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Global Clinical Laboratory Services Market Report 2021: Molecular Diagnostics Promising Growth Opportunities - Forecast to 2024

Research and Markets
·8-min read

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

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900