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Learn details of the clinical laboratory services market analysis 2017-2021

Medical Market Research

Technavio recognizes the following companies as the key players in the global clinical laboratory services market: Abbott Laboratories, LabCorp, Quest Diagnostics, and Siemens Healthineers.

Other Prominent Vendors in the market are: ARUP Laboratories, Charles River Laboratories, Genoptix, Myriad Genetics, NeoGenomics Laboratories, Sonic Healthcare, and Spectra Laboratories.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing adoption preventive healthcare. Due to the growing prevalence of chronic diseases, the adoption of preventive healthcare is increasing.

Preventive healthcare involves disease prevention rather than treatment. Disease prevention is possible due to routine healthcare tests.

The adoption of routine healthcare tests is also increasing. The prime aim of regular routine check-ups is to prevent illnesses and their progression.

Doctors recommend routine healthcare tests depending on the age and gender of patients. For instance, women between the ages of 38 and 42 years are susceptible to breast cancer.

Hence, regular mammogram screening is recommended for them, thereby increasing the demand for clinical laboratory services.”

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According to the report, one of the major drivers for this market is Growth of aging population. The increase in median age due to the increase in life expectancy is driving the growth of the aging population.

The increase in life expectancy is due to the shift in the cause of death from acute to chronic diseases such as arthritis, diabetes, high cholesterol, and hypertension, which are caused due to lifestyles. Advances in medicine have reduced the prevalence of disability, which also increases life expectancy.

Further, the report states that one of the major factors hindering the growth of this market is Lack of skilled professionals. Clinical laboratory professionals are skilled and certified professionals who are trained in the theoretical and practical aspects of clinical laboratory medicine.

These include hematology, chemistry, microbiology, immunology, blood banking, and molecular pathology. Clinical laboratory professionals play different roles such as staff technologists, research technologists, supervisors, managers, or educators.

Approximately 60%-70% of all medical decisions involving hospital admissions and discharge and diagnosis and treatment are decided by clinical laboratory professionals.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Clinical Laboratory Services

Clinical laboratories provide services that help healthcare professionals (HCPs) diagnose and treat diseases. Clinical laboratories conduct specialty tests of large volume of samples such as blood, plasma, and lipids.

Several organizations such as nursing homes, corporate offices, insurance companies, pharmaceutical and biotechnology companies, and hospitals refer people to clinical laboratories for testing. Though hospitals may have in-house testing capabilities, they outsource testing to clinical laboratories due to the large volume of samples and the high cost of equipment.

Technavio’s analysts forecast the global clinical laboratory services market to grow at a CAGR of 6.72% during the period 2017-2021.

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Covered in this report
The report covers the present scenario and the growth prospects of the global clinical laboratory services market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:
• Americas

Technavio’s report, Global Clinical Laboratory Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.

The report also includes a discussion of the key vendors operating in this market.

Key vendors
• Abbott Laboratories
• LabCorp
• Quest Diagnostics
• Siemens Healthineers

Other prominent vendors
• ARUP Laboratories
• Charles River Laboratories
• Genoptix
• Myriad Genetics
• NeoGenomics Laboratories
• Sonic Healthcare
• Spectra Laboratories

Market driver
• Growth of aging population
• For a full, detailed list, view our report

Market challenge
• Lack of skilled professionals
• For a full, detailed list, view our report

Market trend
• Increasing adoption preventive healthcare
• For a full, detailed list, view our report

Key questions answered in this report
• What will the market size be in 2021 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?

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