Clinical Laboratory Services Market

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Clinical Laboratory Services Market To Reach USD
179.9 Billion By 2026
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The rising global incidences of infectious
diseases, increasing technological advancements
and growing prevalence of chronic disorders are
major factors expected to drive the market in the
forecast period.Market Size USD 119.1 Billion
in 2018, Market Growth - CAGR 5.3, Market
Trends Various innovative devices and testing
kits which provide accurate and reliable results
are driving the market. According to the
current analysis of Reports and Data, the
Clinical Laboratory Services market was valued at
USD 119.1 billion in 2018 and is expected to
reach USD 179.9 billion by the year 2026, at a
CAGR of 5.3. Clinical laboratories provide
diagnostics and testing about various diseases as
well as provide high-quality testing in fields of
cytology, hematology, genetics, and others.
Therefore, the clinical laboratory service helps
to deliver effective testing results, which in
turn help the physicians and other healthcare
professionals in research and diagnostics. The
clinical laboratory services market is widely
driven by increasing infectious diseases in the
world. Early diagnosis and testing of such
diseases are an important step to start any
treatment for any disease. The emergence of new
viruses causing severe life-threatening
conditions for humans is also expected to be a
driving factor for the market. The developing
research and treatment options for such viruses
contribute to development in healthcare.
Market Summary
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• Further key findings from the report suggest
• Regionally, Europe occupied the largest share in
  the market. The high share could be attributed to
  the rising prevalence of chronic diseases and
  favorable reimbursement policies in the region
• Many research studies are being conducted to know
  the scope for development in the clinical
  laboratory services. For instance, the American
  journal of clinical pathology conducted a
  research to understand the developmental area for
  clinical laboratory services in southern Ethiopia
• Key market players are involved in various
  mergers and acquisitions to keep a strong
  presence in the market. For instance, in December
  2017, Siemens Healthineers took over Fast track
  diagnostics which is a global infectious
  diagnostics supplier in Luxembourg. Moreover,
  Siemens Healthineers is further investing in
  other aspects such as precision medicine and
  better patient experience through solutions that
  eliminate the need for repeat diagnostic testing,
  reducing time and improving patient outcomes.
• Companies have also invested in assets to improve
  their services in the market. For instance, in
  December 2019, Quest Diagnostics purchased assets
  from Boston Clinical Laboratories which will be
  incurred in Quests laboratory. BCLs patients
  and service providers now have access to Quests
  wider range of diagnostic services, a wider
  network of patient service centers, and access to
  innovative tools, such as the companys Quanum
  suite of healthcare information technologies and
  data analytics.

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Market Summary

• Key Players
• Siemens AG, Quest Diagnostics, Inc., Mayo Medical
  Laboratories, Laboratory Corporation of America
  Holdings, DaVita Healthcare Partners, SYNLAB
  International, Unilabs, Sonic Healthcare, Cerba
  HealthCare, and Abbott Laboratories
• Segmentation
• By Specialty Outlook (Revenue in Million USD
  20162026)
• Clinical Chemistry Testing
• Microbiology Testing
• Cytology Testing
• Immunology Testing
• Hematology Testing
• Human and Tumor Genetic Testing
• Drug Abuse Testing
• Other Esoteric Tests

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Market Summary

• By Service Providers Outlook (Revenue in Million
  USD 20162026)
• Hospital-based Laboratories
• Clinical-based Laboratories
• Independent and Reference Laboratories
• Standalone Laboratories
• Regional Outlook (Revenue in Million USD
  20162026)
• North America
• Europe
• Asia Pacific
• Middle East Africa
• Latin America

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The report emphasizes the following key
questions
Q.1.What are the most lucrative and promising
growth prospects for the market? Q.2.Which
sectors are expected to deliver a high growth
rate and which industry aspects come into play in
this advancement? Q.3.Which geographies are
estimated to exhibit the highest growth and the
underlying causes? Q.4.Which factors are
impacting the future of the market and what are
the driving factors? Q.5.What are the hurdles
and challenges curtailing the industrys growth
in the forecast period?
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