Albany, NY, June 26, 2018 (GLOBE NEWSWIRE) -- According to a recent report by Transparency Market Research, the global clinical laboratory services market is likely to expand at a steady CAGR of 6$ within the forecast period from 2017 to 2025. In 2016, the market was valued at worth US$208.0 bn. The figure is expected to reach around worth of US$361.3 bn by 2025-end.
On the basis of test type, the clinical chemistry test segment is foreseen to account for 6% within the forecast period, 2017-2025. The segment is expected to sustain its dominance in upcoming years as well, due to the rise in demand for clinical chemistry tests which makes the base of diagnosis for various illnesses. Geographically, North America presently leads the global clinical laboratory services market in terms of revenue, with a CAGR of 6.0% during 2017 to 2025. Rise in investments from private and public industry to develop better healthcare infrastructure along with a prevalence of lifestyle-related illnesses are among the major factors driving the region.
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Rising Seasonal Diseases To Fuel Growth In Clinical Laboratory Services Market
Increase in awareness with respect to diagnosis of the disease, increased cases of illnesses related with lifestyle, and rise in seasonal ailments are the major factors contributing in the growth of clinical laboratory services market. Increased demand for fast results, advancement in technology, newer testing methods are foreseen to boost the demand for the global clinical laboratory services in the upcoming years. Moreover, the increase in awareness with respect to the availability of tests which help in diagnosis of air conditioner and the benefits of early, fast and accurate detection is additional factors supporting this market to achieve its full potential.
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Lack of Proper Infrastructure to Hamper Overall Market Growth
Nevertheless, this scenario is transforming at high-pace, along with underdeveloped countries also acting as a potential markets for clinical laboratory services. An improper infrastructure and a shortage of skilled healthcare professionals in developing economies are the major factors hindering the growth of the overall clinical laboratory services market.
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The global clinical laboratory services market is anticipated to be highly fragmented due the presence of various regional and global firms. Key players are investing heavily so as to provide automation in order to include technologically advanced tests. Firms are also working towards expanding their global reach to increase their customer base. The companies are indulging in mergers and acquisitions, which is expected to result in consolidation of the market. Some of the key players operating in the global clinical laboratory services market are Charles River Laboratories International Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories Inc., Genomic Health Inc., Eurofins Scientific, Fresenius Medical Care, Laboratory Corporation of America Holdings, UNILABS, and Quest Diagnostics Incorporated.
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Key Takeaways:
1. Increase in awareness with respect to diagnosis of the disease and increased cases of illnesses related with lifestyle, are the major factors contributing in the growth of clinical laboratory services market.
2. Increased demand for fast results, advancement in technology, newer testing methods are foreseen to boost the demand for the global clinical laboratory services in the upcoming years.
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