Around 70% of medical decisions are based on lab results, as revealed by statistic released by Quest Diagnostics. Thus, optimization of laboratory facilities to deliver quality and cost-effective patient care is of utmost importance for clinical laboratory service providers. The three major types of clinical laboratory service providers are hospital-based laboratories, clinic-based laboratories and standalone laboratories. Major factors impacting the dynamics of global clinical laboratory service market include growing aging population, increasing disease burden, and increasing number of preventive health check-ups.
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The global clinical laboratory services market was valued at US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016 – 2024).
According to the United Nations 2015 World Population Prospects Report, the number of people aged 60 years and above is expected to grow by 56% to reach 1.4 billion by 2050. Aging increases the risk of infections and chronic disorders such as arthritis, atherosclerosis, cancer, liver diseases, and diabetes. This makes the geriatric population a key target group for diagnostic tests. Increasing health consciousness and awareness among people for regular-health check-ups for identifying signs of any disease have also increased number of visits to laboratories. Also, diagnostic laboratories are launching multiple health packages for routine health check-ups and encouraging the general population to perform routine health check-up at least once a year. Such initiatives from the clinical test service providers is also fueling the demand for clinical laboratory services.
Rising susceptibility of geriatric population to chronic diseases is expected to drive growth of the market
According to the U.S. Census Bureau Report in 2015, around 8.5% of the world population was aged 65 years and above and is expected to reach around 12% of the world population by 2030. Moreover, as per the report, geriatric population is expected to be significantly higher in emerging economies of Asia and Latin America. Moreover, deaths caused due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke is increasing rapidly worldwide, according to the U.S. Census Bureau Report. This alarming trend is mainly observed in emerging economies of Asia, Africa, and Latin America. Therefore, rising geriatric population and increasing risk of diseases, especially non-communicable diseases is expected to increase the demand for clinical laboratory service providers over the forecast period.
Key companies covered as a part of this study include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories and Sonic Healthcare Limited
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