Clinical Reference Laboratory Market Overview
Market Research Future (MRFR) expects the clinical reference laboratory market 2020 could procure a decent growth rate of 5.8% between 2020 and 2027 (analysis period). It is also projected that the market size can expand to USD 247,167.8 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Clinical Reference Laboratory Market are extensively used to support analysis and diagnosis in patient care as in medical research. Laboratory services are essential for treatment, disease diagnosis, disease surveillance programs, monitoring response to treatment, and clinical research. Generation of quality results involves stepwise procedure through implementation, planning, and thorough checking of results. Laboratories carry out extramural and intramural research through institutions involved in daily patient care.
The clinical reference laboratories market has been evaluated as a progressively evolving market and is likely to retain its position in the foreseeable future. The adoption of value-based services has gained traction as hospitals have started outsourcing radiology and pathology diagnostic services. With hospital budgets becoming constrained due to declining medical reimbursements, hospitals are outsourcing their pathology and diagnostic services. The rising value-based outsourcing from hospitals has encouraged the market for independent reference laboratory services.
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Clinical Reference Laboratory Market Segmentation
- Clinical reference laboratory industry can be split into service provider and application.
- With respect to service provider, the market has been considered for hospital-based market, clinical based and stand alone.
- Taking into account the application segment, the market caters to laboratory medicine, clinical trials, and more. Hospital-based application is the top segment, having reached USD 56,990.40 million in the year 2015. But, with the growing number of clinical testing laboratories, the clinical trials application-based segment can garner sufficient traction in the following years.
Clinical Reference Laboratory Market Regional Analysis
North America clinical reference laboratory market is anticipated to surge owing to the rise in the number of thier establishments in the region. North America hosts numerous key players that are contributing to the competitive landscape of the regional market. The increase in focus on animal health is expected to reinforce the clinical reference laboratory market in the analysis tenure. The US is likely to hold the forefront position as increase in research undertakings can favor the regional market.
Europe is identified as a lucrative market for the clinical reference laboratory. The ongoing laboratory outsourcing trend in Germany and France is predicted to contribute to the growth of the regional market in the review tenure. The high concentration of local players and their rapid adoption of the modern technologies add to the expansion of EU market. Expansion of the ageing group and rise in incidence of chronic ailments among people are other factors that can impact the market of clinical reference lab in Europe.
MRFR regional insights reveals that APAC clinical reference laboratory market is growing at a fastest pace in the region across the evaluation period. Increase in initiatives taken by top-notch companies and governments to build resilient healthcare infrastructure is expected to favor the regional market by 2027. Hike in disposable income and extensive research on cytogenetics, and tumors and human genomes, are creating the need for clinical laboratory services, which, in turn, can benefit APAC market.
Clinical Reference Laboratory Market Players
- ARUP Laboratories
- Aurora Diagnostics
- Laboratory Corporation of America
- Clinical Reference Laboratory
- Quest Diagnostics
- Bioreference Laboratories
- KingMed Diagnostics
- Synlab International GmbH
- Sonic HealthCare Limited
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