Clinical Reference Laboratory Market Overview
The global clinical reference laboratories market, as described in the report of Market Research Future (MRFR), is expected to rise by attaining 5.8% CAGR during the forecast period. Clinical reference laboratories play an integral part in providing patient care, but its role is equally important in medical researches and laboratory services such as diagnosis, treatment, monitoring, and others. In order to obtain a precise result in short time, clinical reference laboratories help by implementing strategies, exact data collection, and step-wise planning. The rise in demand for testing procedures and medical diagnosis owing to the increase in prevalence of both infectious and chronic disorders can support the expansion of the market in the assessment period. The availability of specialized
Clinical reference laboratories are extensively used to support analysis and diagnosis in patient care as in medical research. Laboratory services are essential for treatment, disease diagnosis, disease surveillance programs, monitoring response to treatment, and clinical research. Generation of quality results involves stepwise procedure through implementation, planning, and thorough checking of results. Laboratories carry out extramural and intramural research through institutions involved in daily patient care. The clinical reference laboratories market has been evaluated as a progressively evolving Clinical Reference Laboratory Market and is likely to retain its position in the foreseeable future. The adoption of value-based services has gained traction as hospitals have started outsourcing radiology and pathology diagnostic services. With hospital budgets becoming constrained due to declining medical reimbursements, hospitals are outsourcing their pathology and diagnostic services. The rising value-based outsourcing from hospitals has encouraged the market for independent reference laboratory services.
Increased use of robotics technology in reference laboratories to increase productivity, reduce lab process cycle times, and elevate data quality are some of the major factors likely to contribute to the market growth across the globe. Moreover, the application of laboratory automation technology will help to enhance the effectiveness and efficiency of testing and diagnostic process. Laboratories will also be able to perform critical activities like combination chemistry, screening, large-scale biorepositories, and automated clinical and analytical testing. Such factors are likely to influence the market across the globe. The soaring focus on early detection and prevention of diseases, revolution of personalized medicines, and innovation of genetic and molecular technologies are some of the factors likely to dictate the growth trajectory of the market. Increased number of FDA approvals for diagnostic procedures will further lead to vendors emphasizing on the launch of cost-effective, new, and time-saving diagnostic procedures in order to increase the market shares.
Clinical Reference Laboratory Market Segmentation
- Clinical reference laboratory industry can be split into service provider and application.
- With respect to service provider, the market has been considered for hospital-based market, clinical based and stand alone.
- Taking into account the application segment, the market caters to laboratory medicine, clinical trials, and more. Hospital-based application is the top segment, having reached USD 56,990.40 million in the year 2015. But, with the growing number of clinical testing laboratories, the clinical trials application-based segment can garner sufficient traction in the following years.
Clinical Reference Laboratory Market Regional Analysis
Clinical reference laboratory market has been geographically considered for Asia Pacific or APAC, Europe, the Middle East & Africa or MEA and the Americas.
The America should be the highest revenue generating market across the globe during the analysis period, as a result of the mushrooming pool of labs that offers a host of clinical laboratory services. The region also accommodates a huge number of eminent companies, especially in the US, which is viewed as a profitable opportunity for the investors. Extensive pool of veterinary reference laboratories, in line with the growth of companion animal population and the increased focused on animal health also strengthens the market position.
Europe will prevail as the second most lucrative market over the coming years, considering the emerging laboratory outsourcing trend in Germany and France that benefits the independent clinical reference laboratory services providers. Additionally, in view of the evolving demographics as well as the increase in aging populace, the need for clinical testing laboratories for researching about cardiovascular, genetics and diabetes has grown significantly in the region. Additionally, the region-based vendors are highly focused on adopting the latest clinical laboratory technologies, while also entering acquisitions and mergers to remain competitive in the market.
The fastest progress is expected to be made by the APAC market, in light of the improving healthcare infrastructure along with the rise in people’s disposable income. The Japanese market accounted for 32% of the total share in 2015, primarily because of the rapid uptake of advanced clinical laboratory technologies such as laboratory information systems to improve automation and overall efficiency. Growth in study of cytogenetics, tumors and human genomes in the region is creating tremendous demand for clinical reference laboratory services, while the presence of a robust clinical chemistry domain also contributes to the growth.
Clinical Reference Laboratory Market Players
- ARUP Laboratories
- Aurora Diagnostics
- Laboratory Corporation of America
- Unilabs
- Clinical Reference Laboratory
- Quest Diagnostics
- Bioreference Laboratories
- KingMed Diagnostics
- Synlab International GmbH
- Sonic HealthCare Limited
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