(PharmaNewsWire.Com, March 24, 2020 ) Market Overview • Global clinical laboratory services market is expected to grow at a CAGR of 5.8 % to reach a market value of USD YY million by 2026. • Clinical laboratories are an integral part of the medical industry and its services play a crucial role in the detection, diagnosis, and treatment of disease. Samples are collected for the examination and analysis of body fluids, tissues, and cells. • It provides accurate results that enable the physicians to make the right therapeutic decisions. It also allows the physicians to start/stop or continue the course of treatment and 70% of medical decisions are based on laboratory results. Laboratory organizations are focusing on improving their products to shorten the duration of the test and increase the efficiency; thus, it increases the management of clinical laboratories.
Market Dynamics • The global market for the Clinical Laboratory Services Market is primarily driven by the increase in incidence rates of diabetes, cancer and other infectious diseases, a new product launch for faster analysis. • According to Centre of Disease Control and Prevention in 2017, 16.8 million visits have been registered at the physician and 3.9 million at the hospital outpatient departments for infectious and parasitic diseases and in the U.S. • According to the International Diabetes Federation, 425million adults (20-79) years are living with diabetes, and it is expected to rise to 629 million by 2045 globally. • According to the American Cancer Society in 2018 estimated that 2,70,00 new cases of breast cancer would be generated in women and 11,000 new cases among children of age group between 0-14 years will be diagnosed in the U.S. • However, the pricing pressure faced by healthcare payers and providers and public concerns related to data security and privacy may hinder the market progress.
Market Segmentation • Global clinical laboratory services market is segmented on the test type, and it includes microbiology, serology, clinical chemistry, hematology, cytogenetics, and others. • The clinical chemistry test dominates the clinical laboratory services market due to an increase in the occurrence of target diseases such as cardiovascular, diabetes, liver, kidney and blood disorders globally. • According to the study conducted by researchers at National Institute of Health in 2018 found out that liver disease account 2 million deaths globally and liver cancer is 16th most leading cause of death that accounts to 3.5% deaths globally. • According to the American Heart Association in 2017, 92.1 million U.S adults are living with at least one form of cardiovascular disease and after-effects of stroke. According to the American Cancer Society in 2018 stated that non-Hodgkin Leukemia is responsible for 4% of all cancers and estimated that 74,680 diagnoses would take place in the U.S.
Geography Shares • North America is the dominant share in the global Clinical Laboratory Services market, and it is primarily attributed to the presence of large test volumes and growing acceptance of sophisticated techniques. • In the U.S more than 200,000 clinical laboratories provide testing service hospital labs comprises to 5% of labs and 55% of test volume. • Moreover, its broad base of the patient population and the established healthcare infrastructure and the rising disposable income and higher investment in R&D activities contribute to the growth of North America’s share. • Asia-Pacific region is expected to be the fastest growing market during the forecast period, owing to the region’s rapidly improving healthcare infrastructure and the presence of a broad base of the target population. The high economic growth, geographic business expansions of market players, and the increasing government initiatives.
Market Trends • Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence. • In January 2019, Abbott’s Alinity was launched. Alinity is a state-of-the-art technology poised to reinvent clinical lab diagnostics as it’s a harmonized family of systems for clinical diagnostics. • In January 2019, Roche Diagnostics launched cobas pro integrated solutions; they were developed in collaboration with the company’s long-term partner Hitachi High-Technologies. It enhances automated lab procedures and reduces manual time. • In October 2018, Myriad Genetics received FDA approval for BRACAnalysis CDx, it is used to identify patients affected with HER2- negative metastatic breast cancer. • In September 2018, SYNLAB acquired Finnish laboratory service provider Yhtyneet Medix Laboratoriot Oy and diagnostic service provider Cityterveys. • In June 2018, LabCorp and Philips collaborated on digital pathology to enhance the efficiency of pathology diagnostics. • In May 2018, Alere launched AFINIONTM 2 analyzer in the U.S, a Rapid test system for diabetes management. • In November 2017, Genomic Health and Cleveland Diagnostics collaborated to develop and commercialize new prostate cancer tests. • In September 2017, Bio-Reference Laboratories and The Garage a healthcare technology provider merged to provide value-based care. • In September 2017, Genomic health and Biocartis merged to develop IdyllaTM IVD Oncotype DX breast cancer test broaden global patient access.
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