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Clinical Laboratory Services - Global Market Trajectory & Analytics

  • ID: 2228044
  • Report
  • January 2021
  • Region: Global
  • 365 Pages
  • Global Industry Analysts, Inc
The global market for Clinical Laboratory Services is projected to reach US$ 126.7 billion by 2024, driven by the rapidly growing test volumes compounded by aging population and the ongoing trend towards preventive healthcare. In addition to aging population, other factors responsible for the massive increase in patient specimens tested in labs and the ensuing demand for clinical lab testing services include increased diseases surveillance and screening supported by government public health screening policies; rise in new strains of infectious diseases; epidemic spread of chronic diseases such as diabetes, thyroid dysfunction and the need for routine diagnostics in long-term disease management; rise in cancer and robust demand for clinical molecular diagnostics to detect pathogenic mutations in DNA; and expanding base of state/local public and private health labs. Also driving growth in the market are several other factors such as increasing patient awareness over the importance of timely disease diagnosis; rising incidence of chronic conditions due to changing lifestyles; advancements in the area of proteomics and genomics; development of novel genetic tests, companion diagnostics and molecular testing; and rising CAPEX in affordable laboratory automation technologies. The growing focus shed on overall healthcare cost reduction is resulting in increased outsourcing of laboratory services. Outsourcing offers significant cost benefits for hospitals as it eliminates the need to invest in expensive laboratory automation equipment which is critical for timely processing of large volumes of patient samples in a single cycle without compromising analytical accuracy. The United States represents the largest market worldwide, supported by well-developed healthcare infrastructure, advancements in diagnostic services, and committed pursuit of excellence in diagnostic services. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.3% through the analysis period led by vast unmet medical needs; high untapped potential due to lower current clinical testing levels; improving healthcare infrastructure; increasing income and healthcare per capita spending; growing prevalence of chronic and life-threatening diseases as a result of rapid economic growth, urbanization and the ensuing spread of unhealthy lifestyles; and the gradual transition to pro-healthy lifestyles.

Select Competitors (Total 125 Featured):
  • ADICON Clinical Laboratories, Inc.
  • ARUP Laboratories
  • Bio-Reference Laboratories, Inc.
  • DaVita, Inc.
  • Enzo Clinical Labs
  • Genova Diagnostics, Inc.
  • Kingmed Diagnostics
  • Laboratory Corporation of America Holdings
  • Dynacare
  • Mayo Clinic Laboratories
  • NeoGenomics Laboratories
  • Genoptix, Inc.
  • Quest Diagnostics, Inc.
  • Sonic Healthcare Limited
  • Bioscientia Institut für Medizinische Diagnostik GmbH
  • American Esoteric Laboratories
  • SYNLAB International GmbH
  • The National Health Laboratory Service
  • Thyrocare Technologies Limited
  • Unilabs SA
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • Clinical Laboratories Step Up Strategies for Protecting Personnel
  • Assays for COVID-19 Detection
  • Clinical Labs Benefit from the Surge in COVID-19 Testing Volumes
  • EXHIBIT 1: Total Number of COVID-19 Tests Conducted in the Most Impacted Countries: As of December 8th, 2020
  • COVID-19 Affects Fortunes of Non-COVID Diagnostics
  • Cancer Testing Dives During First Half of 2020
  • Labs Embark New Journeys to Retain Overall Volumes
  • At Home Testing Presents Challenges for Clinical Lab Services
  • An Introduction to Clinical Laboratory Services
  • Types of Tests Conducted in Medical Labs
  • Types of Clinical Laboratories
  • Global Market Prospects & Outlook
  • Hospital-based Laboratories Lead the Global Market
  • Developed Regions Lead, Developing Economies Present Considerable Growth Opportunities
  • Competition
  • Consolidation Activity Gathers Pace
  • Select M&A Transactions in Clinical Laboratory Services Industry (2019 & 2020)
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Rising Healthcare Needs of Aging Population to Boost Demand for Laboratory Services
  • EXHIBIT 2: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • EXHIBIT 3: Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • EXHIBIT 4: Life Expectancy at Age 60 and 80 Years: (2010-2015), (2020-2025) & (2045-2050)
  • Increasing Incidence of Chronic Diseases Drives the World Clinical Laboratory Services Market
  • EXHIBIT 5: Global Cancer Incidence: Number of New Cancer Cases in Million for the Years 2018, 2020, 2025, 2030, 2035 and 2040
  • EXHIBIT 6: World Diabetes and Population Statistics (2019, 2030 & 2045)
  • EXHIBIT 7: Global HIV Prevalence: Number of People Living with AIDs (in Thousands) by Region for 2018
  • EXHIBIT 8: Global Annual Medical Cost of CVD in US$ Billion: 2010, 2015, 2020, 2025 and 2030
