Global Clinical Laboratory Test Market Estimated USD 324.5 billion by 2022
- sagar joshi
- Oct 6, 2018
- 3 min read
Global Clinical Laboratory Test Market has been continuously growing market and will grow at a steady pace. Global clinical laboratory test market is growing at a steady rate and is expected to grow further in future. The major driving force leading to this growth includes increasing prevalence of diseases, growing population, increase in global volume of in-vitro diagnostic tests and increasing patient awareness. On the other hand major factor which is restricting the growth of market is government rules and regulations. The market has high growth opportunities in future due to various untapped therapeutic testing market and expansion that can happen.
Clinical laboratory tests represent a case of high volume steady growth market. The global clinical laboratory test market is anticipated to develop to USD 324.5 billion by 2022 from USD 206.7 billion in 2016. The market is expected to generate a CAGR growth of 6.5% during the forecasted period of 2016 to 2022.
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Key Findings
North America accounted for the largest market share with 44.6% of the global clinical laboratory test market in the year 2016.
Hospital Based Laboratories market holds the largest market share by laboratory type.
CBC and other routine blood tests market holds the largest market share by laboratory test.
Asia-Pacific pacific projected to be the fastest growing region with a growth rate of 6.5% to 7% for the forecasted period.
Key Players for Clinical Laboratory test Market:
Laboratory Corporation of America, LifeLabs Medical Laboratories, Sonic Healthcare, Aurora Diagnostics, Quest Diagnostics, and others.
Drivers and Restraints Factors of Global Clinical Laboratory Test Market
The increasing prevalence of diseases and the growing population of the world is the critical driver of the market. The market is getting a boost from the growing screening programs initiated by the major governments. The inclusion of mandatory screening in the affordable healthcare act for newborns is expected to lead to a fast growth. Increasing awareness and growing bias towards evidence based medicines coupled with the growing volume of in-vitro diagnostic tests will also press the market growth.
Stringent government rules and regulations and the high costs of the tests are the critical constraints on the market. The presence of spurious low cost products is hampering the market due to customer’s loss of faith. False results are other restraints as many older tests have low selectivity and detection limits to their targets.
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The advent of biotech based tests such as DNA based tests are a large market opportunity as they result in greater selectivity and sensitivity. Growing trends towards self-diagnostic tests is expected to make a positive contribution to the markets. Panel based tests are the latest market trend due to their ease of use and single use systems. Automation is another trend driving the market as newer instruments have the capacity and capability to be linked and synced with another instruments. One such glaring example, is that of high pressure liquid chromatography and mass spectroscopy systems which save time and efforts.
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