Clinical Laboratory Services Market Synopsis
The global market for clinical laboratory services is projected to hold a substantial value of USD 274,400 million by the end of 2023. The increasing awareness about healthcare services is estimated to drive the global clinical laboratory services market 2020. Also, increased healthcare expenditure is a pivotal factor in expanding the market.
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The increasing demand for advanced technologies is estimated to escalate the market. Also, there has been an increased initiative that has expanded the market significantly during the review period. In the current scenario, individuals are more print to chronic diseases due to a change in lifestyle. In addition, the growing number of geriatric population is another pivotal factor leading to the rise in the market. The increased number of chronic patients has resulted in pressure on the pharmaceutical and healthcare sector to innovate a more efficient method. Also, the outbreak of COVID-19 has led to an additional expansion of the market. The millions of COVID-19 tests conducted have led to an upward trajectory of the market and thereby augmenting the market at a global level.
Clinical Laboratory Services Market Segmentation
The global market for clinical laboratory services can be segmented on the basis of application, type, and region.
On the basis of application, the global market for clinical laboratory services can be segmented into independent, reference laboratory, laboratory, and hospital laboratory.
On the basis of type, the global market for clinical laboratory services can be segmented into endocrinology, microbiology, genetic testing, biochemistry, histopathology, cytology, hematology, and others.
On the basis of region, the global market for clinical laboratory services can be segmented into North America, Latin America, Europe, The Middle East & Africa (MEA), and Asia-Pacific.
Clinical Laboratory Services Market Regional Analysis
The global market for clinical laboratory market is estimated to grow significantly during the review period. On the basis of geography, the market has been categorized into North America, Latin America, Europe, The Middle East & Africa (MEA), and Asia-Pacific. As per the study, the global market is estimated to be dominated by North America. In North America, the US and Canada are projected to make the most valuable contribution in expanding the market. Besides, the region comprises of an advanced infrastructure that is likely to propel the market. Also, increased funding is likely to escalate the regional market. Also, the availability of lab experts and technicians is accelerating market expansion. The European market is projected to acquire a substantial portion of the market. Countries such as France, Italy, Germany, and the UK are estimated to make considerable participation in expanding the regional market. The region consists of advanced methods that augment the regional market.
On the contrary, the APAC region is likely to show development owing to the increasing investment by the companies operating at a global level. The region is developing at a fast rate due to the presence of developing countries like India and China. Also, the increased disposable income of individuals likes likely to augment the market further.
The market is estimated to show a swifter expansion due to the outbreak of COVID-19. Every region is conducting the COVID-19 tests at a very fast pace and thereby escalating the market at a global level.
Clinical Laboratory Services Market Key Players
The established players of the global clinical laboratory services market are Mayo Medical Laboratories, Laboratory Corporation of America Holdings, Spectra Laboratories Inc, Bio-Reference Laboratories, Unilabs, Clinical Reference Laboratory, Amedes Holdings Adicon Clinical Laboratory, Lifelabs Medicals Laboratories, Synlab International, Quest Diagnostics Incorporated, ACM Medical Laboratory, Cerba Healthcare, Sonic Healthcare, Eurofins Scientific, and a few more.
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