Global $125+ Billion Clinical Laboratory Services Market Trajectory & Analytics, 2021-2024 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Clinical Laboratory Services – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

The global market for Clinical Laboratory Services is projected to reach US$ 126.7 billion by 2024, driven by the rapidly growing test volumes compounded by aging population and the ongoing trend towards preventive healthcare.

In addition to aging population, other factors responsible for the massive increase in patient specimens tested in labs and the ensuing demand for clinical lab testing services include increased diseases surveillance and screening supported by government public health screening policies; rise in new strains of infectious diseases; epidemic spread of chronic diseases such as diabetes, thyroid dysfunction and the need for routine diagnostics in long-term disease management; rise in cancer and robust demand for clinical molecular diagnostics to detect pathogenic mutations in DNA; and expanding base of state/local public and private health labs.

Also driving growth in the market are several other factors such as increasing patient awareness over the importance of timely disease diagnosis; rising incidence of chronic conditions due to changing lifestyles; advancements in the area of proteomics and genomics; development of novel genetic tests, companion diagnostics and molecular testing; and rising CAPEX in affordable laboratory automation technologies.

The growing focus shed on overall healthcare cost reduction is resulting in increased outsourcing of laboratory services. Outsourcing offers significant cost benefits for hospitals as it eliminates the need to invest in expensive laboratory automation equipment which is critical for timely processing of large volumes of patient samples in a single cycle without compromising analytical accuracy.

The United States represents the largest market worldwide, supported by well-developed healthcare infrastructure, advancements in diagnostic services, and committed pursuit of excellence in diagnostic services.

Asia-Pacific ranks as the fastest growing market with a CAGR of 8.3% through the analysis period led by vast unmet medical needs; high untapped potential due to lower current clinical testing levels; improving healthcare infrastructure; increasing income and healthcare per capita spending; growing prevalence of chronic and life-threatening diseases as a result of rapid economic growth, urbanization and the ensuing spread of unhealthy lifestyles; and the gradual transition to pro-healthy lifestyles.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of COVID-19 Pandemic and Looming Global Recession
• Clinical Laboratories Step Up Strategies for Protecting Personnel
• Assays for COVID-19 Detection
• Clinical Labs Benefit from the Surge in COVID-19 Testing Volumes
• COVID-19 Affects Fortunes of Non-COVID Diagnostics
• Cancer Testing Dives During First Half of 2020
• Labs Embark New Journeys to Retain Overall Volumes
• At Home Testing Presents Challenges for Clinical Lab Services
• An Introduction to Clinical Laboratory Services
• Types of Tests Conducted in Medical Labs
• Types of Clinical Laboratories
• Global Market Prospects & Outlook
• Hospital-based Laboratories Lead the Global Market
• Developed Regions Lead, Developing Economies Present Considerable Growth Opportunities
• Competition
• Consolidation Activity Gathers Pace
• Select M&A Transactions in Clinical Laboratory Services Industry (2019 & 2020)
• World Brands
• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 125 Featured):

• ADICON Clinical Laboratories, Inc.
• ARUP Laboratories
• Bio-Reference Laboratories, Inc.
• DaVita, Inc.
• Enzo Clinical Labs
• Genova Diagnostics, Inc.
• Kingmed Diagnostics
• Laboratory Corporation of America Holdings
• Dynacare
• Mayo Clinic Laboratories
• NeoGenomics Laboratories
• Genoptix, Inc.
• Quest Diagnostics, Inc.
• Sonic Healthcare Limited
• Bioscientia Institut fur Medizinische Diagnostik GmbH
• American Esoteric Laboratories
• SYNLAB International GmbH
• The National Health Laboratory Service
• Thyrocare Technologies Limited
• Unilabs SA

3. MARKET TRENDS & DRIVERS

• Rising Healthcare Needs of Aging Population to Boost Demand for Laboratory Services
• Increasing Incidence of Chronic Diseases Drives the World Clinical Laboratory Services Market
• Rise in Healthcare Expenditure to Drive Growth
• With COVID-19 Highlighting the Threat Posed by Infectious Diseases, Role of Clinical Labs in Testing Infectious Diseases Grows in Importance
• Increasing Prevalence of Respiratory Infections Drive Growth
• Lab Automation Speeds Up
• Rise of Laboratory 4.0 Transforms Clinical Laboratory Space
• Laboratory Information Systems Gain Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
• Artificial Intelligence: The Future of LIMS
• Digitalization, Automation and AI Trends Shape Growth
• Microbiology Laboratories Switch to Automation to Push Yields
• Artificial Intelligence Holds Positive Implications for Automation of Clinical Microbiology
• Clinical Microbiology Market Benefits from Digitalization and Robotization Trend
• Integration of Clinical Microbiology with Cloud Computing
• Advent of New & Advanced Devices Fuels Growth in Clinical Laboratory Services Market
• New Technologies and Tests Drive Demand for Specific Testing
• Increasing Role of Advanced Tests in Clinical Treatment Decision Making
• Innovations Hold Potential to Improve Clinical Chemistry Lab Performance
• Disruptive Innovations in Clinical Lab Space Present Growth Opportunities
• Increasing Opportunities in Personalized Medicine and Clinical Trial Services
• Autoimmune Disease Testing: Labs Seek Cost-Effective & High Productivity Options
• Genetic Disease Testing Offers Bright Prospects for Lab Services
• Reduced Hospitalization Enhances Significance of Medical Labs
• Standardization Gains Precedence in the Hunt for Automation
• Assessing the Impact of Point-of-Care Testing on Clinical Labs
• Hospital Laboratories to Transform into Profit Centers
• Hospital Outreach Laboratories Deliver Better Value to Larger Organizations
• Physician Office Laboratories: Focus on Reducing Turnaround Times for Testing
• Emerging Clinical Laboratory Designs Focus on Improving Space Utilization and Promote Healthy Work Environments
• Laboratory Outsourcing Trend Gains Strength
• Challenges Facing Lab Testing Market

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• GEOGRAPHIC MARKET ANALYSIS

IV. COMPETITION

• Total Companies Profiled: 129

For more information about this report visit https://www.researchandmarkets.com/r/cl1sfj

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