Aging Population Spurs Growth in the Clinical Laboratory Services Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) January 27, 2014 -- Follow us on LinkedIn – Clinical laboratory services are defined as diagnostic services comprising of serological, hematological, pathological, microbiological, chemical, and biophysical analysis of human biological material (fluids, tissues, or cells) for diagnosis, prognosis, and treatment of diseases. Clinical laboratory testing forms a major component of the healthcare services industry worldwide, with lab results playing a vital role in the detection and diagnosis of various medical conditions and in monitoring and evaluation of the treatment being offered to patients. Clinical labs offer a wide range of tests for detecting disease progression or abnormalities, such as routine urine and blood tests, molecular expression testing as well as high-end genetic analysis that include FISH (fluorescence in situ hybridization).
The market for clinical laboratory services is forecast to witness favorable growth opportunities driven by the rising healthcare needs of an aging population and the growing emphasis of care providers and patients on preventive healthcare. Rise in the number of chronic diseases and escalating cost of healthcare services worldwide have created a huge global market opportunity for clinical laboratories. Growth is also being driven by improved access to healthcare and testing services, and the launch of several new and advanced diagnostic tests. Emergence of managed care arrangements, stringent regulations, and growing investigations into fraud and abuse are affecting the margins of small and medium-sized laboratories, which in turn is encouraging consolidation activity. Under this scenario, poised to succeed in the marketplace are large groups of commercial clinical labs, which benefit from their economies of scale and which are better positioned to comply with various government regulations. Despite the opportunities in store, market for clinical laboratory services will also face challenges manifested in the form of healthcare cost rationalization and the ensuing restrictions on reimbursements related to specialty tests.
As stated by the new market research report on Clinical Laboratory Services, the United States represents the single largest market worldwide. Growth in the country is expected to be driven by growing demand for genomic and esoteric testing, particularly among the aging population. The emergence of specialized tests particularly in areas of infectious diseases and oncology that facilitates early detection also augurs well for the market. The growing trend of shorter hospital stays is particularly benefiting the market as it is resulting in increased need for delivery of accurate test results in a timely manner. Also, Accountable Care Organizations (ACOs) will help augment the use of screening tests, given their increased focus on value-based medical care. Emerging nations such as China, India and Brazil present wealth of opportunities for future growth largely due to the rapidly developing healthcare infrastructure. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 8.2% over the analysis period. Increasing access to quality healthcare services, growing patient awareness over disease conditions and treatment options, and scientific developments are few of the factors encouraging growth in the region.
Hospital-Based Laboratories represents the largest segment in the global market. The segment is expected to face significant pressures in the long run due to rising prices and payment reforms. Independent Laboratories and Physician-Office Laboratories are forecast to fuel future growth in the market.
Major players covered in the report include ADICON Clinical Laboratories Inc., ARUP Laboratories, Asuragen Inc., Atherotech Diagnostics Lab, Bio-Reference Laboratories Inc., Clarient Inc., DaVita Inc., Enzo Clinical Labs, Gamma-Dynacare Medical Laboratories, Genoptix Medical Laboratory, Genova Diagnostics Inc., Kingmed Diagnostics, Healthscope Ltd., Laboratory Corporation of America Holdings, Labco S.A., Mayo Medical Laboratories, Myriad Genetic Inc., Pathology Inc., Prometheus Laboratories Inc., Quest Diagnostics Inc., Spectra Laboratories Inc., and Unilabs SA, among others.
The research report titled “Clinical Laboratory Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America, and Rest of World. Segments analyzed include Hospital-based Clinical Laboratories and Other Laboratories (comprising Independent Medical Laboratories and Physician Office-based Laboratories).
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Clinical_Laboratory_Services_Market_Report.asp.
About Global Industry Analysts, Inc.
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.
Global Industry Analysts, Inc.
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 (408) 528-9966, [email protected]
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