Clinical Laboratory Services Market by Service Provider and Geography - Forecast and Analysis 2021-2025

  • Published: Dec 2020
  • Pages: 120
  • SKU: IRTNTR46517
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The clinical laboratory services market size has the potential to grow by USD 159.14 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 10.42%. 

This report provides a detailed analysis of the market by service provider (hospital-based laboratories, stand-alone laboratories, and clinic-based laboratories), geography (North America, Europe, Asia, and ROW), and key vendors. 

Market Overview

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Abbott Laboratories
  • Bio-Rad Laboratories Inc.
  • Charles River Laboratories International Inc.
  • Eurofins Scientific SE
  • Fresenius Medical Care AG & Co. KGaA
  • Laboratory Corp. of America Holdings
  • Myriad Genetics Inc.
  • QIAGEN NV
  • Quest Diagnostics Inc.
  • Siemens Healthineers AG

 

The clinical laboratory services market is fragmented and the vendors are deploying growth strategies such as product portfolio expansion to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the introduction of laboratory robots to achieve growth opportunities. However, factors such as lack of skilled professionals will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the clinical laboratory services market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies, 

This clinical laboratory services market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities. 

Clinical Laboratory Services Market: Key Drivers and Trends

  • The introduction of laboratory robots will be one of the major factors influencing the clinical laboratory services market’s growth prospects. 
  • The adoption of advanced robotics will increase the efficiency and effectiveness of diagnostics and testing processes. 
  • Recent advancements in molecular diagnostics such as the advent of fully automated instruments including DNA extractors and immunostainer platforms for anatomic pathology will drive the growth of the market.
  • Fully automated instruments also help clinical laboratories handle the movement of specimens across disciplines and quickly generate results quickly.
  • The advent of innovative treatment techniques, which includes real-time and digitalization treatment will be one of the major clinical laboratory industry trends that will gain traction in the clinical laboratory services market during the next four years.
  • The emergence of tests such as cholesterol monitoring for lipid-lowering therapies and antiretroviral drug monitoring for HIV reduces the probability of complications. 
  • The real-time and digitalized treatment processes also help in the treatment of advanced diseases.

 

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Clinical Laboratory Services Market: Segmentation by Geography

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33% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for clinical laboratory services in North America. Market growth in this region will be slower than the growth of the market in other regions.

The growing prevalence of chronic diseases such as CVDs and diabetes is one of the prime factors that will facilitate the clinical laboratory services market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Clinical Laboratory Services Market: Segmentation by Service

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Clinical laboratories collaborate with hospital laboratories and this will help in saving time, cost, and manpower. Technological advancements will reduce the cost and stay in a hospital. In addition to offering a wide range of laboratory solutions, clinical laboratories also provide other services to improve physician-hospital connectivity. However, the hospital-based laboratories segment will record a slow growth rate than the stand-alone laboratories segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the clinical laboratory services market size. Fetch actionable market insights on post COVID-19 impact on each segment.   

 

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Clinical Laboratory Services Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive clinical laboratory services market growth during the next five years
  • Precise estimation of the clinical laboratory services market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the clinical laboratory services industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of clinical laboratory services market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The clinical laboratory services market growth will increase by $159.14 billion during 2020-2025.
The clinical laboratory services market is expected to grow at a CAGR of 10.42% during 2020-2025.
Technavio has segmented the clinical laboratory services market by other1 (Hospital-based laboratories, Stand-alone laboratories, and Clinic-based laboratories) and geographic (North America, Europe, Asia, and ROW).
Abbott Laboratories, Bio-Rad Laboratories Inc., Charles River Laboratories International Inc., Eurofins Scientific SE, Fresenius Medical Care AG & Co. KGaA, Laboratory Corp. of America Holdings, Myriad Genetics Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens Healthineers AG are a few of the key vendors in the clinical laboratory services market.
North America will register the highest growth rate of 32.64% among the other regions. Therefore, the clinical laboratory services market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the clinical laboratory services market growth are:
  • Growth of aging population
The clinical laboratory services market vendors should focus on grabbing business opportunities from the hospital-based laboratories segment as it accounted for the largest market share in the base year.
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