The global clinical laboratory services market is expected to grow at a CAGR of 6.4% during the forecast period (2020-2026). The market growth is mainly attributed to the increase in chronic diseases along with the increase in population in developing countries such as China, India, and Brazil. In addition to this, the need for more advanced technologies with accurate diagnosis coupled with increasing government focus on public-private partnerships with effective schemes is also contributing significantly to the growth of the clinical laboratory services industry.
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The clinical laboratory services have witnessed increased adoption from hospitals, clinics, and research institutes, which has benefitted the market, substantially. Majorly, clinical laboratory services are practiced in developed countries such as Germany, the US, and the UK. Moreover, the impact of COVID-19 in these developed countries has affected millions, which could very well increase the demand for clinical laboratory services in the next two years. On the other hand, rigorous government regulations in some countries could hinder market growth.
Furthermore, the surge in drug screening activities has also created significant opportunities for the clinical laboratory services market, all across the globe. An overdose and misuse of illicit drugs and prescribed pain medicine is a major problem globally, which affects users and society as well. Facilities provided to tackle drug abuse at governmental levels are still underutilized.
Moreover, illegal drug trafficking is on the rise and the production of drugs globally has also increased massively. The US Federal government has increased the funding for drug testing, the reason being a spike in drug abuse across the country. North American countries such as Mexico and the US are working together to stop drug trafficking. Moreover, the increase in drug trafficking in Canada has led the country to take harsh actions against the illegal drug trade to combat an opioid crisis in the Alberta province. Thus, the surge in funding for drug screening is anticipated to drive the growth of clinical laboratory services in the future.
Market Coverage
- Market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered- by Type and Service Providers
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- Abbott Laboratories Inc., Quest Diagnostics Inc., LabCorp, F. Hoffmann La Roche Ltd., Sonic Healthcare Ltd., Thermo Fisher Scientific Inc., Charles River Laboratories International Inc., and more
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Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
Ø Recovery Timeline
Ø Deviation from the pre-COVID forecast.
Ø Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Clinical Laboratory Services Market Report Segment
By Type
- Clinical Chemistry
- Medical Microbiology & Cytology
- Human & Tumor Genetics
- Immunology Testing
- Genetic Testing
- Other
By Service Provider
- Hospital-Based Laboratories
- Stand-Alone Laboratories
- Clinic-Based Laboratories
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
