Clinical Laboratory Test Market Overview
Market Research Future (MRFR) has announced a new release on the global clinical laboratory test market. The report provides a detailed account of the market’s likely growth trajectory over the forecast period based on a study of the market’s historical growth and present conditions. Major segments and leading players in the global clinical laboratory test market are profiled in the report to provide an accurate report of the market’s inner workings. Key drivers and restraints affecting the global clinical laboratory test market are assessed in the report to provide readers with an accurate picture of the conditions favoring and hampering the market’s growth. According to the report, the global clinical laboratory test market is expected to exhibit a CAGR of 6.5% over the forecast period from 2017 to 2022, rising from a value of USD 206.7 billion in 2016 to USD 324.5 billion in 2022.
Clinical laboratory testing plays a major role in the healthcare sector, as it is used to diagnose diseases and help the patient manage the disease. Clinical laboratories also play a major role in enhancing the chances of disease prevention by researching the behavior of various disease-causing organisms.
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The growing prevalence of diseases and the growing demand for in-vitro diagnostic tests are likely to be the major drivers for the global clinical laboratory test market. Various lifestyle and environmental factors have combined to drive the global prevalence of diseases, which has driven the demand for diagnostic and therapeutic services. The effectiveness of in-vitro diagnostics has driven the demand for the same in the healthcare sector, which is likely to remain a key driver for the global clinical laboratory test market over the forecast period.
The growing global population and increasing awareness among patients are also likely to be major drivers for the global clinical laboratory test market over the forecast period. On the other hand, strict government rules and regulations on testing quality and safety are likely to restrain the clinical laboratory test market’s growth over the coming years.
Clinical Laboratory Test Market Regional Analysis
The clinical laboratory test market, by region is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas is expected to dominate the market increasing prevalence of diseases, availability of government funding’s, and increasing preference for outpatient services. Moreover the presence of the major market players such as Quest Diagnostics and Laboratory Corporation of America (LabCorp) contribute to the growth of the market in this region. Furthermore, increasing number of routine check-ups and overall clinical laboratory testing boosts the growth of the market.
Europe is anticipated to hold the second position in the global clinical laboratory test market. The market growth in this region is attributed to well-developed healthcare system and increasing prevalence of chronic diseases which requires proper diagnosis.
Asia-pacific region is expected to be the fastest growing market in clinical laboratory tests market owing to the growing awareness about various medical test, increasing government support in order to improve healthcare sector, innovation of new tests and procedures by major market players in this region.
The Middle East and Africa holds the least share in this market. In this region, Middle East is expected to dominate owing to the developing healthcare system and increasing awareness about treatment of various diseases.
Clinical Laboratory Test Market Analyzed By Top Leading Players
Leading players in the global clinical laboratory test market include AURORA Diagnostics, LifeLabs Medical Laboratories, Sonic Healthcare, Quest Diagnostics, and Laboratory Corporation of America.
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- Medical device manufacturers
- Pharmaceutical industry
- Retailers, distributors, and wholesalers
- Governments, associations, and industrial bodies
- Investors and trade experts
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