The market growth of clinical laboratory services can be attributed to factors, such as advancements in clinical testing techniques, growing geriatric population, new diseases demanding accurate & early diagnosis, and growing prevalence of target diseases. In 2019, Quest Diagnostics presented data for its HDL cholesterol function lab test that provides insights into cardiovascular disease risks at the American Heart Association Scientific Sessions. This could help people to avoid adverse outcomes through early detection and preventive care. These are some of the factors that will drive market growth during the forecast period.
Major Key Players of the Clinical Laboratory Services Market are:
Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, DaVita Inc., Eurofins Scientific, Fresenius Medical Care AG & Co. KGaA, Mayo Foundation for Medical Education and Research, Sonic Healthcare, BioReference Laboratories, Inc., Laboratoire Cerba, ACM Global Laboratories, and others.
Clinical laboratory services provide data that enhances the effective delivery of patient care. They produce accurate, sensitive, and specific information using advanced technologies, which can aid healthcare professionals in making correct therapeutic choices. The services are cost-effective and least invasive in nature. Moreover, technological improvements, utilization of novel markers, and rising infections are expected to positively impact the market growth of clinical laboratory services.
However, reimbursement pressures faced by healthcare companies and the lack of skilled professionals are hampering market growth to a certain extent.
The Clinical Laboratory Services Market is segmented on the basis of Specialty, Provider and region.
Major Specialty of Clinical Laboratory Services Market covered are:
- Clinical Chemistry Testing
- Cytology Testing
- Genetic Testing
- Hematology Testing
- Immunology Testing
- Microbiology Testing
- Drugs of Abuse Testing
Major Provider of Clinical Laboratory Services Market covered are:
- Independent & Reference Laboratories
- Nursing & Physician Office-Based Laboratories
- Hospital-Based Laboratories
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