Selbyville, Delaware, Dec. 15, 2020 (GLOBE NEWSWIRE) --
According to latest report “Clinical Laboratory Services Market by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Test), Service Provider (Hospital-based Laboratories, Stand-alone Laboratories, Clinic-based Laboratories), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of clinical laboratory services will cross $426 billion by 2026.
Rising burden of diseases and steps to reduce them will foster the market growth. Growing initiatives by several government and non-government organizations to control and reduce the burden of diseases will positively impact the industry expansion. For instance, the Population Services International (PSI) incentivizes staff members to identify and mark health conditions with high economic burden. In the last decade, PSI added a goal to target around 42% of such diseases and list them under the Global Burden of Disease (GBD) study. This goal will aid organizations to take decisions regarding reduction of disease burden. Such initiatives by the government and non-government organizations will boost the market value over the coming years.
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The medical microbiology & cytology segment accounted for 18.4% of the clinical laboratory services market share in 2019 due to increasing applications in the field of disease diagnosis. Around 8,620,542 people in India have fungal candida infections that has surged the segment growth. In addition to this, bacterial and viral infections are more frequent in growing geriatric population that is more susceptible to such infections. Most common infections in Asia Pacific regions such as aspergillosis, mucor mycosis and pythiosis will increase the demand for microbiological diagnostic tests.
Clinic-based laboratories segment in the clinical laboratory services market valued at USD 14.2 billion in 2019. Rising prevalence of diabetes and other chronic disorders will stimulate the demand for tests in clinic-based laboratories. Endocrinological disorders include diseases related to hormonal fluctuations such as diabetes, hypothyroidism, and others. Prevalence of such hormonal disorders is high in elderly population base and results in high demand for clinic-based laboratories well-equipped with medical devices. Clinic-based laboratories have the well-defined infrastructure and other medical facilities that are beneficial and convenient for patients that further accelerates the market revenue.
Asia Pacific Clinical laboratory services market is estimated to register growth rate of over 5.2% till 2026 owing to rising prevalence of infections. According to Avert, in 2018, about 310,000 people were infected with HIV. Such immunocompromised patients increase demand for clinical laboratory services. Furthermore, Market growth will be driven by growing prevalence of thyroid cases. According to the Thyroid Association, 1 out of 3,000-4,000 new-born are affected by congenital hypothyroidism that will trigger the regional growth.
A few notable companies operating in the clinical laboratory services market include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific among other market players. Industry participants are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 Clinical Laboratory Services Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By test type
3.4.2 By service provider
3.5 COVID-19 impact analysis
3.5.1 Impact of COVID-19 on major markets, 2020 – 2022
3.5.2 Impact of COVID-19 on industry segment, by 10 major market
3.5.2.1 Routine chemistry test
3.5.2.2 Specialized chemistry test
3.5.2.3 Therapeutic drug monitoring test
3.5.3 Impact of COVID-19 on industry value chain
3.5.3.1 Research and development
3.5.3.2 Manufacturing
3.5.3.3 Supply
3.5.3.4 Marketing
3.5.4 Impact of COVID-19 on industry competition
3.5.4.1 Service portfolio
3.5.4.2 Business growth
3.5.4.3 Strategy
3.5.4.4 Distribution network
3.6 Regulatory landscape
3.7 Clinical research service portfolio scenario
3.8 Porter's analysis
3.9 Competitive landscape, 2019
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.