The global clinical laboratory services market is expected to reach USD 327.0 billion by 2025, according to a new report by Grand View Research, Inc. Clinical labs are observed to adopt international standards thus providing opportunities for interoperability and automation.
Rising concern pertaining to cost control, increasing the pace of R&D for new products, and demand for improvement in quality control parameters has resulted in pressure on lab personnel. Moreover, there has been continuous progress in a number of compounds screened in clinical settings which further demands development in this field.
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Improvement and implementation of informatics and automated data management solutions to perform seamless operations are anticipated to drive growth in this market. However, sample preparation and running it through experimental protocols with enhanced productivity is still a challenge in these labs.
Market entities are continuously putting efforts to address this challenge through several means.
For instance, vendors are adopting 384-well plates instead of 96-well plates in order to cut the reagent costs as well as time taken for performing assays.
Further key findings from the report suggest:
- In 2016, clinical chemistry services captured the largest market share due to the presence of large number of body fluid-based screening solutions
- Moreover, it caters large number of specialty including liver function tests, renal function tests, along with determination of different physiological substances
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- In addition, emergence of tests that require smaller sample size and easy collection of the sample from patients is anticipated to boost R&D, thereby leading to potential growth prospects
- Depending on the current level of tests, application, medical microbiology & cytology is expected to experience grow at fastest rate
- Ability to provide better testing services at a comparatively lower rate is anticipated to increase adoption of services by stand-alone laboratories thereby driving progress at fastest pace
- North America stands out as market leader owing to the technological advancements and high awareness on medical standards followed by Europe
- Rapid growth can be expected in the regions of Asia and Latin America in the forecast period due to the growing awareness, increased government initiatives, and positive regulatory policies
- Key players operating include Quest Diagnostics, Laboratory Corporation Of America Holdings (LabCorp), Abbott; Charles River Laboratories, Siemens Healthineers, OPKO Health Inc; ARUP Laboratories; Sonic Healthcare; and Neogenomics Laboratories, Inc.
- Competition amongst the market entities for the development of clinical chemistry analyzers that can provide rapid results is expected to support the projected CAGR
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