neurological diseases, and others. The oncology segment is expected to hold the largest share of the market due to the high prevalence of cancer. In 2019, 606,880 cancer-related deaths occurred in the US. The neurological diseases segment is expected to grow at the fastest CAGR owing to the rising prevalence of neurological disorders such as Parkinson’s disease and epilepsy. Nearly 60,000 people in America are diagnosed with Parkinson’s disease every year.

Key Players

Some of the key players in the Global Biopharmaceuticals Market are Pfizer Inc. (US), Amgen Inc. (US), Eli Lilly and Company (US), F. Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Abbvie Inc. (US), Sanofi (France), Bristol-Myers Squibb Company (US), Sandoz International GmbH (Germany), Novo Nordisk A/S (Denmark), GlaxoSmithKline PLC (UK), Merck KGaA (Germany), and Biocon (India).

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of chronic diseases. The biopharmaceuticals market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European biopharmaceuticals market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The biopharmaceuticals market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing patient pool suffering from various chronic diseases and a supportive regulatory framework, the market in Asia-Pacific is expected to be the fastest-growing. The biopharmaceuticals market in the Middle East & Africa has been divided into the Middle East and Africa.

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Research report explores the Gene Therapy Market for the forecast period, 2020-2027

 According to MRFR analysis, the global gene therapy market is expected to register a CAGR of 40.7% during the forecast period of 2019 to 2025 and was valued at USD 524 million in 2018.

Gene therapy is a technique in which a piece of DNA is incorporated into the cell via a vector. The key players are investing in the manufacturing of cell and gene therapy treatments due to its target specificity. The gene therapy is mainly of two types, somatic gene therapy, and germline gene therapy, depending on the type of cells its targets.

The growth of the global gene therapy market is attributed to various factors such as robust product pipeline, increasing investment by key players, and high prevalence of target diseases and demand for innovative medication. However, the high cost of product development and stringent regulatory policies are expected to curb the growth of the global gene therapy market. The global gene therapy market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.

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Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of gene therapy and rising per capita healthcare expenditure. The gene therapy market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European gene therapy market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The gene therapy market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing number of patients and raising awareness about the treatment methods, the market in Asia-Pacific is expected to be the fastest-growing. The gene therapy market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

The global gene therapy market has been segmented based on product, indication, and end user.

The market, based on product, has been divided into kymriah, luxturna, yescarta, zolgensma, strimvelis, zynteglo, imlygic, and others.

The global gene therapy market has on the basis of indication is segmented, into oncology, genetic diseases/ disorders, and others. The oncology segment is expected to hold the largest market share and to be the fastest-growing segment due to high prevalence of cancer and robust pipeline for cancer gene therapy.

The end-user segments of the market are hospitals & clinics, specialty treatment centers, and others. The hospitals & clinics segment is expected to hold the largest market share due to increasing number of hospitals. Also, hospitals are generally the first treatment choice for diseases.

Key Players

Some of the key players in the global gene therapy market are Amgen, Inc. (US), Novartis AG (Switzerland), Spark Therapeutics, Inc. (US), Gilead Sciences, Inc. (US), uniQure N.V. (Netherlands), Orchard Therapeutics plc (UK), Celgene Corporation (US), Bristol-Myers Squibb Company (US), Thermo Fisher Scientific Inc. (US), CEVEC (Germany), and Lonza (Switzerland).

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Laboratory Equipment Market Insights Analysis 2020-2027

 Market Overview

Laboratory equipment market is on track to secure a growth rate of 7.3% from 2019 to 2025 (evaluation period), says Market Research Future (MRFR). The MRFR study also expects the market to touch USD 58,960 Million by 2025.  

Top Boosters and Challenges

The laboratory equipment industry benefits the large-scale investments in extensive research and development activities in the field of biotechnology and pharmaceutical. The market is also strongly influenced by the increasing availability of advanced laboratory supplies and their growing use by procurement managers in industries like healthcare and pharmaceutical. Innovations in chemical and biological researches combined with the surge in clinical laboratory tests along with life science researches can also foster market growth in the ensuing period.

