Image: The global clinical laboratory services market is expected to reach USD 327 billion by 2025 (Photo courtesy of Shutterstock).
The global clinical laboratory services market is expected to reach USD 327 billion by 2025, driven by the improvement and implementation of informatics and automated data management solutions to perform seamless operations. The competition among medical device manufacturers for the development of clinical chemistry analyzers that can provide rapid results is also expected to aid the market growth. However, sample preparation and running it through experimental protocols with enhanced productivity still remains a challenge for labs.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
In 2016, clinical chemistry services held the largest market share due to the presence of large number of body fluid-based screening solutions. Moreover, the segment caters to a large number of specialty including liver function tests, renal function tests, along with determination of different physiological substances.
Presently, growing concern over cost control, increasing the pace of R&D for new products, and demand for improvement in quality control parameters are some of the factors exerting pressure on lab personnel. Additionally, there has been continuous progress in a number of compounds screened in clinical settings, thus further demanding development in this field. The market players are making continuous efforts to address these challenges in different ways. For instance, vendors are adopting 384-well plates instead of 96-well plates in order to reduce reagent costs and the amount of time required for performing assays.
The emergence of tests that require smaller sample size and easy collection of the sample from patients is anticipated to boost R&D, thereby leading to potential growth prospects. Based on the current level of tests and application, medical microbiology & cytology is expected to record the fastest growth. The ability to provide better testing services at a comparatively lower rate is anticipated to increase the adoption of services by stand-alone laboratories, thereby fueling the market growth.
North America remains the market leader owing to technological advancements and high awareness of medical standards in the region, followed by Europe. However, the regions of Asia and Latin America are expected to witness rapid growth due to growing awareness, increased government initiatives, and favorable regulatory policies.
Grand View Research