Global Clinical Laboratory Tests Market is expected to reach USD 198.5 billion by 2024. Clinical Laboratory Tests are the medical devices that are used for analysis of tissues, materials, or fluids obtained from patients to help in treatment and diagnosis of disease. The Clinical Laboratory Tests Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The factors playing a major role in the growth of Clinical Laboratory Tests are application and expansion of several data management and informatics solutions, increasing use of enhanced products like chemistry analyzers, and availability of favorable reimbursement policies. However, strict government policies and inadequate reimbursements are the factors are expected to restrain overall market growth in the years to come. Clinical Laboratory Tests Market is segmented based on type, end user, and region.
Liver panel test, complete blood count, comprehensive metabolic panel tests, HGB/HCT tests, HbA1C tests, basic metabolic panel tests, electrolytes testing, lipid panel tests, BUN creatinine tests, and renal panel tests are the types that could be explored in Clinical Laboratory Tests in the years to come. Further, the liver panel tests sector is sub-segmented into autoimmune disorders, hepatitis, bone disease, bile duct obstruction, liver cancer, liver cirrhosis, and others.
Basic metabolic panel tests sector accounted for the significant market share of Clinical Laboratory Tests and is estimated to lead the overall market in the years to come; the reason being, rising occurrence of diseases like metabolic abnormalities and obesity and high demand for preventive medicine. The test is performed to know chemical imbalance in the body. Also, lipid panel tests sector is estimated to grow at the fastest pace in the years to come.
The market may be categorized based on end users like primary clinics, central laboratories, and others that could be explored in the forecast period. Central laboratories sector accounted for the significant market share of Clinical Laboratory Tests in 2015 and is estimated to lead the overall market in the years to come. Also, primary clinics sector is estimated to grow at the highest CAGR in the years to come.
Globally, North America accounted for the significant market share of Clinical Laboratory Tests in 2015 and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developed healthcare infrastructure, growing occurrence of target disease, presence of technologically enhanced products, and growing awareness among patients regarding clinical laboratory tests.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that may be ascribed to the growth comprise developing healthcare infrastructure with an enhanced diagnostic technology in developing countries like China and India.
The key players of Clinical Laboratory Tests Market are Abbott, Quest Diagnostics, OPKO Health, Inc., Merck KgaA, Charles River Laboratories, Laboratory Corporation of America Holdings, Labco, Genoptix, and Healthscope. These market players are concentrating on inorganic growth to sustain themselves amidst fierce competition. At the same time; the possibility of investing in organic growth cannot be ruled out. Cost sutting is also on the agenda.
Type Outlook (Revenue, USD Billion, 2013 - 2024)
• Complete blood count
• HGB/HCT tests
• Basic metabolic panel tests
• BUN creatinine tests
• Electrolytes testing
• HbA1c tests
• Comprehensive metabolic panel tests
• Liver panel tests
• Bile duct obstruction
• Liver Cirrhosis
• Liver Cancer
• Bone disease
• Autoimmune disorders
• Renal panel tests
• Lipid panel tests
End-use Outlook (Revenue, USD Billion, 2013 - 2024)
• Central Laboratories
• Primary Clinics
Regional Outlook (Market Revenue in USD Billion, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
Research Support Specialist, USA