The Global Clinical Laboratory Test Market is expected to reach USD 148.82 billion by 2020, growing at an estimated CAGR of 6.8% from 2014 to 2020, according to a new study by Grand View Research, Inc. Growing prevalence of chronic diseases and the development of novel laboratory testing methodologies is expected to drive the clinical laboratory tests market through to 2020. Due to the fact that results from clinical laboratory tests are the fundamental basis upon which medical practitioners and healthcare providers form their diagnosis and prognosis for the prevention and treatment for a range of diseases, clinical laboratory tests are critical to the global healthcare and medical fraternity. A growing global prevalence of medical conditions such as diabetes, obesity and other metabolic abnormalities coupled with increasing patient awareness levels is expected to boost market growth during the forecast period.
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Further key findings from the study suggest:
- Basic metabolic tests dominated the market in terms of market share in 2013 due to the fact that these are a panel of seven to eight tests which form the routine list of tests prescribed for almost all medical examinations.
- Growing prevalence of body weight and metabolism related abnormalities and increasing disease causing lifestyle habits promoting abnormal cholesterol level related conditions are expected to help the complete lipid panels market grow at a lucrative rate during the forecast period.
- Due to the growing number of diabetic patients under treatment, it is also expected that the testing volumes for HbA1c tests will experience a productive growth in demand over the coming six years owing to their fundamental application in diabetic treatment monitoring.
- North America was observed to occupy the largest share of the market in 2013 and accounted for more than one third of the revenue generated in the clinical laboratory testing market. This large share can be attributed to the existence of a sophisticated healthcare framework and supportive reimbursement policy structure in the region.
- The Asia Pacific region is expected to grow at a lucrative rate throughout the forecast period due the development of clinical laboratory services and testing in the region. The presence of a large gap in supply and demand for clinical laboratory testing services in the emerging economies has also encouraged a shift in focus of the market leaders from the saturated North American and European regions to the developing markets of countries such as India and China.
- Key participants in the clinical laboratory tests market include Siemens Healthcare, Quest Diagnostics Inc., Sonic Healthcare Ltd., Bioscientia Healthcare, Abbott Laboratories, Charles River Laboratories, Bio-Reference Laboratories, Healthscope Limited., Labco S.A., Laboratory Corporation of America Holdings (Labcorp), ARUP Laboratories, Qiagen, Genoptix Medical Laboratory, Clarient Inc. and Genzyme Corporation.
For the purpose of this study, Grand View Research has segmented the clinical laboratory tests market on the basis of test type, laboratory type and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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