Title: Clinical Laboratory Services Market to grow at 6.4% CAGR from 2016 to 2024 (1)
1Clinical 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
2Key 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.
3Continued...
- 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.
4U.S. Clinical Laboratory Services Market Size, by
Test, 2012- 2024 (USD Bn)
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6360 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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