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Introduction of new technologies and their adoption have been picking up speed in the market, thereby facilitating enhanced laboratory capabilities. Adoption of modern techniques is proving to be favorable for scientists and laboratory technicians as they are able to achieve more efficient and accurate results. Automation, artificial intelligence, miniaturization and smart technology are the prevailing trends and are witnessing high demand among laboratory equipment manufacturers.

Medical lab equipment vendors are putting in efforts to facilitate simpler order processes and product selection, whereas laboratory managers are working on bolstering the efficiency by elevating the purchasing process. The trend of easy to use and compact equipment with built-in connectivity is also emerging at a promising rate, while the construction of new labs with advanced equipment and supplies by renowned companies can induce substantial market growth in the years ahead.

Segmental Analysis

The laboratory equipment industry has been segregated with respect to product type, application, and end user.

The product types studied are centrifuges, incubators, scopes, spectrometers, autoclaves, sonicators, and others. The incubators segment can obtain the top spot in the global market, as the device’s application range is expanding in several areas of testing. The spectrometers segment could procure the fastest expansion rate.

The laboratory equipment market, with respect to application, comprises genetic testing, endocrinology, biochemistry, hematology, microbiology, and more. The biochemistry segment is slated to capture the highest share in the market, owing to the significant number of biochemical tests that are generally conducted in laboratories. The endocrinology category is confirmed to advance at the fastest pace, on account of the expanding patient pool and the surge in the number of tests.

The end users considered in the report include diagnostic centers, hospitals and clinics, and more. The hospitals and clinics sector can take the lead in the market as these end-users extensively use a variety of laboratory equipment. The diagnostic centers segment can however, advance at the fastest rate in the forthcoming years, as a result of the rising preference for conducting diagnostic tests by medical professionals, with the use of highly advanced lab equipment and supplies.

Regional Study

The market for laboratory equipment has been regionally distributed on the basis of the Americas, MEA or the Middle East & Africa, APAC/Asia Pacific, and Europe.

Americas has been identified as the most lucrative market, while the US and Canada are in the lead in the region due to their highly developed laboratories with modern equipment as well as instruments. Strong presence of a number of renowned biopharmaceutical and pharmaceutical companies that are actively involved in extensive R&D activities will further bolster the region’s attractiveness in the coming years. A few other growth boosting factors include the soaring number of grants including NIH or National Institute of Health that aim to encourage researches in the region.

APAC should procure the fastest CAGR in the near future, thanks to the surging cases of infectious diseases such as AIDS, tuberculosis and hepatitis that require accurate laboratory testing. Escalating burden of cancer in the region, especially in India and China can also benefit the market in the upcoming years.

Eminent Firms

Key manufacturers of laboratory equipment in the worldwide market are BD (US), Eppendorf AG (Germany), Thermo Fisher Scientific Inc. (US), Bio-Rad Laboratories, Inc. (US), Hoffmann LA-Roche AG (Switzerland), Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Bruker (US), Beckman Coulter, Inc. (US), Waters (US), PerkinElmer Inc. (US), and more.

Latest News

February 2021

EndoWays, designer of disposable robotic system used in a cath laboratory, has confirmed the acquisition of most of its shares by Ascendum. The robotic technology has been developed to allow radiologists as well as cardiologists to examine blood vessels and conduct complex procedures remotely. The robot’s disposable properties have made it easy to use and affordable for physicians, requiring very less setup time.

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Global Hearing Aids Market size and forecast, 2020-2027

 According to MRFR analysis, the global hearing aids market is expected to register a CAGR of ~7% during the forecast period of 2019 to 2025 and was valued at USD 8 billion in 2018.

A hearing aid is an electronic device which amplifies sound so that a person with hearing loss can listen, participate in daily activities, and communicate with others. The three basic parts of a hearing aid are a speaker, an amplifier, and a microphone.

The growth of global hearing aids market is driven by various factors such as increasing incidence of hearing loss, the launch of new products, increasing geriatric population, and raising awareness about hearing loss treatment. However, the low penetration of hearing aids and product recalls are expected to curb the growth of the global hearing aids market.

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The global hearing aids market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.

Regional Analysis

The market has been divided, by region, into Europe, the Americas, Asia-Pacific, and the Middle East & Africa. Europe is expected to be the largest market owing to the rising incidence of hearing loss and sophisticated healthcare infrastructure. The European hearing aids market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Americas holds the second largest market share. The hearing aids market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The hearing aids market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing awareness regarding the use of hearing aids and increasing population affected by hearing disorders, the market in Asia-Pacific is expected to be the fastest-growing. The hearing aids market in the Middle East & Africa has been divided into the Middle East and Africa and is expected to hold the least market share.

