Clinical Laboratory Services Market to grow at 6.4% CAGR from 2016 to 2024 (1)

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Clinical Laboratory Services Market to grow at
6.4 CAGR from 2016 to 2024 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Clinical Laboratory Services
Market

• Global Market Insights, Inc. says, Clinical
  Laboratory Services Market size is estimated to
  reach USD 342.3 billion by 2024.
• Growing importance of early diagnosis of chronic
  diseases related to oncology, gynaecology and
  endocrinology should drive global market size.
• Moreover, introduction of technologically
  advanced products rendering accurate and rapid
  results should spur industry growth over the
  forecast years.
• Increased adoption of laboratory automations and
  robot assisted laboratory techniques such as
  TECAN liquid handling robotics will spur growth.
• Introduction of innovative solutions that allows
  implementation of informatics and data management
  systems to perform rapid and seamless operations
  with accurate clinical results with higher
  efficiency will accelerate industry growth.
• Chemistry segment held the largest market share
  with revenue slated to exceed USD 152 billion by
  2024.

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Continued...

• U.S. held the largest share owing to high patient
  awareness and presence of large test volumes.
  APAC and LATAM will provide lucrative growth
  opportunities to industry players with
  introduction of regulatory standards to encourage
  the use of clinical laboratory services in these
  regions.
• The key industry players include Quest
  Diagnostics, Sonic Healthcare, LabCorp, Genoptix
  Medical Laboratory, Healthscope, Labco, Charles
  River Laboratories and Bio-Reference
  Laboratories, Abbott Laboratories.
• Clinical chemistry segment dominated the industry
  with revenue share of 47 in 2015 and anticipated
  to exceed USD 152 billion by 2024. Hospital-based
  laboratories were the largest service provider
  segment with revenue of over USD 113 billion in
  2015.
• Europe market size was dominated by Germany and
  UK collectively accounting for 27 of the revenue
  share of Europe market in 2015.

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U.S. Clinical Laboratory Services Market Size, by
Test, 2012- 2024 (USD Bn)

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360 Analysis

• Product Trends
• In terms of test type, clinical chemistry took up
  the industry share of over 47 in 2015. Rising
  demand for early disease diagnosis due to
  increasing prevalence of target diseases such as
  cardiovascular, diabetes, liver kidney
  disorders, and blood disorders is considered as
  most significant factor accounting for its
  largest share.
• Regional Analysis
• U.S. market share held the largest industry
  revenue of over USD 64 billion in 2015. The
  factors contributing to largest regional share
  include presence of large test volumes and
  growing adoption of advanced diagnostic
  technologies.
• Competitive Market Share
• Global market share was dominated by players such
  as Quest Diagnostics, Sonic Healthcare, LabCorp
  and Genptix Medical Laboratory. These players
  collectively grabbed a revenue share of over 45
  of overall market in 2015. Mergers and
  acquisitions aimed at strengthening regional
  presence and diverse product offerings were the
  key strategies adopted by industry players.

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