September 24, 2019
According to the recent study titled ‘Global Clinical Laboratory Services Market Insights, Forecast to 2025’ available at MarketStudyReport.com, the global clinical laboratory services market is predicted to accumulate US $167.7 billion by the year 2025.
Clinical laboratory services enable various institutes to carry out tests for diagnosis and treatment of several diseases. With technological advancements, the number of compounds that can be screened by these laboratories is increasing constantly, thereby augmenting the clinical laboratory services market outlook. Other factors aiding the market growth include rapid R&D for new products, rising focus on controlling cost and demand for quality assessed results.
Though the clinical laboratory services market is driven by the development of informatics and adoption of automated data management solutions for streamlined operations, but the market challenges such as precise sample preparation and applying it to experimental protocols with improved productivity will deter market growth, claims the study.
As per the report, the clinical laboratory services market is segmented on the basis of product type as biochemistry, cytology, microbiology, endocrinology, histopathology, genetic testing, and hematology. While based on the end-user type, the market is bifurcated as independent laboratory, hospital laboratory, and reference laboratory.
The worldwide clinical laboratory services market was worth US $112 billion in 2018 and is expected to grow with a CAGR of 5.1% over the forecast period. This report studies various segments of the market and provides exhaustive insights about the market opportunities, drivers, challenges, and risks.
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Moreover, the regional landscape of the clinical laboratory services market is divided into five major regions. The U.S, Mexico, and Canada comprise North America; Asia Pacific consists of China, Japan, Australia, India, South Korea, Philippines, Singapore, Vietnam, Indonesia, Thailand, and Malaysia; Germany, Spain, Russia, UK, Italy and France fall under Europe; Brazil and rest of Central & South America make Central & South America; and Turkey, GCC countries, Egypt, and South Africa belong to Middle East & Africa region.
The key players of clinical laboratory services market include Unilabs, Amedes Holding, Sonic Healthcare, Spectra Laboratories Inc., and Cerba Healthcare among others.