Segmentation

The global hearing aids market has been segmented based on product, product type, type of hearing loss, technology type, and distribution channel.

The market, based on product, has been divided into devices, implants, and accessories, out of which implants is the fastest-growing segment. For instance, the Australia-based manufacturer Cochlear Ltd reported a profit of USD 265 to USD 275 million in first quarter of 2019, 8% to 12% more as compared to that in the first quarter of 2018.

The global hearing aids market has been segmented, on the basis of product type, into wired and wireless. Wireless is the fastest-growing segment owing to technological advancements and product launches. For instance, Sonova, in November 2018 launched products based on SWORD (Sonova Wireless One Radio Digital) chip. The new technology allows hearing instruments to connect with electronic devices such as televisions or mobile phones.

The type of hearing loss segments of the market are sensorineural, conductive, and others. The growth of the segment is due to the high prevalence of hearing loss. For instance, in 2018, around 2 to 3 out of 1000, children in the US are born with a hearing loss in one or both ears.

The technology type segment of the market is segmented as digital hearing aids and analog hearing aids. The digital hearing aids segment is expected to be both, the largest shareholder and the fastest-growing segment owing to its advantages over analog counterparts.

The distribution channel segment is classified into retail stores, E-commerce, and others. The E-commerce segment is expected to be the fastest-growing segment owing to ease of access to products for customers.

Key Players

Some of the key players in the global hearing aids market are Sonova (Switzerland), Cochlear Ltd. (Australia), GN Store Nord A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), and Microson (Spain).

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Healthcare Analytics Market: Recent Industry Trends and Projected Industry Growth, 2020– 2027

 Healthcare analytics market is projected to register A CAGR Of 23% By 2027 and to touch USD 51.5 Billion By 2027.

The healthcare analytics market is growing at a rapid pace, the major factors influencing the growth of the market include; increasing penetration of information technology in the field healthcare, better treatment plans in collaboration with pharmaceutical organizations, increasing availability of low-cost technology, and increasing use of EHR/EMR and clinical decision support system CDSS.

There have been increasing technological advancements in the past decade, and now this technology is available at a low cost. The technology including Cloud, SaaS and IaaS, and various others are proving to be a great advantage for the healthcare industry. These low-cost technologies have been putting economic and scalable tools into the hands of care providers. Furthermore, from data and analytics, the technology is also providing better transparency, making it feasible for payors and regulators to use healthcare analytics. The rising access to accurate data has already encouraged more than 70% of payors in the US to interchange to outcome-based plans.

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Regional Analysis

Geographically the market has been segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

Geographically, the Americas is anticipated to dominate the global healthcare analytics market owing to presence of well-established players in the, well-established penetration of information technology in the field of healthcare, for instance, according to reports by the Centers for Disease Control and Prevention in 2017, approximately 86.9% of the hospital-based physicians used the EMR/EHR system. This growing inclination towards healthcare IT to offer efficient care and rising government initiatives would fuel upmarket growth during the forecast period. However, the Asia-Pacific region is expected to grow at the fastest growth rate. The major factors influencing the growth of the in the region include; increasing need to reduce medical errors is driving the growth of the healthcare analytics market. An increasing number of new vendors involved in healthcare analytics is also expected to drive the growth of the market over the forecast period. 

Segmentation

The global healthcare analytics market has been segmented into type, component, delivery model, application, and end user.

Based on type, market segmented into descriptive analytics, predictive analytics, prescriptive analytics, and cognitive analytics.

Based on component, market segmented into software, hardware, and services.

Based on delivery mode, market segmented into on-premise and on-demand.

Based on application, the healthcare analytics market is segmented into Financial Analytics (Claims Processing, Revenue Cycle Management (RCM), Payment Integrity & Fraud, Waste, and Abuse (FWA), Risk Adjustment & Assessment), Clinical Analytics (Quality Improvement & Clinical Benchmarking, Clinical Decision Support (CDS)), operational & administrative analytics, population health analytics

Based on end user, healthcare analytics market segmented into Payers (Private Insurance Companies, Government Agencies, Employers and Private Exchanges), Providers (Hospitals & Clinics, Post-Acute Care Organizations, Ambulatory Settings), and others.

