Global clinical laboratory services market is expected to reach USD 261.42 billion by 2020, according to a new study by Grand View Research, Inc. The demand for early diagnosis in order to render effective therapeutic interventions is on a constant rise. Wide range of diagnostic tests encompassed in the clinical laboratory services segment coupled with increasing incidence rates of infectious and chronic diseases is expected to drive market growth during the forecast period. In addition, presence of untapped growth opportunities and the rapidly improving healthcare infrastructure in emerging markets such as China, India and Brazil are expected to offer growth opportunities for industry participants.
Clinical chemistry based services dominated the overall market, accounting for over 45.0% of the revenue share in 2013, owing to the fact that these tests are a part of the initial disease diagnostic process and thus are carried out in large volumes.
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Further key findings from the study suggest:
- Human & tumor genetics followed clinical chemistry tests in terms of revenue. The market for human & tumor genetics is expected to grow at a CAGR of over 6.0% from 2014 to 2020 majorly owing to increasing global incidence rates of cancer.
- Stand alone laboratories are expected to witness significant gains over the forecast period. Growing use of these laboratories in emerging and underdeveloped economies in an attempt to improve healthcare access is expected to be the primary growth driver for this segment.
- North America dominated the overall clinical laboratory services market in terms of revenue share in 2013, majorly on account of the presence of high prevalence levels of chronic and infectious diseases and sophisticated reimbursement networks.
- Asia Pacific is expected to be a high-growth clinical laboratory services market over the forecast period. Growing demand for proper diagnostics and rapidly improving healthcare infrastructure in the emerging markets of China and India are some factors attributing to its rapid growth rate.
- Some key market players of clinical laboratory services include Genoptix Medical Laboratory, Quest Diagnostics Inc., LabCorp, Sonic Healthcare, Labco S.A., Charles River Laboratories, Bio-Reference Laboratories, Abbott Laboratories and Healthscope.
- The market has witnessed a surge in R&D spending in recent times, aimed at developing technologically advanced products and systems to provide precise result even when dealing with large sample volumes.