28-Sep-2021 | Zion Market Research
As per the study of Zion Market Research, Clinical Laboratory Services industry amassed profits about US$ 251 billion in 2020 and is slated to accrue proceeds worth approximately US$ 615 billion by 2028. The Clinical Laboratory Services market is projected to register highest gains of approximately 5.1% in 2021-2028. In addition to this, burden of chronic & contagious diseases such as COVID-19, influenza, Malaria, and hepatitis on various governments and need for accurately determining biomarkers of these ailments at initial stage has resulted in massive demand for clinical laboratory services. In addition to this, rise in aging population susceptible to chronic ailments in both emerging economies and developed countries will proliferate size of clinical laboratory services market in the years ahead. For the record, nearly more than 55 million of U.S. residents were found belonging to age group of 65 years and above. This population is projected to reach over 84 million by 2040. Moreover, persons belonging to this age-group are prone to chronic disorders as well as viral infections. All these aspects are predicted to boost growth of clinical laboratory services market over forecast timeframe.
Moreover, rise in COVID cases across globe has resulted in high demand for clinical lab services. Growing occurrence of target ailments and need for quick detection of disease will prompt expansion of clinical laboratory services market. However, inadequate compensation policies and ambiguity in laws pertaining to parameters based on which diseases can be tested can interrupt growth of clinical laboratory services market.
Demand For Accurate Diagnosis Of Myriad Diseases To Drive Industry Landscape
Growth of clinical laboratory services market over upcoming years can be credited to rise in contagious and chronic ailments requiring exact diagnosis in its early phase. Reportedly, need for accurate diagnosis of chronic ailments for densely populated countries such as India and China will culminate into massive expansion of clinical laboratory services market over assessment period. For the record, in November 2020, there were nearly over 6,000 NABL accredited medical laboratories in India. In addition to this, surge in hospital-based labs across globe will further promulgate expansion of clinical laboratories services market in years to come.
North American Market To Reach Highest Threshold Of Growth By 2028
Surge in expansion of clinical laboratory services industry in North America over forecast timespan is subject to favorable government policies along with growing awareness about clinical testing among global population post COVID-19 pandemic outbreak. An exponential rise in elderly population in countries such as the U.S. and Canada will translate into massive growth of clinical laboratory services industry in North America over anticipated timespan.
Key players influencing growth of clinical laboratory services industry and profiled in study are Eurofins Scientific, Sanofi S.A., Abbott Laboratories, Laboratory Corporation of America Holdings, Novartis International AG, NeoGenomics, Inc., Fresenius Medical Care, Siemens AG, Quest Diagnostics, Inc., Sonic Healthcare Limited, Carlyle Group, Cinven, OPKO Health, Inc., and TPG Capital.
Browse the full “Clinical Laboratory Services Market - By Test Type( Human & Tumor Genetics, Medical Microbiology & Cytology, Clinical Chemistry, And Other Esoteric Test), By Service Provider (Hospital-Based Laboratories Or Clinic-Based Laboratories And Stand-Alone Laboratories), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/clinical-laboratory-services-market
The Report segments global Clinical Laboratory Services Market as follows:
By Test Type
By Service Provider
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