The clinical laboratory services includes tests which are carried out on clinical specimens to obtain information about the health of a patient to aid in diagnosis, treatment, and prevention of disease. To determine the nature and cause of disease through clinical trials clinical laboratory services provide testing material. The clinical laboratory services plays vital role in providing a wide range of laboratory procedures which aid the physicians in carrying out the diagnosis, treatment, and management of patients.
The primary factors that driving the market growth are rising prevalence of chronic diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures. Nevertheless, growing government initiatives to improve the quality and affordability of clinical diagnostic testing procedures will boosts the market growth in upcoming years. Besides, pricing pressure faced by healthcare payers and providers and presence of stringent regulatory framework are the major restraining factor that could hamper the growth of the market.
Due to COVID 19 outbreak causes ill effects on most of the industries but in healthcare industry it increases 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 North America Clinical Laboratory Services Market based on test type, provider, application and country.
The test types in clinical laboratory services market is bifurcated into human & tumor genetics, clinical chemistry, medical microbiology and cytology and other esoteric tests. The clinical chemistry segment accounted for the largest market share owing to, 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. As the increasing awareness towards early cancer screening.
Clinical Laboratory Services Market By Provider
The providers include in clinical laboratory services market are segmented into independent and reference laboratories, hospital-based laboratories; and nursing and physician office-based laboratories. The independent and reference laboratories segment is expected to witness rapid growth during the estimated period. In North America growing demand for digitalization of diagnostic laboratories lead the clinical laboratory services market. Likewise, 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 has 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 is projected to dominate the market by the end of forecast period. The factors responsible for the market growth in 2020 are increasing number of investigational drugs undergoing clinical trials for checking their efficacy and safety and rising number of novel drug candidates participating in clinical trials.
Country wise, the study is comprised of the key countries such as the Unites States (US), Mexico and Canada. The US held the largest market share of North America clinical laboratory services market and is likely to dominate the market over the forecast period 2021-2027. The countries such as US, Mexico and Canada, surge rise in demand for clinical laboratory services market due to advancement in technology.
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: 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 was launched by KeyOptions.
· 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 North America 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 bio analytical and lab .chemistry services segment will lead the market in upcoming years. The factors driving the market growth are rising demand for early and accurate disease diagnosis and increasing global burden of target diseases. Besides this, developing new technologies in clinical laboratory services will fuel market growth. The rising prevalence of chronic diseases lead to increased awareness towards the early diagnosis of the disease will responsible for the market growth. Country wise study comprises countries like US, Mexico and Canada. The US held the largest market share of North America clinical laboratory services market and is likely to dominate the market over the estimated time frame.
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· The report also offers strategic recommendations in key business segments based on the market estimations and competitive landscape, mapping the key common trends of North America clinical laboratory services market.