The 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, which evaluates Market Research Future (MRFR).
Impact of COVID-19
The outbreak of COVID-19 has brought a negative impact on the global clinical reference laboratory market due to restrictions imposed during the lockdown that was observed across the globe. There were reduced visits to laboratories owing to the fear of COVID among patients. Besides, hospitals and laboratories were considered to be hotspots of the pandemic, which severely impacted the clinical laboratory test
revenue during the analysis tenure.
Growing Demand for Clinical Trials due to Increasing Chronic Ailments to Boost the Market Growth during the Forecast Term
The clinical reference laboratory market growth can witness a significant rise due to the accelerating demand for clinical trials owing to the growing chronic ailments among the expanding populace. Such laboratories are predicted to acquire prominence in the forecast term due to the reduced hospital budget due to declining Medicare reimbursements. In addition, the increasing value-based outsourcing from hospitals is likely to augment the clinical laboratory services market
share during the assessment term.
Increasing Focus on Molecular Biology to Offer Significant Opportunities for the Market Growth during the Review Period
The growing focus on molecular biology is expected to offer significant opportunities of expansion, which can boost the clinical reference laboratory market growth. The increasing development in microbiology and the rising number of bio reference laboratories are also expected to fuel the demand for clinical laboratory services across the globe. In addition, the increasing investments in laboratory services are expected to propel the trade significantly.
Limited Healthcare Budget to Restrain the Market Growth during the Forecast Period
The healthcare budgetary restrictions are anticipated to be a notable factor that is projected to hinder market development during the analysis term.
High Cost of Advanced Technologies to Pose a Challenge to the Market during the Forecast Period
The high expenses associated with advanced technologies is anticipated to pose a challenge to the market during the forecast tenure that can obstruct the expansion of the clinical reference laboratory services market.
Cumulative Market Growth Analysis
MRFR predicts that clinical reference laboratories are expected to gain notable traction in the analysis timeframe. The rising value-based outsourcing from hospitals is anticipated to play a crucial role in steering the market growth.
By Service Provider
- Stand Alone
- Clinical Based
In the application segment of the global market for clinical reference laboratories, the hospital-based application is expected to lead the market. The segment accounted for USD 56,990.40 million in 2015. However, the increasing demand for clinical testing laboratories, the clinical trials application-based segment is anticipated to gain significant traction in the coming time.
- Clinical Trials
- Laboratory medicine
Americas to Dominate the Global Market during the Forecast Period
As per the assessment, the global market for clinical reference laboratory is expected to be dominated by the Americas. The expansion of the trade can be accredited to the surging number of reference laboratories in the region. The region consists of various key players, which is projected to contribute notably in developing the industry in the region during the forecast term. In addition, the increasing focus on animal health is expected to strengthen the clinical reference laboratory during the analysis timeframe. Among all countries in the region, the US is projected to make crucial participation in garnering the regional market share.
Europe to Procure Second-Largest Market Share during the Review Term
Europe is projected to be the second-most lucrative market during the forecast period. The emerging laboratory outsourcing trend in France and Germany is predicted to play a salient role in augmenting the regional market during the projection tenure. The regional key players are concentrating on adopting the latest technologies that are likely to develop the regional market in the forthcoming term. Besides, the growing geriatric population and the increasing incidence of chronic illness among the expanding populace is anticipated to play a salient role in propelling the market in Europe.
APAC to be the Fastest-Growing Region during the Forecast Period
APAC is expected to be the fastest-growing region during the forecast period owing to the increasing initiatives taken to improve the healthcare infrastructure during the forecast period. The rising disposable income is anticipated to be another factor that is projected to drive the market in the region. The growing development in the field of tumors and human genomes, cytogenetics is likely to enhance the demand for clinical laboratory services in the region, thereby augmenting the market significantly in APAC.
The analysis of the market offers competitive methods employed by the key players of the global market for fertility services. The report highlights the renowned players of North America, Europe, Asia-Pacific, and the Middle East & Africa with the market growth prospects. The growing initiatives to expand the consumer base, the key players are adopting various strategies such as; mergers, acquisitions, partnerships, and others. These initiatives are expected to fuel the competition of the market in the coming time. The growing chronic ailments among the expanding populace are expected to fuel the demand for such services, which will result in an increased number of players entering the market—thereby accelerating the competition in the market in the coming time.
List of Key Players Covered in the Report
- Sonic HealthCare Limited
- Aurora Diagnostics
- Quest Diagnostics
- ARUP Laboratories
- Clinical Reference Laboratories
- SYNLAB International Gmbh
- KingMed Diagnostics
Recent DevelopmentsDecember 2020- TriCore Reference Laboratories, an independent clinical reference laboratory sponsored by Presbyterian Healthcare Services and University of New Mexico Health Sciences Center, established a new branch lab at New Mexico State University (NMSU). To date, it has processed more than 15,000 COVID-19 tests.
The report consists of the basic in-depth details of the global market for clinical reference laboratory. The information depicts the primary manufacturing technology and applications that assist in market growth. On the grounds of these details, the market has been segmented into several segments to understand the market dynamics more thoroughly. Further, the market details have been protracted on the basis of key players, competitive partners, and market revenue. It comprises regional, global, and domestic players who play a crucial role in making the market competitive. Further, the focus is also on product categories, sales, revenue, which gains the most traction. In addition, the report also throws light on the impact of COVID-19 on market growth.