Clinical Laboratory Test Market to register 6.5% CAGR to reach USD 324508.8 Million by 2022

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Clinical Laboratory Test Market to register 6.5% CAGR to reach USD 324508.8 Million by 2022. Clinical Laboratory Test Market by Types of Laboratories, Application, End User and Region | Clinical Laboratory Test Industry

Clinical Laboratory Test Market Research Report by Types of Laboratories (Rigid and Flexible), Types of Test (Complete Blood Count (CBC), Basic Metabolic Panel (BMP), HbA1c Tests, HGB/HCT Tests, Comprehensive Metabolic Panel Tests, BUN Creatinine Tests, Renal Panel Tests, Electrolytes Testing, Liver Panel Tests and Lipid Panel Tests), Application (Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology and Urinalysis)-Forecast till 2027

The Global Clinical Laboratory Test Market is likely to attain a valuation of USD 324.5 Bn at a CAGR of 6.5% over the forecast period of 2016-2022, predicts Market Research Future (MRFR) in a thoroughly studied report. The global clinical laboratory test market stood at USD 206.7 Bn in 2016.

The growth of the global clinical laboratory tests market stems from the alarming rise in the incidence rate of chronic diseases. The rapid spread of infectious, oncology, autoimmune, and other diseases paired with raising awareness regarding health wellness generate high demand for screening services which consequently augments the growth of the market.

The governments in multiple countries have endeavored towards raising awareness and have initiated various screening programs for the same. A prime focus also remains to curb the growing mortality rate as a result of spreading diseases. The introduction of screening mandates for newborns in various countries has also acted as a plus for the growth of the market. 

The emergence of biotech-based tests such as DNA tests coupled with the growing popularity of in-vitro diagnostics present long-term growth opportunities to the global clinical laboratory diagnostic test market. Panel based tests have also gained substantial traction in recent years owing to their ease of use and single-use systems.

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Technological advancements and automation in the field of clinical laboratory tests have opened up new avenues for the growth of the market. Automation allows instruments to be linked and synced with various other devices. The global geriatric population has also witnessed an uptick in its number which is likely to affect the market growth positively.

Despite the prolific growth of the market, stringent government norms and high costs remain major impediments. Presence of low-cost products which bear the risk of false results and low selectivity and detection limits of older tests are also possible bottlenecks to the global clinical laboratory test market.

Competitive Landscape:

Laboratory Corporation of America, Sonic Healthcare, Aurora Diagnostics, LifeLabs Medical Laboratories, and Quest Diagnostics are the noteworthy players in the global clinical laboratory tests market.

Industry Updates:

February 2019- EKF Diagnostics, point-of-care business Quo-Test analyzer received FDA nod for use in clinical laboratory setting. The new test analyzer is an entirely automated glycated hemoglobin (HbA1c) analyzer facilitates fast, easy and reliable HbA1c measurement for the monitoring and management of diabetes.  

Segmentation:

The clinical laboratory tests market has been segmented based on laboratory type and laboratory test.

By laboratory type, the global clinical laboratory test market has been segmented into hospital-based laboratories, physician office laboratory (pol), central/independent laboratories, and others. The hospital-based laboratories segment is dominating the market.

By laboratory tests, the global clinical laboratory tests market has been segmented into complete Blood Count (CBC) and other routine blood tests, molecular tests, immunology tests, anatomic pathology, drug testing, and others. CBC and other routine blood tests segment are leading the market. 

Regional Analysis

By region, the global clinical laboratory test market has been segmented into North America, Europe,Asia Pacific (APAC), and the Middle East Africa (MEA).

North America is the largest market for clinical laboratory tests and accounts for 44% share of the global market. Prevalence of chronic diseases leads to an increase in the volume of clinical testing procedures in the region. High expenditure on the development of clinical laboratory infrastructure and the adoption of advanced technical equipment are other factors substantiating the growth of the market. The US is the major contributor to the North America market and will strike a CAGR of 5.8% during the forecast period. Canada is poised to be the fastest growing market within the North America market. The North America clinical laboratory test market is likely to capture a CAGR of 6.2% over the forecast period.

Europe ranks second in the global clinical laboratory test market and is likely to expand at a CAGR of 6.6% over the forecast period. Highly developed medical device sector and high healthcare expenditure help in the expansion of the Europe market. Germany is the major contributor to the Europe market followed by the UK and France.

APAC is likely to emerge as a significant market for clinical laboratory test and strike a CAGR around 6.5% over the forecast period. High expenditure on healthcare infrastructure, strengthening government support and surge in the screening of various chronic diseases spur demand within the global clinical laboratory test market.

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