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Global Clinical Laboratory Testing Market – Snapshot
The global market demand for clinical laboratory tests is expected to increase at a healthy CAGR over the forecast period of 2017 to 2025, gaining traction from a number of factors, such as the increase in the percentage of geriatrics in the global population , the prevalence of target diseases, the growing demand for early detection of chronic diseases and the introduction of innovative solutions. On the other hand, the absence of a predefined regulatory framework is substantially hampering the influx of demand for clinical laboratory tests. However, the clinical laboratory testing market is rapidly evolving with a growing preference for point-of-care testing as well as personalized medicine, and the advent of cost-effective laboratory testing and integrated analytical systems is expected to open up new ones. opportunities for providers in this market. .
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Based on the type of product, the global clinical laboratory testing market can be segmented into HGB or HCT tests, complete blood count, basic metabolic panel tests, electrolyte tests, BUN creatinine tests, full metabolic panel tests, HbA1c, liver panel tests including hepatitis and liver cancer, kidney panel tests, and lipid panel tests. End users of clinical laboratory tests can be primary clinics and central laboratories. Geographically, the report assesses the potential of the clinical laboratory testing market in all major regions such as North America, Europe, and Asia Pacific. To provide a comprehensive study, the report also describes a good portion of the leading companies, representing the competitive landscape and the possibilities for new entrants.
Global Market Clinical Laboratory Tests – Overview
As the prevalence of numerous diseases increases at an exponential rate, the global market for clinical laboratory tests will gain momentum over the next period.
The clinical laboratory testing market report features a detailed analysis of the market trends, opportunities, challenges, and key growth drivers, along with authentic charts and figures. The report examines the major projected, present and past segments of the global clinical laboratory testing market. The report aims to provide insight into supply and demand dynamics, competitive landscape, market attractiveness, and key opportunities presented by regional markets.
Global Clinical Laboratory Testing Market: Drivers and Constraints
The geriatric population around the world has increased steadily over the years. As with increasing vulnerability of age to chronic diseases, the increasing geriatric population around the world will drive the demand for clinical laboratory tests.
Another important factor responsible for the increasing demand for clinical laboratory tests is the alarming increase in the number of people diagnosed with cardiovascular, neurological, metabolic and other chronic diseases. Clinical laboratory tests detect the level of blood glucose control, preventing or delaying complications of diabetes such as stroke, kidney disorders, heart disease, amputations, blindness, and even sudden death.
High cholesterol, respiratory diseases, pneumonia, malaria, lymphoma, liver diseases, herpes, HIV, hepatitis A, B and C, gout, gastrointestinal disorders, and syphilis are some of the many diseases that are diagnosed with these tests. Clinical laboratory tests help in the identification of these disorders at an early stage, thus avoiding further damage. Driven by this factor, the demand for these tests will skyrocket.
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These tests are also used to detect vitamin and mineral deficiencies and other minor disorders. DNA testing is another type of clinical laboratory test. Clinical laboratory tests are the identification of suspects and victims in a police investigation, and the identification of a person’s biological parents is made possible. The increased accuracy of these tests, the launch of technologically advanced devices such as biochips, and the high efficiency of these tests are expected to fuel demand.
On the other hand, the lack of trained personnel and the high costs of these tests could retard the growth of the global market for clinical laboratory tests. However, the continued growth of the clinical chemistry industry is likely to present substantial opportunities.
Global Clinical Laboratory Testing Market: Regional Perspective
Based on geography, the global clinical laboratory testing market can be segmented into Latin America, Asia Pacific, North America, and Europe. Led by the US, North America is likely to gain prominence due to the large volume capacity of laboratories in this nation, coupled with the increasing deployment of these techniques. The increasing prevalence of diseases in Europe is expected to drive growth in this region.
Asia Pacific is likely to present lucrative opportunities due to its huge population base and unmet medical needs. The emergence of several new clinical laboratories, rising healthcare spending, and significant technological advancements in the area of clinical laboratory testing are some of the factors that promise growth not only in emerging Asia Pacific economies, but also in Latin America, the Middle East and Africa.
Companies mentioned in the report
Some of the leading companies operating in the global clinical laboratory testing market are Laboratory Corporation of America Holdings., Labco, Quest Diagnostics, Abbott, Merck KgaA, Charles River Laboratories, and Genoptix.
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