Clinical laboratories refer to the centers for conducting diagnostic testing and related services to identify disease causes, level of progression (stage) of the disease, resultant abnormalities and imbalances in the physiology, and other such factors.
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Along with processing samples and generating patient reports, players in this market also offer informatics solutions which help in effective data management for the large volume of tests ordered and performed each day. The global market for clinical laboratory services is expected to grow at a CAGR of 5.8% during the forecast period due to the increasing incidence rates of diseases worldwide along with the introduction of newer and sophisticated diagnostic tests.
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The market for clinical laboratory services has been segmented by different categories of tests performed such as clinical chemistry, genetic tests, medical microbiology & cytology tests and other esoteric tests. The market for medical microbiology & cytology tests is expected to grow at the highest CAGR of 7.1% during the forecast period due to the increasing burden of infectious diseases globally, that demands large testing volume capacities from clinical laboratories. Although core laboratory tests, which constitute the clinical chemistry market segment, are basic tests extensively conducted across patient populations, this market segment is expected to witness mediocre growth at a CAGR of 5.3%. This is due to the limited scope for innovation in this market in terms of developing newer tests and the growing importance of informatics solutions in the same.
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On the basis of geographic regions, this market was studied with reference to North America, Europe, Asia-Pacific and Rest of the World. North America and Asia-Pacific regions are expected to emerge as highly attractive markets for clinical laboratory services in the future, in terms of market revenue and growth respectively. The market is divided into three major types of service providers- clinic-based, hospital-based and stand-alone laboratories. Of these, hospital-based laboratories generate the maximum revenue globally are expected to continue to do so during the forecast period.
The market for clinical laboratory services is fragmented, with Quest Diagnostics, Inc. (U.S.) and Laboratory Corporation of America Holdings (U.S.) dominating the market in terms of revenue generation. Some of the other key players include Sonic Healthcare (Australia), Genoptix Medical Laboratory (U.S.), Labco S.A. (France), Healthscope Ltd. (Australia), Bio-Reference Laboratories (U.S.), and Bioscientia Healthcare (Germany).
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