Clinical Laboratory Services Market will secure 6.4% CAGR to surpass $342 billion by 2024
OCEAN VIEW, Del., Nov. 8, 2017 /PRNewswire-iReach/ -- Global Market Insights, Inc. forecasts Global Clinical Laboratory Services Market is expected to cross USD 342.3 billion by 2024. Growing importance of early diagnosis of chronic diseases related to oncology, gynaecology and endocrinology should drive global clinical laboratory services market size. Moreover, introduction of technologically advanced products rendering accurate and rapid results should spur industry growth over the forecast years.
Increased adoption of laboratory automations and robot assisted laboratory techniques such as TECAN liquid handling robotics will spur growth. For instance, over 30% of laboratories in North America, Europe and Japan have implemented a significant degree of laboratory automation. Additionally, growing use of healthcare IT systems have enabled implementation of technologically advanced processes.
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Introduction of innovative solutions that allows implementation of informatics and data management systems to perform rapid and seamless operations with accurate clinical results with higher efficiency will accelerate industry growth.
Chemistry segment held the largest clinical laboratory services market share with revenue slated to exceed USD 152 billion by 2024. Increasing prevalence of cardiovascular, diabetes, liver & kidney disorders coupled with growing awareness for early diagnosis will spur industry growth.
U.S. held the largest share owing to high patient awareness and presence of large test volumes. APAC and LATAM will provide lucrative growth opportunities to industry players with introduction of regulatory standards to encourage the use of clinical laboratory services in these regions. Accounting for over one third of the global population, India and China are eyed upon as potential business hubs for clinical laboratory testing service providers.
The key industry players include Quest Diagnostics, Sonic Healthcare, LabCorp, Genoptix Medical Laboratory, Healthscope, Labco, Charles River Laboratories and Bio-Reference Laboratories, Abbott Laboratories. The key strategies of mergers and acquisitions and strategic collaborations will enable industry players to strengthen their regional presence.
Browse key industry insights spread across 110 pages with 33 market data tables & 10 figures & charts from the report, "Clinical Laboratory Services Market" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-laboratory-services-market
Global clinical laboratory services market is estimated reach USD 342.3 billion by 2024, from 196.9 billion in 2015, at an estimated CAGR of 6.4% from 2016 to 2024.
Clinical chemistry segment dominated the industry with revenue share of 47% in 2015 and anticipated to exceed USD 152 billion by 2024.
Hospital-based laboratories were the largest service provider segment with revenue of over USD 113 billion in 2015.
Stand-alone laboratories segment with over USD 73 billion in 2015, is slated to witness highest CAGR of 7% during forecast frame, attributed to extensive range of tests offered by these labs, and ability to handle large test volumes.
Europe clinical laboratory services market size was dominated by Germany and UK collectively accounting for 27% of the revenue share of Europe market in 2015.
Industry rivalry is expected to be moderately high during forecast period due to number of large players operating in the market via extensive product portfolio, wide geographical presence, and long-term contract with healthcare establishments. Also, the presence of local manufacturers marketing products at relatively low prices is expected to intensify the rivalry.
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