  • Rise in Healthcare Expenditure to Drive Growth
  • EXHIBIT 9: World Healthcare Expenditure (In US$ Billion) for the Years 2017-2023
  • EXHIBIT 10: Elderly Healthcare Expenditure as a % of GDP
  • With COVID-19 Highlighting the Threat Posed by Infectious Diseases, Role of Clinical Labs in Testing Infectious Diseases Grows in Importance
  • EXHIBIT 11: Infectious Diseases Remain Major Cause of Death in Under Developed Regions: Breakdown of Leading Causes of Death in Sub-Saharan Africa (in %)
  • EXHIBIT 12: Infectious Diseases Related Mortality High Among Children Below 5 Years: Breakdown of Leading Causes of Death in Children Below 5 Years (in %)
  • Increasing Prevalence of Respiratory Infections Drive Growth
  • EXHIBIT 13: Global Number of Deaths Caused Due to Communicable Diseases (In 000s)
  • Lab Automation Speeds Up
  • Rise of Laboratory 4.0 Transforms Clinical Laboratory Space
  • Laboratory Information Systems Gain Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs
  • Artificial Intelligence: The Future of LIMS
  • Digitalization, Automation and AI Trends Shape Growth
  • Microbiology Laboratories Switch to Automation to Push Yields
  • EXHIBIT 14: World Laboratory Automation Market in US$ Billion for Years 2018, 2020, 2022, 2024 & 2026
  • Artificial Intelligence Holds Positive Implications for Automation of Clinical Microbiology
  • Clinical Microbiology Market Benefits from Digitalization and Robotization Trend
  • Integration of Clinical Microbiology with Cloud Computing
  • Advent of New & Advanced Devices Fuels Growth in Clinical Laboratory Services Market
  • New Technologies and Tests Drive Demand for Specific Testing
  • Increasing Role of Advanced Tests in Clinical Treatment Decision Making
  • Innovations Hold Potential to Improve Clinical Chemistry Lab Performance
  • Disruptive Innovations in Clinical Lab Space Present Growth Opportunities
  • Increasing Opportunities in Personalized Medicine and Clinical Trial Services
  • EXHIBIT 15: Global Personalized Medicine Market: Revenues in US$ Million for the Years 2019, 2021, 2023 and 2025
  • Autoimmune Disease Testing: Labs Seek Cost-Effective & High Productivity Options
  • Genetic Disease Testing Offers Bright Prospects for Lab Services
  • Reduced Hospitalization Enhances Significance of Medical Labs
  • Standardization Gains Precedence in the Hunt for Automation
  • Assessing the Impact of Point-of-Care Testing on Clinical Labs
  • Hospital Laboratories to Transform into Profit Centers
  • Hospital Outreach Laboratories Deliver Better Value to Larger Organizations
  • Physician Office Laboratories: Focus on Reducing Turnaround Times for Testing
  • Emerging Clinical Laboratory Designs Focus on Improving Space Utilization and Promote Healthy Work Environments
  • Laboratory Outsourcing Trend Gains Strength
  • Challenges Facing Lab Testing Market
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • United States: A Major Market for Clinical Laboratory Services
  • A Glance at Major Growth Drivers
  • COVID-19 Accelerates Market Expansion
  • US-based Labs Ramp Up Operations Amidst the COVID-19 Situation
  • FDA Plays Instrumental Role in Influx of New Tests
  • CMS Prioritizes COVID-19 Testing: Announces New Reimbursement Rules
  • Unmet Diagnostic Needs of Aging Population: Major Driver
  • EXHIBIT 16: US Elderly Population: Expected Growth Rates Over the Years 2005-2025
  • Increasing Burden of Chronic Diseases Drives Focus onto Early Detection & Prevention
  • Cancer Statistics in the US
  • EXHIBIT 17: Leading Sites of New Cancer Cases in Males: 2020
  • EXHIBIT 18: Leading Sites of New Cancer Cases in Females: 2020
  • Prevalence of Diabetes in the US
  • EXHIBIT 19: Diabetes and Population Statistics in North America and Caribbean Region (2019, 2030 & 2045)
  • Opportunities in Personalized Medicine and Clinical Trial Services
  • Growing Focus on Early Diagnosis
  • Impact of Scientific Advances & Role of Healthcare IT Solutions
  • Need to Reduce Healthcare Costs
  • Opportunities from Individual Testing & Population Screening Initiatives
  • Clinical Laboratory Services: Systemic Challenges
  • Changing Healthcare Industry Dynamics Affect Clinical Lab Testing Market
  • EXHIBIT 20: Healthcare Spending as a % of GDP in the US: 2010-2020
  • Key Trends & Issues
  • Anatomic Pathology & Cytology Testing: Personalized Medicine Presents Positive Future
  • Esoteric Testing Market: Faster Growth than Routine Testing Segment
  • Molecular Diagnostics: Promising Growth Opportunities
  • Drugs of Abuse Testing: Prospects Linked to Employment Levels
  • Future Holds Promise for Specialty Testing Market
  • Smaller Labs Embrace Digital Pathology Systems
  • Impact of Healthcare Spending Cuts on Routine & Specialty Lab Tests
  • Increasing Role of Advanced Tests in Clinical Treatment Decision Making
  • Toxicology Laboratories Market: An Insight
  • Genetic and Genomic Clinical Lab Testing Market: Promising Prospects
  • Shift towards Managed Care - A Challenge for Independent Clinical Labs?