Key Players

Some of the major players operating in the global healthcare analytics market are SAS Institute Inc., Cerner, Allscripts Healthcare Solutions, Citiustech, Health Catalyst, McKesson, Optum, Oracle, IBM, SCIO Health Analytics, Vitreoshealth, Wipro, Inovalon, Cotiviti, Medeanalytics, and others.

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Transdermal (Percutaneous) Drug Delivery Systems Market Dynamics, Segments and Supply Demand 2020-2027

 The global transdermal (percutaneous) drug delivery systems market held a market value of USD 5,400.2 million in 2017 and is projected to grow at a CAGR of 4.6% over the forecast period. Transdermal drug delivery system (TDDS) delivers drugs into systemic circulation into the skin through the skin at a predetermined rate with minimal inter and intrapatient variation. TDDS has emerged as a potential novel drug delivery system in the past couple of decades to improve the therapeutic efficacy and safety, maintain a steady state plasma level of drugs and overcome disadvantages of the conventional oral dosage forms and parenteral preparations. Some of the major factors driving the market growth are rapid technological advancements in transdermal drug delivery systems and increasing adoption of third-generation delivery systems, the growing geriatric population along with the rise in prevalence of chronic diseases across the world. For instance, as per the data published by the World Health Organization (WHO), in 2001, chronic diseases accounted for around 60.0% of the 56.5 million total reported deaths in the world and almost 46% of the global burden of disease. By the end of 2020, chronic diseases are anticipated to contribute for nearly three-quarters of all deaths worldwide, and that 75% of deaths due to stroke, 71% of deaths due to ischemic heart disease (IHD), and 70% of deaths due to diabetes will occur in developing countries.

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Few of the technological advancements in the TDDS are transdermal patch design modification, incorporation of pressure sensitive adhesives and permeation enhancers that results in the enhancement of drug diffusion and increased the capacity to hold the drug in larger amount are expected to propel the demand for TDDS during the forecast period. Technological inventions such as the inclusion of microneedles or mechanical arrays in transdermal patches and miniaturized and advanced transdermal patches and reservoir type transdermal patches that deliver precise medication dose are expected to facilitate the market growth during the forecast period.

Regional Analysis

The global transdermal (percutaneous) drug delivery systems market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On the basis of region, the Americas spearheaded the global transdermal (percutaneous) drug delivery systems market in 2017. This is due to the existence of prominent market participants and developed healthcare infrastructure, a rising number of product launches and the continued participation of the leading vendors in conducting clinical trials in the US and Canada.

Europe would be the second-largest value contributor in the transdermal (percutaneous) drug delivery systems market as the transdermal patches are gaining popularity in the UK, Germany, and France because patients and primary care physicians are mostly focused on easier drug delivery methods.

The market in Asia-Pacific is forecasted to showcase comparatively higher CAGR during the forecast period attributed to growing older population base along with the rising prevalence of chronic diseases, growth in healthcare spending, raise in awareness about TDDS, and to increase research and development activities.

The Middle East & Africa has the least share of the global transdermal drug delivery systems market. Additionally, the major market share of the region would be held by the Middle East region due to growing healthcare sectors and health system reforms in the Gulf Cooperation Council (GCC) countries.

Segmentation

The global transdermal (percutaneous) drug delivery systems market has been segmented into product, technology, application, and region.

By product, the market has been segmented into transdermal patches and transdermal semisolids. The transdermal patches segment is further categorized into drug-in-adhesive patches, matrix patches, reservoir membrane patches, and microneedle patches. The transdermal semisolids segment is additionally divided into gels, ointments, and sprays.

On the basis of technology, the market has been divided into electric current, iontophoresis, electroporation, ultrasound, microporation, thermal, and others.

Based on application, the market has been categorized into pain management, cardiovascular diseases, hormone replacement therapy, central nervous system disorders, smoking cessation, contraception, and others.

