Clinical Reference Laboratory Market Scope
Market Research Future (MRFR) assessed the global clinical reference laboratory market overview report 2021 for the assessment period till 2027. As per MRFR study, the global Clinical Reference Laboratory market is estimated to thrive at a CAGR of 5.8% while acquiring a market value of USD 247,167.8 Million by 2027.
Market Drivers and Restraints
The rise in demand for testing procedures and medical diagnosis owing to the increase in prevalence of both infectious and chronic disorders can support the expansion of the market in the assessment period. The availability of specialized laboratory testing instruments that aid in the rapid detection of diseases, along with expertise can support expansion of the market in the review period. The surge in the trend of outsourcing critical diagnostic procedures to different reference laboratories that can aid healthcare practitioners to offer value-based care to and timely diagnosis can prompt the market rise in the assessment period. The demand for outsourcing testing services to clinical reference laboratories is considerably high in the COVID 19 pandemic that is likely to add impetus to the market expansion. The incorporation of EMR (electronic medical record) with laboratory information systems (LISs) by clinics and hospitals in recent years can assist end-users in improving the online process of laboratory test ordering and also accessing the report results. The easy availability of real-time patient data collection through advanced EMR features can benefit the clinical reference laboratory services market in the approaching years.
The segment study of the clinical reference laboratories market is based on application and service providers. The service provider-based segments of the market are Hospital Based, Stand Alone, and Clinical Based. The applications-based segments of the market are clinical trials, and Laboratory medicine among others. The hospital application segment of the market is expected to lead the market and earn revenue of around USD 56,990.40 Mn by 2027. The surge in demand for clinical testing laboratories can result in the rapid expansion of the clinical trials application segment in the coming years.
North America clinical reference laboratory market is anticipated to surge owing to the rise in the number of thier establishments in the region. North America hosts numerous key players that are contributing to the competitive landscape of the regional market. The increase in focus on animal health is expected to reinforce the clinical reference laboratory market in the analysis tenure. The US is likely to hold the forefront position as increase in research undertakings can favor the regional market.
Europe is identified as a lucrative market for the clinical reference laboratory. The ongoing laboratory outsourcing trend in Germany and France is predicted to contribute to the growth of the regional market in the review tenure. The high concentration of local players and their rapid adoption of the modern technologies add to the expansion of EU market. Expansion of the ageing group and rise in incidence of chronic ailments among people are other factors that can impact the market of clinical reference lab in Europe.
MRFR regional insights reveals that APAC clinical reference laboratory market is growing at a fastest pace in the region across the evaluation period. Increase in initiatives taken by top-notch companies and governments to build resilient healthcare infrastructure is expected to favor the regional market by 2027. Hike in disposable income and extensive research on cytogenetics, and tumors and human genomes, are creating the need for clinical laboratory services, which, in turn, can benefit APAC market.
Clinical Reference Laboratories, ARUP Laboratories, Quest Diagnostics, Sonic HealthCare Limited, SYNLAB International Gmbh, Unilabs, Aurora Diagnostics, and KingMed Diagnostics are some reputed companies that are listed by MRFR and holding the clinical reference laboratory size.
MRFR analysts deploy modern research methodologies to understand the competitive landscape of the clinical reference laboratory market. The in-depth understanding of growth prospects. consumer base, and strategies, such as; acquisitions and partnerships among others, are offered in the report published by MRFR. These insights can aid new investors and existing stakeholders to market ration decisions to allow their business to grow. Initiatives that are launched by marketer and their outcome or possible outcome are studied by MRFR market researchers to shed light on untapped potential prospects of the market. The growing number of start-ups can contribute to intensifying the competition among companies in the review period that can work in favor of the clinical reference laboratory market.
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