Global Clinical Laboratory Services Market Report 2021: Molecular Diagnostics Promising Growth Opportunities - Forecast to 2024
Dublin, March 12, 2021 (GLOBE NEWSWIRE) -- The "Clinical Laboratory Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Clinical Laboratory Services is projected to reach US$ 126.7 billion by 2024, driven by the rapidly growing test volumes compounded by aging population and the ongoing trend towards preventive healthcare.
In addition to aging population, other factors responsible for the massive increase in patient specimens tested in labs and the ensuing demand for clinical lab testing services include increased diseases surveillance and screening supported by government public health screening policies; rise in new strains of infectious diseases; epidemic spread of chronic diseases such as diabetes, thyroid dysfunction and the need for routine diagnostics in long-term disease management; rise in cancer and robust demand for clinical molecular diagnostics to detect pathogenic mutations in DNA; and expanding base of state/local public and private health labs.
Also driving growth in the market are several other factors such as increasing patient awareness over the importance of timely disease diagnosis; rising incidence of chronic conditions due to changing lifestyles; advancements in the area of proteomics and genomics; development of novel genetic tests, companion diagnostics and molecular testing; and rising CAPEX in affordable laboratory automation technologies.
The growing focus shed on overall healthcare cost reduction is resulting in increased outsourcing of laboratory services. Outsourcing offers significant cost benefits for hospitals as it eliminates the need to invest in expensive laboratory automation equipment which is critical for timely processing of large volumes of patient samples in a single cycle without compromising analytical accuracy.
The United States represents the largest market worldwide, supported by well-developed healthcare infrastructure, advancements in diagnostic services, and committed pursuit of excellence in diagnostic services.
Asia-Pacific ranks as the fastest growing market with a CAGR of 8.3% through the analysis period led by vast unmet medical needs; high untapped potential due to lower current clinical testing levels; improving healthcare infrastructure; increasing income and healthcare per capita spending; growing prevalence of chronic and life-threatening diseases as a result of rapid economic growth, urbanization and the ensuing spread of unhealthy lifestyles; and the gradual transition to pro-healthy lifestyles.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession
Clinical Laboratories Step Up Strategies for Protecting Personnel
Assays for COVID-19 Detection
Clinical Labs Benefit from the Surge in COVID-19 Testing Volumes
COVID-19 Affects Fortunes of Non-COVID Diagnostics
Cancer Testing Dives During First Half of 2020
Labs Embark New Journeys to Retain Overall Volumes
At Home Testing Presents Challenges for Clinical Lab Services
An Introduction to Clinical Laboratory Services
Types of Tests Conducted in Medical Labs
Types of Clinical Laboratories
Global Market Prospects & Outlook
Hospital-based Laboratories Lead the Global Market
Developed Regions Lead, Developing Economies Present Considerable Growth Opportunities
Competition
Consolidation Activity Gathers Pace
Select M&A Transactions in Clinical Laboratory Services Industry (2019 & 2020)
World Brands
Recent Market Activity
2. FOCUS ON SELECT PLAYERS(Total 125 Featured):
ADICON Clinical Laboratories, Inc.
ARUP Laboratories
Bio-Reference Laboratories, Inc.
DaVita, Inc.
Enzo Clinical Labs
Genova Diagnostics, Inc.
Kingmed Diagnostics
Laboratory Corporation of America Holdings
Dynacare
Mayo Clinic Laboratories
NeoGenomics Laboratories
Genoptix, Inc.
Quest Diagnostics, Inc.
Sonic Healthcare Limited
Bioscientia Institut fur Medizinische Diagnostik GmbH
American Esoteric Laboratories
SYNLAB International GmbH
The National Health Laboratory Service
Thyrocare Technologies Limited
Unilabs SA
3. MARKET TRENDS & DRIVERS
Rising Healthcare Needs of Aging Population to Boost Demand for Laboratory Services
Increasing Incidence of Chronic Diseases Drives the World Clinical Laboratory Services Market
Rise in Healthcare Expenditure to Drive Growth
With COVID-19 Highlighting the Threat Posed by Infectious Diseases, Role of Clinical Labs in Testing Infectious Diseases Grows in Importance
Increasing Prevalence of Respiratory Infections Drive Growth
Lab Automation Speeds Up
Rise of Laboratory 4.0 Transforms Clinical Laboratory Space
Laboratory Information Systems Gain Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
Artificial Intelligence: The Future of LIMS
Digitalization, Automation and AI Trends Shape Growth
Microbiology Laboratories Switch to Automation to Push Yields
Artificial Intelligence Holds Positive Implications for Automation of Clinical Microbiology
Clinical Microbiology Market Benefits from Digitalization and Robotization Trend
Integration of Clinical Microbiology with Cloud Computing
Advent of New & Advanced Devices Fuels Growth in Clinical Laboratory Services Market
New Technologies and Tests Drive Demand for Specific Testing
Increasing Role of Advanced Tests in Clinical Treatment Decision Making
Innovations Hold Potential to Improve Clinical Chemistry Lab Performance
