Clinical Laboratory Services Market Size, Trends, Shares, Insights and Forecast – 2020-2027

 

The clinical tests performed by laboratories can be broadly classified into four major categories, namely, clinical chemistry, medical microbiology & cytology, human and tumor genetics and other esoteric tests. The three major types of service providers in this market include hospital-based laboratories, clinic-based laboratories and stand-alone laboratories.

The global Clinical Laboratory Services Market is estimated to account for US$ 255.5 Bn by the end of 2020.

Global Clinical Laboratory Services Market: Drivers

Launch of new products is expected to propel growth of the global clinical laboratory services market over the forecast period. For instance, in May 2019, ACON Laboratories, Inc. announced the release of On Call Sure Platform in Europe and Latin America. The On Call Sure Platform is designed to meet the demands of professional testing. Its GDH-FAD enzyme offers the ability to test capillary for venous and arterial blood samples.

Global Clinical Laboratory Services Market: Opportunities

Government initiatives to boost the number of labs19 is expected to offer lucrative growth opportunities for players in the global clinical laboratory services market. For instance, in February 2020, the U.S. Food and Drug Administration (FDA) expanded its Emergency Use Authorization (EUA) policy to allow more labs to apply for approval to conduct testing for COVID-19.

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Global Clinical Laboratory Services Market: Restraints

Lack of adequate resources is expected to hinder growth of the global clinical laboratory services market. The lack of recognition for laboratorians compounded by inadequate compensation often leads to job dissatisfaction, negligence, lack of interest, and as a result, departure from the profession.

Key Takeaways:

Among by type, clinical chemistry segment of global clinical laboratory services market is expected to hold major revenue share of 45.7% in 2020 owing to the increasing prevalence of chronic diseases such diabetes and others

Market Trends

Major players in the global clinical laboratory services market are focused on launching new products to expand their product portfolio. For instance, in January 2019, Roche Diagnostics launched Cobas pro integrated solutions, which was developed in collaboration with the company’s long-term partner Hitachi High-Technologies. It enhances automated lab procedures and reduces manual time.

Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in July 2018, SYNLAB acquired a Finnish laboratory service provider, Yhtyneet Medix Laboratoriot Oy (YML) and diagnostic service provider Cityterveys.

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Global Clinical Laboratory Services Market: Competitive Landscape  

Major players operating in the global clinical laboratory services market include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.

Global Clinical Laboratory Services Market: Key Developments

Major players in the global clinical laboratory services market are focused on adopting M&A strategies to expand their product portfolio. For instance, in September 2020, LabCorp acquired Franciscan Missionaries of Our Lady Health System’s clinical ambulatory laboratory business and select assets and will provide reference testing for all Franciscan Missionaries of Our Lady Health System facilities and clinics.

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Growing Burden of Non-communicable Diseases to Underpin Rise of Clinical Laboratory Services Market to Mid US$ 300 Billion Level by 2024

The Global Clinical Laboratory Services Market was valued US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016-2024), as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health consciousness leading to higher preventive measures, especially in Asia Pacific region, would be a major factor for increasing demand of the clinical laboratory services market. Increasing insurance coverage is further propelling adoption of diagnostic testing and in turn favors growth of clinical laboratory services market.

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In order to capitalize on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups. Charles River Laboratories International, Inc., analyzes samples for metabolic disorders, bone therapy, diabetes and oncology. Globally too, clinical laboratories receive large volumes of samples for analyzing metabolic disorders. The market for clinical chemistry test types is therefore positioned on a strong growth trajectory.

Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in industry consolidation and vertical/horizontal integration. Companies are focusing on establishing regional supremacy in turn improving the dynamics of clinical laboratory services market.

For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues its inorganic growth roadmap and in October 2016, it acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

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In November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines.

Furthermore, Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. In addition, genetic and cytology testing is increasing that enable better diagnosis of cancer. This is expected to proliferate demand and spur growth for clinical laboratory services market in emerging economies such as China and India. Core Diagnostics, Metropolis, SRL Diagnostics and Dr. Lal Pathlabs are few major diagnostic service providers in India expanding at a rapid pace.

