The clinical tests performed bylaboratories can be broadly classified into four major categories, namely,clinical chemistry, medical microbiology & cytology, human and tumorgenetics and other esoteric tests. The three major types of service providersin this market include hospital-based laboratories, clinic-based laboratoriesand stand-alone laboratories.
The global ClinicalLaboratory Services Market is estimated to account for US$ 255.5 Bn by theend of 2020.
Global Clinical LaboratoryServices Market: Drivers
Launch of new products isexpected to propel growth of the global clinical laboratory services marketover the forecast period. For instance, in May 2019, ACON Laboratories, Inc.announced the release of On Call Sure Platform in Europe and Latin America. TheOn 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 arterialblood samples.
Global Clinical LaboratoryServices Market: Opportunities
Government initiatives to boostthe number of labs19 is expected to offer lucrative growth opportunities forplayers in the global clinical laboratory services market. For instance, inFebruary 2020, the U.S. Food and Drug Administration (FDA) expanded itsEmergency Use Authorization (EUA) policy to allow more labs to apply forapproval to conduct testing for COVID-19.
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Global Clinical LaboratoryServices Market: Restraints
Lack of adequate resources isexpected to hinder growth of the global clinical laboratory services market.The lack of recognition for laboratorians compounded by inadequate compensationoften leads to job dissatisfaction, negligence, lack of interest, and as a result,departure from the profession.
Key Takeaways:
Among by type, clinical chemistrysegment of global clinical laboratory services market is expected to hold majorrevenue share of 45.7% in 2020 owing to the increasing prevalence of chronicdiseases such diabetes and others
Market Trends
Major players in the globalclinical laboratory services market are focused on launching new products toexpand their product portfolio. For instance, in January 2019, RocheDiagnostics launched Cobas pro integrated solutions, which was developed incollaboration with the company’s long-term partner Hitachi High-Technologies.It enhances automated lab procedures and reduces manual time.
Major players in the market arealso focused on adopting M&A strategies to expand their product portfolio.For instance, in July 2018, SYNLAB acquired a Finnish laboratory serviceprovider, Yhtyneet Medix Laboratoriot Oy (YML) and diagnostic service providerCityterveys.
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Global Clinical LaboratoryServices Market: Competitive Landscape
Major players operating in theglobal clinical laboratory services market include Abbott Laboratories,Laboratory Corporation of America Holdings (Labcorp), Bio-ReferenceLaboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A.,Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., SpectraLaboratories, and Sonic Healthcare Limited.
Global Clinical Laboratory ServicesMarket: Key Developments
Major players in the globalclinical laboratory services market are focused on adopting M&A strategiesto expand their product portfolio. For instance, in September 2020, LabCorpacquired Franciscan Missionaries of Our Lady Health System’s clinicalambulatory laboratory business and select assets and will provide referencetesting for all Franciscan Missionaries of Our Lady Health System facilitiesand clinics.
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