Market Insights
This report on the clinical laboratory services market studies various test types and service providers. The clinical laboratory consists of anatomic pathology, clinical microbiology, and hematology. According to market experts, the market for medical microbiology and cytology tests is expected to grow at the fastest CAGR during the forecast period owing to increasing incidence rates of infectious diseases globally, leading to increased procedure volumes. Hospital-based laboratories are the largest segment of the clinical laboratory services market. High patient volume and the consequent presence of high test volumes in these healthcare establishments are the primary reasons for boosting segment growth. On the other hand, standalone labs are expected to grow at the fastest CAGR during the period of the forecast.
For this study, the global clinical laboratory services market is segmented based on test type into human and tumor genetics, clinical chemistry, medical microbiology & cytology, and other esoteric tests. Market size estimates and forecasts for these segments for 2013–2022 are provided in terms of USD million, along with the respective compounded annual growth rates (CAGRs) for 2016–2022, considering 2015 as the base year.
Based on the type of service provider, the clinical laboratory services market is segmented as hospital-based laboratories, standalone laboratories, and clinic-based laboratories. Market size estimates and forecasts for these segments for 2013–2022 are provided in terms of USD million, along with the respective compounded annual growth rates (CAGRs) for 2016–2022, considering 2015 as the base year.
The clinical laboratory services market has been geographically categorized into regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, the U.K., Germany, China, Japan, Brazil, and the GCC countries. The market size and forecast for these segments during 2013–2022 and their CAGRs for the period 2016–2022 are provided in this report.
The major key players profiled in the clinical laboratory services market are based on various characteristics such as business description, financial health, budget allocation, product portfolio, and news coverage. The key players profiled in this report are Abbott Laboratories, ARUP Laboratories, Bio-Reference Laboratories, Bioscientia Healthcare, Charles River Laboratories, Genoptix Medical Laboratory, Healthscope, Laboratory Corporation of America Holdings (Labcorp), Labco S.A., Sonic Healthcare Limited, Spectra Laboratories, Quest Diagnostics, Inc., Genzyme Corporation, and Siemens.
For this study, the global market for clinical laboratory services is divided into:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
In the base year of 2015, North America accounted for the largest share of the global clinical laboratory services market, followed by Asia-Pacific, Europe, LATAM, and MEA. The Asia-Pacific region (comprising Japan, China, and India as major countries) is anticipated to grow at the fastest CAGR during 2016–2022. Key factors such as the rising prevalence of chronic diseases, sedentary lifestyles, high accessibility to advanced healthcare infrastructure, and favorable reimbursement policies are key factors assisting the clinical laboratory services market in the region, which includes North America and Europe. Asia-Pacific was observed as the fastest-growing region throughout 2016–2022 due to rising public awareness related to disease diagnosis, developing healthcare infrastructure, and high market penetration and acceptance of novel diagnostic technologies. A large gap observed in supply and demand for clinical laboratory testing services in emerging economies has also encouraged a shift in focus for the market leaders from the saturated North American and European regions to the developing markets of countries such as India and China.
The global clinical laboratory services market is split up into the following groups based on the type of service provider:
- Clinic-based Laboratories
- Hospital-Based Laboratories
- Stand-Alone Laboratories
Based on service providers, the clinical laboratory services market is segmented into hospital-based laboratories, standalone laboratories, and clinic-based laboratories. In 2015, the hospital-based laboratories segment was observed as the largest segment of the clinical laboratory services market. High patient volume and the consequent presence of high test volumes in hospitals compared to clinics and standalone laboratories are the primary reasons for boosting segment growth. Standalone laboratories, on the other hand, are expected to grow at the fastest CAGR during the forecast period of 2016–2022. Rising preference for standalone laboratories in emerging and underdeveloped economies of the world to develop reach and access to advanced healthcare services is expected to be the key growth driver for this segment.
Based on the type of test, the clinical laboratory services market is segmented into:
- Clinical Chemistry
- Medical Microbiology and Cytology
- Human and Tumor Genetics
- Esoteric Tests
During the forecast period of 2016–2022, the market for medical microbiology and cytology tests is expected to grow at the fastest CAGR due to mounting incidence rates of infectious diseases globally, leading to increased procedure volumes and rising awareness specific to infectious disease diagnosis. In the base year of 2015, clinical chemistry dominated the overall market in terms of revenue and accounted for the largest market share. The rising concern over antibiotic-resistant bacterial infections in developed and developing countries is aiding the overall growth of the clinical laboratory services market. According to the U.S. Centers for Disease Control and Prevention (CDC), antibiotic-resistant bacteria are responsible for more than 2 million infections and 23,000 deaths each year in the United States, at a direct cost of $20 billion and additional productivity losses of $35 billion. Thus, the clinical laboratory services market is expected to grow throughout the forecast period.
