As per the report titled ‘Clinical Laboratory Services Market Size By Test Type (Human & Tumor Genetics, Clinical Chemistry, [Routine Chemistry Testing, Specialized Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Endocrinology Chemistry Testing, Other Clinical Chemistry Testing] Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, the global clinical laboratory services market is projected to cross USD 350 million by the years 2025.
 

Rising prevalence of diseases such as diabetes, cardiovascular ailments, liver disorders, kidney disorders and blood disorder, is the key growth factor of clinical laboratory services market. Inclination towards precautionary medication in tandem with rising government initiatives towards disease control is augmenting the market growth. In addition, growing awareness is surging the demand for early disease detection, thereby, boosting the business outlook. Quite the reverse, lack of proper reimbursement policies and stringent regulations will restrain the growth of clinical laboratory services market over the predicted timeframe.
 

Based on the test type, human & tumor genetics segment accounted for a 21% revenue share in 2018 and is expected to witness sizeable growth over the projected timeline. The rising prevalence of rare genetic disorders coupled with the development of new drugs is stimulating the segmental growth.
 

In terms of service provider, hospital-based clinical laboratory services market held a major revenue share in 2018 and is projected to register a growth rate of 5.8% during the forecast period. The segmental growth can be attributed to the rising prevalence of chronic disorders coupled with favorable reimbursement policies offered to for hospital-based laboratory tests.
 

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Considering the geographical outlook, Latin America breast pump market registered 12% revenue share in 2018 and is anticipated to grow substantially in the coming years, which in turn is boosting clinical laboratory services market. Developing healthcare facilities in consort with growing public expenditure on treatment is fostering the regional growth.
 

Prominent players in clinical laboratory services market include Qiagen, Arup Laboratories, Genoptix Medical Laboratory, Fresenius Medical Care, Charles River Laboratories, Opko Health, Abbott, Quest Diagnostics, Fullerton Health, Neogenomics Laboratories, Siemens, Genzyme, Laboratory Corporation of America Holdings and Sonic Healthcare.