Market Scenario:
Clinical laboratory tests are being used for the detection of wide varieties of diseases such as anaemia, small viral infections, cancer and other routine blood tests, pathology tests, drug test and other tests for diagnosis and treatment of diseases. For instance, according to the National Cancer Institute in 2016, an approximate 1,685,210 new cancer cases were diagnosed in the U.S. The clinical laboratory test market is driven by factors such as to growing awareness about benefits of diagnostic tests, increasing prevalence of chronic diseases, and growing global volume of in-vitro diagnostic tests. Moreover, increasing adoption of laboratory automation systems is expected to contribute to the growth of the clinical laboratory test market.
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Considering all the factors the global market for clinical laboratory test is anticipated to reach 324.5 billion USD by the end of 2022 from 206.7 billion USD in 2016 with a CAGR of 6.5 % during the assessment period.
Despite the drivers, high cost and development of new technologies, changing government rules and regulations and lack of skilled professionals in emerging economies may hinder the growth of the market during the assessment period.
Key Vendors:
Aurora Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics, Inc. (U.S.), Sonic Healthcare (Australia) and others are some prominent players in the global clinical laboratory test market.
Global Clinical Laboratory Test Market – Competitive Landscape
The clinical laboratory test market is currently dominated by various players. Due to rising prevalence of chronic diseases various existing and new marketers are continuously coming up with cost-effective products to control various health conditions.
In December 2017, Quest Diagnostics, Inc., the leading provider of diagnostic information services acquired Cleveland HeartLab. In addition, the company entered into a strategic collaboration with Cleveland Clinic to increase the commercialization of emerging innovations.
In September 2017, Laboratory Corporation of America announced the acquisition of Chiltern which became part of the company’s Covance Drug Development business. With this acquisition, the company aimed to enhance the Covance’s offerings which included expansion of functional service provider solutions.
In February 2017, Laboratory Corporation of America (LabCorp) completed acquisition of Pathology Associates Medical Laboratories from the Providence Health & Services and Catholic Health Initiatives and expanded the company’s geographic presence.
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In January 2017, LifeLabs Medical Laboratories announced a partnership with Biron, which facilitated mothers in Quebec to learn about their baby’s health through a simple Panorama Non-Invasive Prenatal Test.
In November 2016, Sonic Healthcare acquired Staber Laboratory Group. The company signed an agreement to purchase the Staber headquarter in Munich, Germany at a price of 120 million Euro.
In April 2016, Aurora Diagnostics announced the acquisition of Pathology Associates of Sebring, hospital-based practice that provided pathology services to Highlands Regional Medical Center in Florida. In the same year, the company acquired Pacific Pathology Associates in Oregon.
In January 2016, Quest Diagnostics partnered with Montefiore Health system, operating in clinical laboratory services to deliver high-value, innovative laboratory services to the patients.
In July 2015, Sonic Healthcare acquired the Swiss Medical Laboratory Group and Medisupport S. A. With the acquisition of these companies Sonic became one of the largest players in Switzerland.
In June 2015, Laboratory Corporation of America announced the acquisition of Covance Inc. and increased the company’s international presence and also increased its financial growth opportunities.
Regional Analysis:
The global clinical laboratory test market, by region is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas is expected to dominate the market increasing prevalence of diseases, availability of government funding’s, and increasing preference for outpatient services. Moreover the presence of the major market players such as Quest Diagnostics and Laboratory Corporation of America (LabCorp) contribute to the growth of the market in this region. Furthermore, increasing number of routine check-ups and overall clinical laboratory testing boosts the growth of the market.
Europe is anticipated to hold the second position in the global clinical laboratory test market. The market growth in this region is attributed to well-developed healthcare system and increasing prevalence of chronic diseases which requires proper diagnosis.
Asia-pacific region is expected to be the fastest growing market in clinical laboratory tests market owing to the growing awareness about various medical test, increasing government support in order to improve healthcare sector, innovation of new tests and procedures by major market players in this region.
The Middle East and Africa holds the least share in this market. In this region, Middle East is expected to dominate owing to the developing healthcare system and increasing awareness about treatment of various diseases.
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