Clinical Laboratory Tests Market Analysis Report By Type, By End Use And Segment Forecasts, 2019 - 2026

Clinical Laboratory Tests Market Analysis Report By Type, By End Use And Segment Forecasts, 2019 - 2026

  • February 2019 •
  • 120 pages •
  • Report ID: 5763852 •
  • Format: PDF
Clinical Laboratory Tests Market Analysis Report By Type (CBC, HGB/HCT, BMP, HbA1c Testing, Electrolyte Testing, Liver Panel), By End Use (Primary Clinics, Central Labs), And Segment Forecasts, 2019 - 2026

The global clinical laboratory tests market size is expected to reach USD 286.7 billion by 2026 at a 7.1% CAGR during the forecast period Introduction of novel solutions for maximizing efficiency and minimizing errors is expected to boost the market.

Presence of favorable reimbursement policies is anticipated to positively influence the global market. According to an article published in the American Clinical Laboratory Association, clinical laboratory tests are reimbursed by Medicare beneficiaries either under the Clinical Laboratory Fee Schedule or Physician Fee Schedule depending on the nature of service.

Rising demand for early detection is anticipated to propel the market over the forecast period.Introduction of accurate and technologically advanced products such as biochips, companion diagnostics, and microarrays has resulted in growing demand for early detection of diseases.

For instance, biochips are used for preparing thousands of RNA, DNA, or protein samples that can be processed on a single chip at the same time.

Presence of key players such as Laboratory Corporation of America Holdings, Qiagen, Quest Diagnostics Incorporated, Siemens Healthcare GmbH, and Abbott are anticipated to spur market growth. These industry participants are involved in strategic collaborations, product development, and regional expansion.

For instance, in 2017, Abbott’s Alinity hq analyzer, generally used for hematology, received the CE Mark and is available across Europe, along with other countries that recognize the CE Mark to address productivity needs of high-volume laboratories.

In October 2018, NeoGenomics Laboratories Inc. entered into a strategic alliance with Pharmaceutical Product Development, LLC, a global contract research organization, to provide fully integrated pathology and molecular testing solutions to their PPD’s pharmaceutical and biotech clients.

Further key findings from the report suggest:
• The global clinical laboratory tests market is anticipated to reach USD 286.7 billion by 2026, expanding at a CAGR of 7.1% during the forecast period
• By type, the basic metabolic panel segment held the largest share in 2018 mainly due to growing prevalence of lifestyle-induced diseases such metabolic abnormalities
• Lipid panel tests is anticipated to be the fastest growing segment owing to increasing incidence of cardiovascular disorders. Hepatitis is estimated to account for the largest share in this segment, with liver cirrhosis exhibiting the fastest growth
• By end use, central laboratories dominated the overall market due to presence of key laboratories such as Q2Solutions and Pharmaceutical Product Development, LLC. Primary clinics are projected to register the highest CAGR of 7.6% through 2026
• North America was the largest regional market in 2018 owing to increasing geriatric population and high disease prevalence in this region. Asia Pacific, on the other hand, is anticipated to be the fastest growing region due to improving healthcare infrastructure
• Some of the key companies are OPKO Health, Inc.; Sonic Healthcare; Neogenomics Laboratories Inc.; Healthscope; Labco; Laboratory Corporation of America Holdings; Qiagen; Quest Diagnostics Incorporated; Siemens Healthcare Private Limited; Fresenius Medical Care AG & Co. KGaA; Merck KgaA; Tulip Diagnostics Ltd.; Bioscientia Institute for Medical Diagnostics GmbH; and Abbott.