Global Clinical Laboratory Services Market is expected to grow at a CAGR of 5.4% during the forecast period 2020-2027

A new research report published by Fior Markets with the title Clinical Laboratory Services Market by Speciality (Immunology, Clinical Chemistry, Microbiology, Cytology, Hematology, Genetic Testing, Drugs of Abuse Testing), Service Providers (Independent and Reference Laboratory, Nursing and Physician Office-Based Laboratory, Hospital Laboratory), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.

The global clinical laboratory services market is expected to grow from USD 126.08 billion in 2019 to USD 192.04 billion by 2027, at a CAGR of 5.4% during the forecast period 2020-2027. Europe is expected to hold the highest market share with increasing government initiatives about the awareness of preventive measures for critical diseases. Also, the government is spending heavily on the research and development of clinical laboratory tests fuelling the growth of the market. North America will also hold a significant market share with the rise in the number of people affected by cardiovascular diseases and other lifestyle-related illnesses. The Asia-Pacific region is expected to show the highest growth rate due to increasing government expenditure in the healthcare sector resulting in the rise in clinical laboratories and research and development activities.

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The leading players in the market include Siemens AG, Carlyle Group, Sonic Healthcare Limited, NeoGenomics, Inc., Quest Diagnostics, Inc., OPKO Health, Inc., Abbott Laboratories, Sanofi S.A., Cinven, TPG Capital, and Novartis International AG. The players use strategies like new launches, collaborations, and expansions through mergers and acquisitions to increase their market share.

Based on speciality, the market can be divided into immunology, clinical chemistry, microbiology, cytology, hematology, genetic testing, and drugs of abuse testing. The clinical chemistry market is expected to hold the largest market share due to advancements in the healthcare system through technological innovations in the segment. The microbiology segment is also expected to register a high growth rate due to a rise in demand for diagnosis of microbial diseases. Based on the service provider, the market can be divided into independent and reference laboratories, nursing and physician office-based laboratories, and hospital-based laboratories. The independent and reference laboratories are expected to dominate the market share with the automation and digitalisation of laboratories and rise in the coverage of reimbursements provided by the government for tests conducted at these laboratories. The share of hospital-based laboratories is also increasing with the rise in the number of diseases requiring tests at the hospitals and the presence of highly trained professionals for better diagnosis and treatment.

The increase in demand for early-detection services with the help of diagnostic tests will fuel the growth of the market. The rising adoption and innovations in the clinical laboratory testing services will contribute to the growth of the industry. The changes in the lifestyle of people is giving rise to the prevalence of diseases like cancer, cardiovascular diseases, stroke and others, resulting in a demand for laboratory testing. The adoption of robotics in the laboratories will increase the efficiency of the process of testing and contribute to market growth.

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About the report:
The global Clinical Laboratory Services market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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