U.S. Clinical Laboratory Services Market to witness massive gains over 2016-2024, Stand-alone laboratories to be the dominant service providers

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Ongoing technological advancements in the healthcare infrastructure is drawing a profitable roadmap for Clinical laboratory services market globally. Reportedly, clinical laboratory services cover 80% of the overall medical diagnosis space, claiming a prominent position in the healthcare diagnosis spectrum. The growth of this industry can be attributed to a multitude of factors such as increasing patient awareness regarding their health and importance of early detection of diseases coupled with a noticeable increase in the geriatric population base. Biochips, microarrays, and companion diagnostics are few of the innovative products which are witnessing massive adoption rates across the testing laboratories. As per Global Market Insights, Inc., “Worldwide clinical laboratory services market worth USD 196.9 billion in 2015, will register an annual growth rate of 6.4% over the coming seven years.”

U.S. Clinical Laboratory Services Market Size, by Test, 2012- 2024 (USD Bn)
U.S. Clinical Laboratory Services Market Size, by Test, 2012- 2024 (USD Bn)

Clinics, standalone laboratories, and hospitals are key service providers in clinical laboratory services market. Standalone laboratories were recognized as the most lucrative service providers and accounted for a revenue of USD 73 billion in 2015. Wide range of test facilities by these labs make it a preferable service provider.  This segment is estimated to register an annual growth rate of 7% over the period of 2016-2024. Hospital based clinical laboratory services market had a revenue of USD 113.4 billion in 2015 and is predicted to record considerable growth rate over the years ahead.

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Based on the tests carried out, clinical laboratory services industry is mainly divided into clinical chemistry, other esoteric test, medical microbiology & cytology, and human & tumor genetics. Clinical chemistry test accounted for more than 47% of the market share in 2015 and will collect attractive revenue of more than USD 152 billion by 2024, primarily driven by its surging requirement for the treatment of invasively growing diseases such as blood disorders, diabetes, cardiovascular, and liver & kidney.

Geographically, Europe clinical laboratory services market will surpass a revenue collection of USD 62 billion by 2024. The industry growth can be attributed to the availability of advanced diagnostic test methods along with growing awareness among the people regarding early diagnosis of diseases. UK and Germany collectively accounted for 27% of the regional revenue share.

U.S. clinical laboratory services industry size contributed substantially toward the regional growth by collecting a revenue of USD 64 billion in 2015 and will exhibit considerable growth rate over the period of 2016 to 2024, owing to the surging implementation of advanced diagnostic technologies.

Asia pacific clinical laboratory services market share is anticipated to generate a revenue of more than USD 76 billion by 2024. The presence of a large aging population base across the APAC countries such as China and Japan will augment the high product demand. In addition to this, growing investments in healthcare infrastructure to develop novel and advanced diagnostic devices will also favor the industry growth.

Clinical laboratory services industry is consolidated with top four market players- Sonic Healthcare, Quest Diagnostics, LabCorp, and Genoptix Medical Laboratory having acquired more than 45% of the business space in 2015. Product differentiation, mergers & acquisitions, and regional expansion will be the key growth strategies adopted by the industry giants to sustain their market value.

Author Name :Sunil Hebbalkar

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