Clinical Laboratory Services Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2030

Published Date : Nov 2020 | No. of Pages : 250 Pages | Category : Healthcare

The global clinical laboratory services market size was valued at US$ 235 Bn in 2020 and expected to reach US$ 410 billion by 2030 with a CAGR of 6.5% from 2021 to 2030. Surge in incidence of chronic and infectious diseases, growing medical tourism, and employer sponsored medical programs are projected to drive the global clinical laboratory services market during the forecast period.

Growing Medical Tourism Boost Market Growth

  • Medical tourism occurs when patients travel in other parts of the world for receiving some form of medical treatment
  • Medical tourism is experiencing high growth rate, owing to better and on par health care facilities and services provided in the developed region, along with increasing adoption of new and advanced products and technologies
  • Mexico, Thailand, the U.S., India are some of the top destinations for health tourism
  • Growing medical tourism has led to increasing number of patients requiring clinical laboratory tests and services. This is expected to drive the global clinical laboratory services market from 2019 to 2027.

Overview

  • Clinical laboratory is the place where the tests are performed on the clinical specimen so as to obtain health  related information
  • Clinical laboratories are the first step of disease diagnosis and treatment, which aids physicians in determining the root cause of a disease/condition and subsequently provide appropriate treatment
  •  North America dominated the global clinical laboratory services market in 2018 and the trend is anticipated to continue during the forecast period. High prevalence of different types of cancer and rising geriatric population in the region are some of the factors augmenting the market in North America
  • Asia Pacific is likely to be a highly lucrative market for clinical laboratory services and it is expected to expand at a high CAGR during the forecast period
  • High prevalence of infectious diseases and large population in developing countries of the region are some of the factors promoting growth of the market in APAC.

Surge in Incidence of Chronic and Infectious Disease to Drive Market

  • Incidence of chronic and infectious diseases is anticipated to rise at an alarming rate during the forecast period
    • Chronic diseases such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people worldwide
    • The rise in these non-communicable chronic diseases is due to urbanization and adoption of unhealthy life styles. According to Centers of Disease control and Prevention (CDC) more than 60% of preventable deaths worldwide are caused due to non-communicable diseases
    • In developing countries 48% of such deaths occur in persons above 70 years of age. The incidence of chronic diseases is also increasing rapidly in Africa
  • Incidence of infectious diseases such as HIV, hepatitis, and other viral diseases has also been rising in the world
  • World Health Organization (WHO) forecast that 13 million deaths would occur due to infectious diseases till 2050
  • These factors have led to increasing demand for clinical laboratory testing, and are expected to drive the clinical laboratory services market from 2019 to 2027

Clinical Chemistry Segment to Dominate Market

  • Based on test types, the global clinical laboratory services market has been divided into clinical chemistry, medical microbiology & cytology, food intolerance test  human and tumor genetics, and other esoteric tests. The clinical chemistry segment dominated the global clinical laboratory services market in 2018 and the trend is projected to continue during the forecast period. Consistent demand as these are basic level tests for different physiological conditions and technological advancement in the tests such as adoption of protein mapping are the factors attributed to the growth of the segment.

Stand-alone Laboratories to be Highly Lucrative Segment

  • In terms of service provider, the global clinical laboratory services market has been classified into stand-alone laboratories, hospital based laboratories, CROs, and others.
  • The stand-alone laboratories segment dominated the clinical laboratory services market due to Increasing testing volumes and entry of new players.
  • Additionally, rise in the number of public–private partnerships is expected to propel the segment during the forecast period.

Competitive Landscape

  • Key players in the global clinical laboratory services market include Charles River Laboratories International, Inc., OPKO Health, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Sonic Healthcare, Fresenius Medical Care Holdings, Inc. (Spectra), NeoGenomics Laboratories, Inc., Genomic Health, Inc., SYNLAB International GmbH, UNILABS, ARUP Laboratories, Eurofins Scientific, GENOPTIX, ALERE,INC., among others

Market Segmentation:

By Test Types

    • Clinical Chemistry
    • Medical Microbiology and Cytology
    • Food Intolerance Test
    • Human and Tumor Genetics
    • Other Esoteric Tests

By Service Providers

    • Stand-alone Laboratories
    • Hospital based laboratories
    • CROs (Contract Research Organizations)
    • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of Report

The Clinical laboratory services market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Clinical laboratory services market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Clinical laboratory services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical laboratory services market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Clinical laboratory services market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Clinical laboratory services capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Clinical laboratory services by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical laboratory services market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical laboratory services market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical laboratory services market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Clinical laboratory services industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Clinical laboratory services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Clinical laboratory services market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Clinical laboratory services market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Clinical laboratory services market. These factors have benefited the growth of the global market for Clinical laboratory services. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Clinical laboratory services. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Clinical laboratory services are as follows:

  • History Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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