Clinical laboratory service providers are thus, upgrading their processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific also need to develop products catering to this evolving market. Seamless integration of equipment manufacturer and service provider technologies would be a great boost for the global clinical laboratory services market.

Key takeaways of the market:

• The global clinical laboratory services market is estimated to be valued at US$ 192.3 billion in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories to undergo preventive tests

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• Clinical chemistry test was the dominant segment in the global clinical laboratory services market, accounting for more than 40% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.
• Among service providers, the hospital-based clinical laboratories segment generated the highest revenue in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.
• However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased
• The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups
• Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Clinical Laboratory Services Market, By Test Type, Service Provider, and Geography - Trends, Analysis and Forecast till 2024

Clinical laboratory tests are an integral part of healthcare industry, aiding effective diagnosis of diseases. The tests conducted at diagnostic laboratories enable identification of the epidemiology of disease, the resultant abnormalities, level of progression (stage) of the disease, and imbalances in the physiology. With growing competition, clinical laboratories are providing additional services such as free-home pick-up of the blood and urine sample, sharing medical reports directly with the concerned physician, and regular updates/reminders for health check-up. The clinical test equipment manufacturers such as Quest Diagnostics, Inc. and Abbott Laboratories are constantly working on improving their laboratory products to shorten the duration of test and increase product efficiency. This enables effective management of clinical laboratories.

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Market Dynamics

According to the United Nations 2015 World Population Prospects Report, the number of people aged 60 years and above is expected to grow by 56% to reach 1.4 billion by 2050. Aging increases the risk of infections and chronic disorders such as arthritis, atherosclerosis, cancer, liver diseases, and diabetes. This makes the geriatric population a key target group for diagnostic tests. Increasing health consciousness and awareness among people for regular-health check-ups for identifying signs of any disease have also increased number of visits to laboratories. Also, diagnostic laboratories are launching multiple health packages for routine health check-ups and encouraging the general population to perform routine health check-up at least once a year. Such initiatives from the clinical test service providers is also fueling the demand for clinical laboratory services.

Market Taxonomy

This report segments the global clinical laboratory services market on the basis of test type and service provider. On the basis of test type, the global clinical laboratory services market is classified as clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests. Service providers include clinic-based laboratories, hospital-based clinical laboratories, and standalone clinical laboratories.

Key features of the study:

·         This report provides in-depth analysis of clinical laboratory services in medical sector and provides market size (US$ million) and Cumulative Annual Growth Rate (CAGR) (%) for the forecast period (2016 – 2024), considering 2015 as the base year

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·         It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market

·         This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players

·         It profiles leading players in the global clinical laboratory services market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans

·         Key companies covered as a part of this study include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories and Sonic Healthcare Limited

·         Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launch, technology up-gradation, market expansion and marketing tactics

·         The global clinical laboratory services market report caters to various stakeholders in this industry, including investors, clinical laboratory equipment suppliers and distributors, new entrants, and financial analysts

·         Stakeholders would have ease in making decision through the various strategy matrices leveraged in analyzing the clinical laboratory services market

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Clinical Laboratory Services Market to Surpass US$ 315 Million by 2024 : Coherent Market Insights

The Global Clinical Laboratory Services Market was valued US$ 168.9 million in 2015 and is projected to expand at a CAGR of 6.4% during the forecast period: 2016-2024, as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health awareness among the general population is in turn fueling uptake of routine health check-ups. This is also being supported by growing incidence of diseases in turn driving the demand for clinical laboratory services globally. In order to capitalized on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (Labcorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in corporate cannibalization. Most major players are acquiring smaller player in order to enhance their position in the market and leading to consolidation in the market. For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues along this inorganic growth roadmap and in October 2016, the company acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

Clinical laboratory service providers are also focusing on vertical integration in the ecosystem. For example, in November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines. Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As revealed by stats released by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. This is expected to proliferate demand for clinical laboratory services in the emerging economies including China and India.

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Key takeaways of the market:

·         The global market for clinical laboratory services is estimated to be valued at US$ 192.3 million in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories for tests.

·         Clinical chemistry test was the dominant segment in the market, accounting around 45% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.

·         Among service providers, the hospital-based clinical laboratories segment was valued at US$ 96.4 million in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.

·         However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased

·         The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups

·         Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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