Medical Laboratories: A Global Strategic Business Report
San Jose, CA (PRWEB) July 12, 2012
Follow us on LinkedIn – Laboratory testing forms a major component of the healthcare services industry worldwide, as lab results play a vital role in the detection and diagnosis of numerous medical conditions, along with monitoring and evaluation of the treatment being offered to the patients. Exponential rise in the number of chronic diseases such as obesity, cancer, cardio-vascular ailments, diabetes, and the escalating cost of healthcare services worldwide has resulted in a huge global market opportunity for medical laboratories. In such a scenario, the significance of medical laboratories for detection and diagnosis of the disease as well as assessment of the efficacy of the treatment being offered to the patients, is reaching sky-high.
With the global economic slump affecting even the traditionally immune healthcare sector, clinical laboratories market also felt its impact owing to lower admissions and slowdown in hospital revenues. In 2009 and 2010, medical laboratories witnessed relatively softer trends in terms of volume due to weak macroeconomic scenario and weak employment rates. The decline in inpatient admission volumes was the result of patients’ decision to defer elective surgeries and other non-essential medical procedures in view of the uncertain economic environment. Further, employers offering health insurance faced higher co-payments and deductibles, prompting them to discontinue such coverage. The effect of decreased growth was also evident on hospital laboratories, which are confronted with the need to operate with significantly lower budgets.
As stated by the new market research report on Medical Laboratories, increasing national healthcare spending levels are favoring market growth particularly in emerging economies where governments are placing increased emphasis on enhancing healthcare infrastructure and services. As a result, the growing wealth of emerging nations such as Brazil, India, and China, and rising healthcare expenditure bode well for the future of diagnostic and medical laboratories market. The US, among the worst affected by the recession, is expected to witness growth led by growing healthcare needs of aging population, and increase in the number of accredited labs. However, rising demand for diagnostic testing services from the elderly and the establishment of newer pathology collection facilities is expected to foster growth in the medical laboratories market.
Medical laboratories are generally categorized into hospital-based medical laboratories, physician’s office-based medical labs, and independent laboratories. Hospital-based medical laboratories are attached to a hospital, and typically offer routine testing services. Hospital labs enjoy higher leverage with health plans compared to independent clinical labs, and can negotiate favorable reimbursement from health plans as against an independent clinical lab for a comparable test. Asia-Pacific represents the fastest growing regional market for Hospital-based Medical Laboratories. The market for Physician Office Medical Labs is driven by the increasing focus on preventative medicine and the increasingly proactive approach being adopted for treatment of several health conditions. Furthermore, the need to keep tabs on the number of people affected by chronic conditions such as cardiovascular disease is enhancing the demand for physician office testing services.
The global medical laboratory industry involves players that are primarily concentrated regionally, with very few players operating on a global level. Major players profiled in the report include Adeona Clinical Laboratory, Alverno Clinical Laboratories LLC, ARUP Laboratories, Asuragen Inc., Bio-Reference Laboratories Inc., Creative Testing Solutions, Gamma-Dynacare Medical Laboratories, Genoptix Inc., Healthscope Ltd., Laboratory Corporation of America® Holdings, Metametrix Clinical Laboratory, Mayo Medical Laboratories, Medtox Scientific Inc., The National Health Laboratory Service, Pathology Inc., Quest Diagnostics Inc., Sonic Healthcare Ltd., Sonora Quest Laboratories, Thyrocare Technologies Limited, among others.
The research report titled "Medical Laboratories: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections across geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia Pacific, Latin America, and Rest of World. Product segments analyzed include Hospital-Based Labs and Others.
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Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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