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North America Clinical Laboratory Test Market Trends, Size, Share, Growth Insight, Competitive Analysis and Regional Forecast
North America clinical laboratory test Market information, by Type of Laboratory (Hospital based, Central/Independent, Physician office laboratory and others), By Type of Test (CBC and other routine blood test, anatomic pathology, molecular test, immunology test, drug test and others) By country (U.S., Canada, and Rest of North America), Forecast to 2022
The Global Clinical Laboratory Test Market is likely to attain a valuation of USD 324.5 Bn at a CAGR of 6.5% over the forecast period of 2016-2022, predicts Market Research Future (MRFR) in a thoroughly studied report. The global clinical laboratory test market stood at USD 206.7 Bn in 2016.
The growth of the global clinical laboratory tests market stems from the alarming rise in the incidence rate of chronic diseases. The rapid spread of infectious, oncology, autoimmune, and other diseases paired with raising awareness regarding health & wellness generate high demand for screening services which consequently augments the growth of the market.
The governments in multiple countries have endeavored towards raising awareness and have initiated various screening programs for the same. A prime focus also remains to curb the growing mortality rate as a result of spreading diseases. The introduction of screening mandates for newborns in various countries has also acted as a plus for the growth of the market.
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The emergence of biotech-based tests such as DNA tests coupled with the growing popularity of in-vitro diagnostics present long-term growth opportunities to the global clinical laboratory diagnostic test market.
Laboratory Corporation of America, Sonic Healthcare, Aurora Diagnostics, LifeLabs Medical Laboratories, and Quest Diagnostics are the noteworthy players in the global clinical laboratory tests market.
The clinical laboratory tests market has been segmented based on laboratory type and laboratory test.
By laboratory type, the global clinical laboratory test market has been segmented into hospital-based laboratories, physician office laboratory (pol), central/independent laboratories, and others. The hospital-based laboratories segment is dominating the market.
By laboratory tests, the global clinical laboratory tests market has been segmented into complete Blood Count (CBC) and other routine blood tests, molecular tests, immunology tests, anatomic pathology, drug testing, and others. CBC and other routine blood tests segment are leading the market.
By region, the global Clinical Laboratory Test Market has been segmented into North America, Europe,Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is the largest market for clinical laboratory tests and accounts for 44% share of the global market. Prevalence of chronic diseases leads to an increase in the volume of clinical testing procedures in the region. High expenditure on the development of clinical laboratory infrastructure and the adoption of advanced technical equipment are other factors substantiating the growth of the market. The US is the major contributor to the North America market and will strike a CAGR of 5.8% during the forecast period. Canada is poised to be the fastest growing market within the North America market. The North America clinical laboratory test market is likely to capture a CAGR of 6.2% over the forecast period.
Europe ranks second in the global clinical laboratory test market and is likely to expand at a CAGR of 6.6% over the forecast period. Highly developed medical device sector and high healthcare expenditure help in the expansion of the Europe market. Germany is the major contributor to the Europe market followed by the UK and France.
APAC is likely to emerge as a significant market for clinical laboratory test and strike a CAGR around 6.5% over the forecast period. High expenditure on healthcare infrastructure, strengthening government support and surge in the screening of various chronic diseases spur demand within the global clinical laboratory test market.
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