Disruptive Innovations in Clinical Lab Space Present Growth Opportunities
Increasing Opportunities in Personalized Medicine and Clinical Trial Services
Autoimmune Disease Testing: Labs Seek Cost-Effective & High Productivity Options
Genetic Disease Testing Offers Bright Prospects for Lab Services
Reduced Hospitalization Enhances Significance of Medical Labs
Standardization Gains Precedence in the Hunt for Automation
Assessing the Impact of Point-of-Care Testing on Clinical Labs
Hospital Laboratories to Transform into Profit Centers
Hospital Outreach Laboratories Deliver Better Value to Larger Organizations
Physician Office Laboratories: Focus on Reducing Turnaround Times for Testing
Emerging Clinical Laboratory Designs Focus on Improving Space Utilization and Promote Healthy Work Environments
Laboratory Outsourcing Trend Gains Strength
Challenges Facing Lab Testing Market
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
GEOGRAPHIC MARKET ANALYSIS
UNITED STATES
United States: A Major Market for Clinical Laboratory Services
A Glance at Major Growth Drivers
COVID-19 Accelerates Market Expansion
US-based Labs Ramp Up Operations Amidst the COVID-19 Situation
FDA Plays Instrumental Role in Influx of New Tests
CMS Prioritizes COVID-19 Testing: Announces New Reimbursement Rules
Unmet Diagnostic Needs of Aging Population: Major Driver
Increasing Burden of Chronic Diseases Drives Focus onto Early Detection & Prevention
Cancer Statistics in the US
Prevalence of Diabetes in the US
Opportunities in Personalized Medicine and Clinical Trial Services
Growing Focus on Early Diagnosis
Impact of Scientific Advances & Role of Healthcare IT Solutions
Need to Reduce Healthcare Costs
Opportunities from Individual Testing & Population Screening Initiatives
Clinical Laboratory Services: Systemic Challenges
Changing Healthcare Industry Dynamics Affect Clinical Lab Testing Market
Key Trends & Issues
Anatomic Pathology & Cytology Testing: Personalized Medicine Presents Positive Future
Esoteric Testing Market: Faster Growth than Routine Testing Segment
Molecular Diagnostics: Promising Growth Opportunities
Drugs of Abuse Testing: Prospects Linked to Employment Levels
Future Holds Promise for Specialty Testing Market
Smaller Labs Embrace Digital Pathology Systems
Impact of Healthcare Spending Cuts on Routine & Specialty Lab Tests
Increasing Role of Advanced Tests in Clinical Treatment Decision Making
Toxicology Laboratories Market: An Insight
Genetic and Genomic Clinical Lab Testing Market: Promising Prospects
Shift towards Managed Care - A Challenge for Independent Clinical Labs?
ACO Business Model: A Challenge for Independent Labs
Integration of Clinical Care: Impact on Clinical Labs & Anatomic Pathology Groups
Hospital Laboratory Outreach Programs: On the Rise
Physician Practices: The New Acquisition Targets
Cost Cutting Measures to Hit Lab Outreach Testing Business?
Shortened Hospital Stay Enhances Significance of Medical Labs
POCT Segment Withstands Cost Pressures
Quality Concerns Bring IT Solutions & Automation to the Fore
Move towards IQCP
Reimbursement Policies Strongly Influence Clinical Lab Services Market
Challenges Facing Clinical Labs Market
Competitive Landscape
Providers of Clinical Laboratory Service in the US: A Review
Hospital-Based Labs
Independent Labs
Physician Office-Based Labs and Others
Consolidation Activity Gathers Pace in Clinical Laboratory Testing Market
Accreditation and Regulatory Scenario in the US
Clinical Laboratory Improvement Amendments (CLIA)
A2LA
ASCLS
CAP
An Overview of Select Regulations
Protecting Access to Medicare Act (PAMA) of 2014
Health Insurance Portability and Accountability Act of 1996
Substance Abuse and Mental Health Services Administration (SAMHSA) Regulation
Medicare Coverage for Screening Tests
Medicaid
Market Analytics
CANADA
COVID-19 Widens the Business Case for Clinical Laboratory Services
Market Analytics
JAPAN
COVID-19 Testing Elevates Market Prospects
Market Analytics
CHINA
Clinical Laboratory Services Market in China: An Overview
COVID-19 Outbreak Spurs Huge Demand
Healthcare Reforms Bolster Opportunities
Independent Clinical Labs Gain from Prevailing Trends
Market Leaders Look to Expand Beyond Clinical Services
CNAL: The National Accreditation Body in China
Market Analytics
EUROPE
Market Overview
COVID-19 Testing Drives Revenue Growth
Aging Population: Prime Growth Driver
Automated Systems Gain Preeminence
Accreditation and Regulatory Scenario in the EU
Market Analytics
FRANCE
GERMANY
Clinical Laboratory Services in Germany: An Overview
Regulatory/Accreditation Scenario
Market Analytics
ITALY
UNITED KINGDOM
Market Overview
COVID-19 Testing in the UK
Market Analytics
SPAIN
RUSSIA
REST OF EUROPE
ASIA-PACIFIC
Asia-Pacific: An Emerging Market
Market Analytics
AUSTRALIA
INDIA
India: High Growth Market
Clinical Laboratory Market: Overview
COVID-19 Testing Widens Opportunities
Levels of Medical Laboratories
Competitive Landscape
Market Analytics
SOUTH KOREA
COVID-19 Steers Clinical Lab Services Market
Market Analytics
REST OF ASIA-PACIFIC
LATIN AMERICA
ARGENTINA
BRAZIL
MEXICO
REST OF LATIN AMERICA
MIDDLE EAST
IRAN
ISRAEL
SAUDI ARABIA
UNITED ARAB EMIRATES
REST OF MIDDLE EAST
AFRICA
IV. COMPETITION
Total Companies Profiled: 129
For more information about this report visit https://www.researchandmarkets.com/r/wqcdrl
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