Key Players

Some of the foremost players in the global transdermal (percutaneous) drug delivery systems market are Mylan N.V., Hisamitsu Pharmaceutical Co., Inc., Novartis International AG, Boehringer Ingelheim International GmbH, GlaxoSmithKline plc, Johnson & Johnson Services, Inc., Endo Pharmaceuticals Inc., UCB S.A., Pfizer Inc., Allergan plc, Actelion Pharmaceuticals Ltd, and Noven Pharmaceuticals, Inc.

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Clinical Laboratory Services Market to Witness Widespread Expansion During 2020-2027

 Market Overview

MRFR reports that the clinical laboratory services market is likely to exhibit a sound growth rate during the forecast period (2018-2023 and surpass a valuation of USD 274.40 billion by 2023. 

Market Dynamics

The rising pressure of chronic diseases such as cancer, diabetes, and others is expected to drive the global market's growth trajectory in the coming years. The need for early diagnosis has increased as people become more knowledgeable of diseases. This has resulted in a significant growth in preventive healthcare spending. Throughout the forecast period, it is expected to fuel the growth of the clinical laboratory services industry. It is proposed that funds will be focused toward the production of advanced experiments of greater precision and accuracy. Rapid advancements in the healthcare industry, along with robust research and growth, are expected to propel the market forward in the near future.

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Clinical laboratory services are in high demand as a result of the healthcare costs and increasing awareness of these services. North America is a crucial market for these programmes, with attractive growth prospects for market participants. Furthermore, North America's medicinal laboratory services industry is benefiting from advanced healthcare technology and broad supply of lab specialists and technicians.

Strong government investments to expand clinic use of COVID-19 diagnostic kits are expected to fuel segment development. COVID-19 walk-in clinics in San Jose are another important initiative that is supposed to boost segment growth. Furthermore, gradual and groundbreaking improvements in laboratory research technologies are projected to serve as a high effect rendering engine for this market.

The data management method in laboratories has been greatly changed thanks to automation in clinical environments. Throughout the forecast era, the industry is projected to benefit from increasing adoption rates of laboratory automation systems. Furthermore, the healthcare industry has provided database management software, patient test reports, and advanced workflow management systems substantial consideration.

Market Segmentation

A detailed segmental analysis of the global clinical laboratory services market based on type and application.

By type, the market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others. In 2017, the haematology division accounted for 25.6 percent of the industry. It is expected to preserve its supremacy throughout the projected era. The high prevalence of blood cancer can be blamed for the segment's rise.

By application, the global clinical laboratory services market has been segmented into independent laboratory, reference laboratory, and hospital laboratory. Over the evaluation timeframe, the hospital laboratory segment is expected to lead the global market. By the end of 2023, the segment's value is expected to reach USD 185.98 billion. The clinical laboratory services market is expected to expand in the near future due to factors such as the availability of various tests and attractive reimbursement policies for tests in the segment.

Regional Analysis

The global clinical laboratory services market is divided into four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa. In 2017, the Americas accounted for the largest share of the industry, and it is projected to rise dramatically in the coming years. Favorable reimbursement policies, the expansion of clinical laboratories, and the growing number of lab technicians are all factors that are expected to help the growth of the clinical laboratory services market in the area. By the end of 2023, the industry is expected to be worth USD 108,913 Mn, according to estimates.

Europe is a significant growth region that is expected to take second position in the global economy. Because of the involvement of major prominent main players, rising healthcare spending, the number of clinical tests, and other factors, the market's competitive environment is conducive to development. By the end of 2023, the Middle East and Africa is estimated to be worth USD 14,067 million.

Over the forecast period, Asia Pacific is projected to be the fastest growing regional market. The market's expansion would be supported by the region's high growth prospects. During the forecast period, it is projected to rise at a CAGR of 5%. The growing prevalence of diseases such as cancer and diabetes, among others, is propelling market growth in the region.

Competitive Landscape

Some of the prominent players operating in the global clinical laboratory services market are Mayo Medical Laboratories, Quest Diagnostics Incorporated, Spectra Laboratories Inc, Laboratory Corporation of America Holdings, Eurofins Scientific, Unilabs, Bio-Reference Laboratories, Synlab International, Sonic Healthcare, ACM Medical Laboratory, Cerba Healthcare, Clinical Reference Laboratory, Amedes Holdings, Adicon Clinical Laboratory, and Lifelabs Medicals Laboratories.

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