Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
In the clinical laboratory tests are carried out on specimens from the body such as blood or urine to obtain information about the health of a patient to aid in treatment and prevention of diseases. Through clinical laboratory services diagnosis of diseases can be done for better treatment. These services are delivered by labs located in hospitals and physician offices, as well as by independent labs. The clinical laboratory services include testing material, tissues obtained from a patient or through clinical studies to determine cause as well as nature of diseases.
The clinical laboratory services market has been seeing tremendous growth from the past few decades. The primary growth factors behind the market growth are increasing global burden of target diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures. Likewise, rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures will boosts the market growth in upcoming years. Nevertheless, pricing pressure faced by healthcare payers and providers is the major restraining factor that could hamper the growth of the market.
Due to COVID 19 outbreak trends towards clinical laboratories is increases which will lead to rise in demand for various clinical laboratory services will boost the market growth. Increasing awareness in population towards laboratory tests related to COVID 19 diagnostics and management will drive the market growth. Various diagnosis tests are perform for accurate diagnosis of COVID 19 hence demand for clinical laboratory services has increased. Due to this scenario, COVID 19 positively affect the clinical laboratory services market.
The study analyses global Clinical Laboratory Services Market based on test type, provider, application and geography.
Based on the test type clinical laboratory services market is segmented into human & tumor genetics, clinical chemistry, medical microbiology and cytology and other esoteric tests. The clinical chemistry segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The factors responsible for the segmental growth are growing numerous clinical chemistry tests and the emergence of point-of-care testing methods. The human & tumor genetics is the second leading segment in the market owing to, rising demand for early cancer screening.
The various providers involve in clinical laboratory services market are bifurcated into independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. The independent and reference laboratories are expected to account for the largest share of the market owing to, increasing automation & digitalization of diagnostic laboratories across major countries. Besides this, efforts to improve patient outcomes by providing diagnostic facilities at the retail level will drive the market in upcoming years.
The clinical laboratory services market finds its application in bio analytical & lab chemistry services, toxicology testing services, cell & gene therapy related services, preclinical & clinical trial related services, drug Discovery & development related services and others. The bio analytical and lab chemistry services segment leads the market in 2020. The increasing number of investigational drugs undergoing clinical trials for checking their efficacy and safety as well as rising number of novel drug candidates participating in clinical trials will act as a driving factor for the growth of this market.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World. North America held the largest market share of global clinical laboratory services market owing to, increased investment in research and development clinical laboratory services technologies. Nevertheless, the rising prevalence of chronic diseases in North America will fuel the market growth.
The major key players of market includes Mayo Medical Laboratories , Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Spectra Laboratories Inc., DaVita Healthcare Partners, Eurofins Scientific, Unilabs, SYNLAB International, Bio-Reference Laboratories, Sonic Healthcare, and Cerba HealthCare, OPKO Health, Inc, Abbott, Charles River Laboratories International, Inc., Cinven, Arup laboratories, NeoGenomics Laboratories, Fresenius Medical Care and Viapath Group LLP.
September 2020: KeyOptions has launched the Virolens Covid-19 screening test, based on a nano-cellular microscope after securing its commercial rights from Virolens to market the product in Australia and South East Asia.
March 2020: Illumina acquired cancer-testing firm Grail to accelerate commercialization and adoption of transformative multi-cancer screening tests with the potential to detect more cancers earlier and enable better outcomes. Galleri was expected to launch commercially in 2021 as a multi-cancer, laboratory-developed test (LDT) for early cancer detection from the blood.
The study analyses global clinical laboratory services market based on test type, provider, application and geography. The medical device testing plays vital role to ensure the accurate diagnosis and treatment of diseases. The market finds its application in the bio analytical & lab chemistry services, toxicology testing services, cell & gene therapy related services, preclinical & clinical trial related services, drug Discovery & development related services and others. The rising demand for early and accurate disease diagnosis and increasing global burden of target diseases are the major factors that driving market growth. Nevertheless, rising development in new technologies for accurate and early disease diagnosis is expected to impede market growth over the forecast period 2021-2027. The rising prevalence of chronic diseases lead to increased awareness towards the early diagnosis of the disease will fuel the market growth. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World.
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