The global “clinical laboratory services market” is anticipated to gain impetus from a rise in the geriatric population reported across the globe. According to a report by Fortune Business Insights, titled, “Clinical Laboratory Services Market Size, Share and Global Trend by Laboratory Type (Speciality Clinical Laboratory, Integrated Clinical Laboratory), by Ownership (Hospital owned clinical laboratory, Standalone clinical laboratory, Others), by End User (Hospitals, Clinics, Research Centers, Others), and Geography Forecast till 2026,” rise in the incidence of chronic diseases, namely, obesity, cardiovascular diseases, diabetes, viral, and bacterial infections are projected to drive the global laboratory services market in the coming years. Awareness about periodic health checkups is also anticipated to propel the market.
The report classifies the global clinical laboratory services market on the bases of laboratory type, ownership, end user, and geography. In terms of laboratory type, the market is further grouped into integrated clinical laboratory and specialty clinical laboratory. Amongst these, the specialty clinical laboratory type holds a considerable portion of the global clinical laboratory services market. It is likely to remain in its position throughout the forthcoming period. This is because of a rise in the patient pool and increasing focus towards the prevention of viral diseases. Moreover, rise in the prevalence of epidemic diseases across the globe contribute to the increasing demand for clinical laboratory services, which in turn, drives the global market. In terms of ownership, the market is divided into standalone clinical laboratory, hospital-owned clinical laboratory, and others. By end user, the market is segmented into research centres, clinics, hospitals, and others.
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An Overview of the Impact of COVID-19 on this Market:
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Increasing Awareness Campaigns Regarding Advanced Clinical Technologies to Boost Growth in Asia Pacific and the Middle East and Africa
The global clinical laboratory services market is geographically divided into North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. In 2017, North America was leading the global clinical laboratory services market. This is mainly because of a rise in geriatric population, growth in the incidence of chronic diseases, and a rise in the cases of viral infections. Additionally, high rate of cost control trends among the hospitals, constant advancements in technology, and increasing demands for diagnostics have recently started to drive the global clinical laboratory services market in North America. Fortune Business Insights predicts that the Middle East and Africa as well as Asia Pacific have huge potentials to grow during the forecast period in the global clinical laboratory services market. This is mainly because of a rise in the usage of advanced clinical technology services and increasing awareness regarding disease prevention.
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SRL Diagnostics, Carlyle Group, and Other Key Players Aim to Boost Sales through Strategic Investments
SRL Diagnostics, a diagnostic company headquartered in Gurugram, India, announced the opening of its largest accredited lab network in Tirupati, in February 2019. The lab will offer its services to approximately 3 crore pilgrims who visit Tirupati as it is considered to be one of the holiest pilgrimage sites in India. Carlyle Group, a multinational private equity, based in the U.S. and Meinian Onehealth Healthcare Holdings Co., a renowned provider of health checkup and medical treatment, based in China, invested in Adicon Holding Ltd., an independent clinical laboratory in October 2018. They became a single shareholder.
Some of the key players present in the global clinical laboratory services market are Mayo Foundation for Medical Education and Research, Clinical Laboratory Services, Inc., UNILABS, Novartis AG, Covance Inc., SYNLAB International GmbH, Fresenius Medical Care AG & Co. KGaA, Sonic Healthcare, Laboratory Corporation of America Holdings, NeoGenomics Laboratories, Inc., Adicon Holding Limited, BioReference Laboratories, and other prominent market players.
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