The global clinical laboratory tests market size is expected to reach USD 304.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.1% over the forecast period. Introduction of new solutions for minimizing errors and maximizing efficiency is anticipated to boost the overall market growth.
Presence
of favorable reimbursement plans for laboratory tests is anticipated to
positively influence the global market. According to an article published in
the American Clinical Laboratory Association (ACLA), these tests are reimbursed
by Medicare payees either under the Physician Fee Schedule or Clinical
Laboratory Fee Schedule based on the nature of service.
According
to an article published in Forbes, in 2018, the new clinical lab fee schedule
reduced their overall payments by 10% as compared to 2017 for tests that
represent nearly two-thirds of Medicare’s outlays for laboratory tests.
In
addition, growing demand for early detection of several diseases is anticipated
to drive the clinical laboratory tests market over the forecast period. For
instance, biochips are used for preparing thousands of DNA, RNA, or protein
samples that can be processed on a single chip at the same time. According to
an article published in the American Clinical Laboratory Association, more than
7 billion clinical laboratory examinations are performed each year in U.S.
Presence
of major players such as QIAGEN, Laboratory Corporation of America Holdings,
Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott is expected
to fuel the market growth. These companies are involved in undertaking
initiatives such as product development, strategic collaborations, and regional
expansion.
In
November 2019, QIAGEN entered into a strategic agreement with Laboratory
Corporation of America Holdings to extend its existing QIAGEN Clinical Insights
license. Moreover, in August 2018, QIAGEN collaborated with SRL, Inc., Japan’s
largest clinical testing lab company, to prepare for the introduction of novel
companion diagnostic tests along with new drug approvals.
Full Research Report On Clinical Laboratory Tests Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-tests-market
Further key
findings from the report suggest:
- In 2019, basic metabolic
panel dominated the type segment owing to the increasing prevalence of
lifestyle-induced diseases
- Lipid panel is projected to
register a CAGR of 8.0% over the forecast period owing to rising
incidences of cardiovascular disorders globally
- In 2019, hepatitis dominated
the liver panel segment whereas liver cirrhosis is estimated to be the
fastest-growing sub-segment over the forecast period
- Central laboratories
dominated the overall market in 2019 owing to the expansion of key
laboratories such as Q2 Solutions and Pharmaceutical
Product Development, LLC
- Primary clinics is
anticipated to register a significant CAGR of 7.6% from 2020 to 2027 owing
to advancements such as portable and rapid diagnostic tests
- North America dominated the
global market in 2019 owing to the increasing geriatric population and
high disease prevalence
- Asia Pacific is projected to
be the fastest-growing market over the forecast period owing to improving
healthcare infrastructure.
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Grand View Research has segmented
the global clinical laboratory tests market on the basis of type, end use, and
region.
Clinical Laboratory
Tests Type Outlook (Revenue, USD Billion, 2016 - 2027)
- Complete blood count
- HGB/HCT
- Basic metabolic panel
- BUN creatinine tests
- Electrolytes testing
- HbA1c tests
- Comprehensive metabolic
panel
- Liver panel
- Hepatitis
- Bile duct obstruction
- Liver Cirrhosis
- Liver Cancer
- Bone disease
- Autoimmune disorders
- Others
- Renal panel
- Lipid panel
Clinical Laboratory
Tests End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Central Laboratories
- Complete blood count
- HGB/HCT
- Basic metabolic panel
- BUN creatinine tests
- Electrolytes testing
- HbA1c tests
- Comprehensive metabolic
panel
- Liver panel
- Renal panel
- Lipid panel
- Primary Clinics
- Complete blood count
- HGB/HCT
- Basic metabolic panel
- BUN creatinine tests
- Electrolytes testing
- HbA1c tests
- Comprehensive metabolic
panel
- Liver panel
- Renal panel
- Lipid panel
Clinical Laboratory
Tests Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa
- South Africa
- UAE
- Saudi Arabia
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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