Clinical Laboratory Test Market Overview
The clinical laboratory test industry is changing in response to the rising number of disorders among individuals, providing proper screening before prescribing medication. In addition, as healthcare facilities develop, governments in different countries are investing more resources in the implementation of clinical test laboratories in every region. As per MRFR, the clinical laboratory test market is estimated to gain a CAGR of 6.5% in the forecast period.
The global market demand is being fueled by an increase in the number of routine medical tests such as diabetes testing, blood tests, eye exams, full-body profiles, and numerous diagnostic tests. The share of aging persons is climbing and is sure to persist in the future, presenting possibilities for growth.
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Segmental Analysis
The segmental study of the clinical laboratory test market is segmented into lab type, test type, region, end-user, and application. Depending on the end-user, laboratories are categorized as stand-alone laboratories, clinic-based laboratories, hospital-based laboratories, and others. The type of laboratory segment is categorized as physician office-based laboratories, hospital-based laboratories, and central/independent laboratories. Based on the type of test, the market is segmented into HGB/HCT test, liver panel test, comprehensive metabolic panel test, electrolytes testing, renal panel test, BUN creatinine test, lipid panel test, HbA1c test, basic metabolic panel (BMP), and full blood count (CBC). Based on regions, the clinical laboratory test market consists of Europe, Asia-Pacific, North America, and other regions. Based on application, the clinical laboratory test market is segmented into urinalysis, histology, immunology/serology, toxicology, virology, parasitology, and hematology.
Detailed Regional Analysis
The regional examination of the clinical laboratory test market consists of Europe, Asia-Pacific, North America, and the rest of the world regions. Due to the massive prevalence of disorders associated with hypertension, cardiovascular disease, cancer, stroke, and other fatal conditions, North America has the maximum expenditure on healthcare and R&D, followed by Europe. The utilization of clinical laboratories by research institutes, hospitals, and clinics has generated increased demand for clinical laboratories. Due to the substantial geriatric populations in China and Japan, Asia-Pacific is the speediest market for clinical laboratory tests.
Competitive Analysis
The market is projected to witness an improvement in growth cues in the near future. The mindset of hypervigilance in the aftermath of the pandemic is intended to guide market decisions throughout the projected period. The reclaimed market potential is projected to augment the worldwide market's progress. The essential policies being developed by government bodies worldwide are thought to have a powerful role in the global advancement of the market. The restructuring of the market's fundamental operations is expected to impact the market shortly. The upsurge in innovative technologies in the global supply chain is estimated to generate opportunities during the forecast period. The market's production stability is predicted to be variable. Each manufacturer is expected to make microeconomic decisions to ensure long-term business growth and continuity during the forecast timeframe. The COVID-19 pandemic's drastic changes in the global financial intermediation structure are believed to influence how firms acquire finance in the comparable period.
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The eminent contenders in the clinical laboratories market are Laboratory Corporation of America, Quest Diagnostics, AURORA Diagnostics, LifeLabs Medical Laboratories, and Sonic Healthcare.
Industry Updates:
Dec 2021 Roche announced plans to commercialize the SARS-CoV-2 & Flu A/B Rapid Antigen Test for professional use in CE-marked markets by the end of January. In addition, Roche plans to submit an Emergency Use Authorization (EUA) request to the U.S. Food and Drug Administration (FDA) in early 2022. The SARS-CoV-2 & Flu A/B Rapid Antigen Test is designed for healthcare practitioners to quickly discriminate between SARS-CoV-2 and influenza viruses A and B infections in people who have symptoms associated with COVID-19 or influenza.
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