Clinical Laboratory Services Marketworth $ 146.41 billion by 2022 – Exclusive Report by MarketsandMarkets™

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The global market for clinical laboratory services is projected to reach $146.41 billion by 2022 from $113.44 billion in 2017, at a CAGR of 5.2% during 2017–2022.

Clinical Laboratory Services Market by Specialty (Biochemistry, Endocrinology, Microbiology, Hematology, Cytology, Histopathology, Genetic Testing), Providers (Independent Laboratory, Reference Laboratory, Hospital Laboratory) - Global Forecasts to 2022" The clinical laboratory services market is expected to reach USD 146.41 billion by 2022 from USD 113.4 billion in 2017, at a CAGR of 5.2% during the forecast period. The growth of the market is attributed increasing global burden of target diseases; rising demand for early and accurate disease diagnosis; advancements in clinical diagnostic techniques; growing public-private investments. Research funding grants to develop innovative laboratory testing procedures and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures are expected to offer significant growth opportunities for manufacturers in the coming years.

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Clinical chemistry segment to dominate the market in 2017

Based on specialty, the clinical laboratory services market is categorized into seven major segments, namely, clinical chemistry, microbiology, hematology, immunology, cytology, genetic, and drugs of abuse testing. In 2017, the clinical chemistry segment is expected to command the largest share of the clinical laboratory services market. This large share can be attributed to large volume of clinical chemistry tests performed compared to other specialties, growing global disease burden of chronic and infectious disorders, and technological innovations in clinical chemistry.

Independent and reference laboratories segment is expected to grow at the highest CAGR

By provider, the clinical laboratory services market is segmented into independent and reference laboratories, hospital-based laboratories, and nursing and physician office-based laboratories. The independent and reference laboratories segment is estimated to command the largest share of the market in 2017 and is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be primarily attributed to large number of patient diagnostic tests undertaken in these labs, competitive benefits offered by these providers over hospital-based laboratories, and significant reimbursement coverage.

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Europe to dominate the market

In 2017, Europe is expected to account for the largest share of the global clinical laboratory services market. Europe’s leadership position in the market can be attributed to the rising aging population, increasing prevalence of chronic disease conditions, government initiatives to promote awareness about preventive screening, and favorable reimbursement policies for laboratory tests in developed European countries.

Key Player

The clinical laboratory services market is highly competitive with the presence of several small and big players. Some of the players in the clinical laboratory services market include Becton, Dickinson and Company (US), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), Animas Corporation (US), Tandem Diabetes Care, Inc. (US), Sanofi (France), Biocon Ltd. (India), Eli Lilly and Company (US), and Insulet Corporation (US) Mayo Medical Laboratories (US), Laboratory Corporation of America Holdings (LabCorp) (US), Quest Diagnostics Incorporated (Quest Diagnostics) (US), Spectra Laboratories Inc. (Spectra Laboratories) (US), DaVita Healthcare Partners (Davita) (US), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International GmbH (SYNLAB International) (Germany), Bio-Reference Laboratories (US), Sonic Healthcare Limited (Sonic Healthcare) (UK), Clinical Reference Laboratory, Inc. (Clinical Reference Laboratory) (US), Cerba HealthCare (France), ACM Medical Laboratory (US), ADICON Clinical Laboratory (China), Amedes Holding GmbH (Amedes) (Germany); and others.

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