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.
The clinical laboratory services involve testing 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. These services plays key role in accurate diagnosis of diseases 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 technological advancements in the clinical testing and raised burden of target diseases. Likewise, growing public-private investments as well as increasing demand for early detection will act as a driving factor for the market. Nevertheless, lack of skilled professionals and pricing pressure faced by healthcare payers and providers are 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 Asia Pacific Clinical Laboratory Services Market based on test type, provider, application and country.
Based on the test type clinical laboratory services market is bifurcated 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. Rising numerous clinical chemistry tests and the emergence of point-of-care testing methods will fuel in market growth in upcoming years. Nevertheless, improving healthcare system, and rising per capita disposable income in Asia Pacific region will boosts the market growth.
The clinical laboratory service providers are segmented into independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. The independent and reference laboratories segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period. The factors that responsible for the market growth are increasing automation & digitalization of diagnostic laboratories across major countries. Nevertheless, efforts to improve patient outcomes by providing diagnostic facilities at the retail level will drive the market in upcoming years.
The various application were studied in this report such as 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 is projected to witness the highest share in 2020 owing to, rising number of investigational drugs undergoing clinical trials and growing number of novel drug candidates participating in clinical trials will act as a driving factor for the growth of this market.
The countries covered in the Asia-Pacific clinical laboratory services market report are China, Japan, India and rest of APAC. The China held the largest market share of Asia Pacific clinical laboratory services market and is likely to dominate the market over the estimated time frame. China is one of the major contributing country in medical field and also it is well developed country. The advancement in clinical laboratory services is the major factor for the market growth in the region.
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 Asia Pacific 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. Country wise study comprises countries like China, India, Japan and rest of Asia Pacific. The China held the largest market share of Asia Pacific clinical laboratory services market and is likely to dominate the market over the estimated time frame.
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