Clinical Laboratory Services Market revenue to cross USD 317.6 Bn by 2027: Global Market Insights Inc.

Major clinical laboratory services market players include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific.

SELBYVILLE, Del., Dec. 7, 2021 /PRNewswire/ -- The clinical laboratory services market size is anticipated to record a valuation of USD 317.6 billion by 2027, according to the most recent study by Global Market Insights Inc. Increasing initiatives by numerous government and non-government organizations to control the burden of ailments are expected to positively impact the market growth.

The medical microbiology & cytology segment accounted for 19% of the clinical laboratory services market share in 2020. Growing number of infectious diseases such as HIV, mucormycosis, aspergillosis and pythiosis is projected to increase the demand for microbiological diagnostic tests, thereby enhancing the segment growth. For instance, as per the United Nations Programme on HIV and AIDS (UNAIDS), around 37 million people across the globe are living with HIV that has surged the segment expansion. In addition to this, in 2020, 1.5 million new cases of HIV have been reported.

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Clinic-based laboratories segment captured USD 12.3 billion in 2020. Rising prevalence of diabetes cases across the globe is positively influencing the demand for tests in clinic-based laboratories. Endocrinological disorders include ailments related to hormonal fluctuations such as diabetes, hypothyroidism, and others. The rising occurrence of such hormonal disorders especially in the geriatric population pool results in high demand for clinic-based laboratories. Additionally, clinic-based laboratories possess the required infrastructure and medical instrumentations that are beneficial and convenient for patients in disease diagnosis.

Asia Pacific clinical laboratory services market is poised to witness 4.1% growth rate through 2027. The rising prevalence of infections, increasing burden of chronic diseases, and aging populations are some of the few factors that are stimulating the market value. The need to manage rising cases of communicable and non-communicable diseases are further triggering the need to integrate care models of advanced clinical laboratory services in the region. Furthermore, business growth will be driven by increasing funding by government and non-government organizations.

A few notable companies operating in the market include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.

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Table of Contents (ToC) of the report:

Chapter 3 Clinical Laboratory Services Market Insights

3.1  Industry segmentation

3.2  Industry landscape, 2016 - 2027

3.3  Industry impact forces

3.3.1  Growth drivers

3.3.2  Industry pitfalls & challenges

3.4  Growth potential analysis

3.4.1  By test type

3.4.2  By service provider

3.5  COVID-19 impact analysis

3.6  Regulatory landscape

3.7  Clinical research service portfolio scenario

3.8  Porter's analysis

3.9  Competitive landscape, 2020

3.9.1  Company matrix analysis

3.10  PESTEL analysis

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