  • ACO Business Model: A Challenge for Independent Labs
  • Integration of Clinical Care: Impact on Clinical Labs & Anatomic Pathology Groups
  • Hospital Laboratory Outreach Programs: On the Rise
  • Physician Practices: The New Acquisition Targets
  • EXHIBIT 21: % of Independent Physicians in the US (2000, 2005 & 2018)
  • Cost Cutting Measures to Hit Lab Outreach Testing Business?
  • Shortened Hospital Stay Enhances Significance of Medical Labs
  • POCT Segment Withstands Cost Pressures
  • Quality Concerns Bring IT Solutions & Automation to the Fore
  • Move towards IQCP
  • Reimbursement Policies Strongly Influence Clinical Lab Services Market
  • Challenges Facing Clinical Labs Market
  • Competitive Landscape
  • Providers of Clinical Laboratory Service in the US: A Review
  • Hospital-Based Labs
  • EXHIBIT 22: Registered Hospitals in the US by Type: 2018
  • Independent Labs
  • EXHIBIT 23: Independent Labs Market in the US (2019): Percentage Share Breakdown of Revenues for Quest Diagnostics, LabCorp, Small Independent Labs and Others
  • Physician Office-Based Labs and Others
  • Consolidation Activity Gathers Pace in Clinical Laboratory Testing Market
  • Accreditation and Regulatory Scenario in the US
  • Clinical Laboratory Improvement Amendments (CLIA)
  • EXHIBIT 24: CLIA Laboratories Registered: March 2020
  • A2LA
  • ASCLS
  • CAP
  • An Overview of Select Regulations
  • Protecting Access to Medicare Act (PAMA) of 2014
  • Health Insurance Portability and Accountability Act of 1996
  • Substance Abuse and Mental Health Services Administration (SAMHSA) Regulation
  • Medicare Coverage for Screening Tests
  • EXHIBIT 25: Medicare Spending in the US by Category (2019): Percentage Share Breakdown of Spending for Medicare Advantage, Inpatient Hospital, Prescription Drugs, Physician Fee Schedule, Outpatient Hospital and Others
  • Medicaid
  • Market Analytics
  • CANADA
  • COVID-19 Widens the Business Case for Clinical Laboratory Services
  • Market Analytics
  • JAPAN
  • COVID-19 Testing Elevates Market Prospects
  • Market Analytics
  • CHINA
  • Clinical Laboratory Services Market in China: An Overview
  • COVID-19 Outbreak Spurs Huge Demand
  • Healthcare Reforms Bolster Opportunities
  • Independent Clinical Labs Gain from Prevailing Trends
  • EXHIBIT 26: Leading Independent Medical Labs in China (2019): Percentage Breakdown of Revenues for Leading Players
  • Market Leaders Look to Expand Beyond Clinical Services
  • CNAL: The National Accreditation Body in China
  • Market Analytics
  • EUROPE
  • Market Overview
  • COVID-19 Testing Drives Revenue Growth
  • Aging Population: Prime Growth Driver
  • Automated Systems Gain Preeminence
  • Accreditation and Regulatory Scenario in the EU
  • Market Analytics
  • FRANCE
  • GERMANY
  • Clinical Laboratory Services in Germany: An Overview
  • Regulatory/Accreditation Scenario
  • Market Analytics
  • ITALY
  • UNITED KINGDOM
  • Market Overview
  • COVID-19 Testing in the UK
  • Market Analytics
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Asia-Pacific: An Emerging Market
  • Market Analytics
  • AUSTRALIA
  • INDIA
  • India: High Growth Market
  • Clinical Laboratory Market: Overview
  • COVID-19 Testing Widens Opportunities
  • Levels of Medical Laboratories
  • Competitive Landscape
  • Market Analytics
  • SOUTH KOREA
  • COVID-19 Steers Clinical Lab Services Market
  • Market Analytics
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • ARGENTINA
  • BRAZIL
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • IRAN
  • ISRAEL
  • SAUDI ARABIA
  • UNITED ARAB EMIRATES
  • REST OF MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 129
Note: Product cover images may vary from those shown
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