A regional synopsis of clinical laboratory services market: global industry valuation to hit a mammoth USD 342 billion by 2024
Publisher : Fractovia | Published Date : 2018-08-31Request Sample
Powered by the rapidly rising occurrence of cardiovascular disease, diabetes, and a host of target disorders, clinical laboratory services market has been forecast to observe a highly appreciable growth rate in the ensuing years. As per WHO, more than 17.5 million people succumbed to cardiovascular disease in the year 2015, with CVDs representing over 30% of global deaths. Indeed, CVDs are deemed to be the numero uno cause of deaths occurring worldwide.
WHO also estimates that diabetes was the cause of more than 1.5 million deaths in 2015. These alarming statistics validate the dire need of advanced laboratory testing services to enable early detection and treatment – a need that would massively propel clinical laboratory services market in the years to come.
Germany Clinical Laboratory Services Market, By Test Type, 2013 – 2024 (USD Billion)
Unveiling U.S. clinical laboratory services market trends
The United States has been touted as one of the foremost revenue pockets for clinical laboratory services market, a prediction that can plausibly be credited to the presence of a highly sophisticated healthcare infrastructure and the rapid prevalence of target diseases, especially among the ever-increasing geriatric population. As per estimates, U.S. accounted for 76.6% of the North America clinical laboratory services market share in 2017.
The presence of prominent industry contenders in the region is another pivotal reason for the expansion of U.S. clinical laboratory services market. The U.S. based LabCorp for instance, is highly proactive with regards to bringing in advanced diagnostic testing facilities and guided medical care to the masses. Recently, the company joined hands with Royal Philips to further advanced digital pathology. LabCorp, via this agreement, planned to implement the Philips IntelliSite Pathology Solution and incorporate digitized workflows in its anatomic pathology services, which incidentally form a vital part of the company’s clinical laboratory services portfolio. Powered by the efforts undertaken by local players, U.S. clinical laboratory services market size was pegged at USD 72.9 billion in 2017, and is likely to grow at a tremendous pace over 2018-2024.
India – an emerging regional ground for clinical laboratory services market
In the last half a decade or so, India has surprisingly emerged as a pivotal contributor toward clinical laboratory services market. The growth of this business sphere across this region can possibly be credited to urgent demand for early diagnosis of CVDs and diabetes. India is presently responsible for an astonishing 49% of the global diabetes burden. The year 2017 alone registered a mammoth 72 million cases of diabetes, an estimate that is anticipated to rise to a shocking 134 million by 2025. Undeniably, the demand for prior disease detection has emerged as the need of the hour in the nation, prompting the implementation of advanced lab services, inherently stimulating the regional clinical laboratory services market share.
India also houses a number of strong industry contenders, the efforts of which have put the country on the profitability roadmap of this market. Merely a year ago, Arup Laboratories announced a collaboration with IDbyDNA in order to develop and commercialize next-gen sequencing infectious disease testing through the implementation of metagenomics. The principal aim behind the partnership was to generate comprehensive results that would be more accurate and sensitive as compared to current tests. Aided by the availability of advanced testing equipment, India clinical laboratory services market size is expected to register a CAGR of 9.2% over 2018-2024.
Germany to be a major contributor toward Europe clinical laboratory market size
Housing one of the most advanced and developed healthcare infrastructures across Europe, Germany has undoubtedly proved to be a worthy growth ground for the expansion of clinical laboratory services market. According to WHO, Germany held a record of close to 14,820 deaths in the year 2017 due to infectious liver disease, accounting for more than 2% of total deaths in the country in the same year. The robust prevalence of CVDs, liver disease, and chronic renal failure in the nation has stimulated the demand for clinical laboratory examinations, substantially impelling the regional clinical laboratory services market size.
Germany also boasts of the presence of numerous industry participants that have been striving to augment the valuation of the regional market. Qiagen for instance, recently collaborated with SRL, Inc., one of the most notable players of Japan clinical laboratory services market, to launch new companion diagnostics. The partnership is aimed at advancing clinical laboratory research services and hopes to enable the implementation of Qiagen’s companion diagnostic workflows post the drug approval by Japan’s PMDA (Pharmaceutical and Medical Devices Agency). It is thus rather overt that Germany clinical laboratory services industry, having attained a valuation of USD 11 billion in 2017, will grow at an appreciable pace in the ensuing years, driven by the efforts of regional magnates and the prevalence of lifestyle diseases among the elderly populace.
Clinical labs necessitate the requirement of strict hygiene standards and an extremely safe working environment, on account of which clinical laboratory services market is highly regulatory-driven. The stringency of the mandated regulations is likely to pose a slight barrier in the growth graph of clinical laboratory services industry. The expansion of this vertical may also plausibly be restricted due to varying lab testing rates and insufficient reimbursements. The demand for accurate disease testing however, overrides the projected constraints of this market. In the ensuing years, clinical laboratory services market outlook will undergo a profound change in terms of valuation and perspective, with the global industry size predicted to register a CAGR of 6.5% over 2018-2024.
