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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https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-tests-market/request/rs1
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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