Medical Laboratories Market Overview
Global Medical Laboratories Market size was valued at $78Bn by 2019 and is anticipated to grow at a CAGR of 5.4% during the forecast period 2020-2025. The Medical Laboratories Market growth rate is attributed to the increasing numbers of lifestyle related ailments and chronic illnesses and spurts of infectious diseases in different parts of the world. Medical Laboratory is a place where several tests are performed on certain specimens in order to detect the presence or absence of certain substances that could be responsible for the health condition of an individual. Test results provide healthcare practitioners with an idea of what is wrong and what the course of treatment should be. Moreover, these services also ensure that the correct test is being performed at the apt moment; further yielding accurate test results. This also boosts the market growth. The introduction of novel solutions offers clinicians with the maximum efficiency and minimum risk of errors, which has driven the uptake of services in the market. Clinical labs look forward to adhering to international standards, which provide opportunities for interoperability and automation, which is anticipated to propel the Medical Laboratories Market during the forecast period 2020-2025. For instance, the implementation of automated solutions in clinical workflows enables the processing of larger samples per unit of time and it is projected to gain traction in the Medical Laboratories market during the forecast period 2020-2025.
North America dominated the Medical Laboratories Market with a share of 39% in the year 2019.
The factors such as rising healthcare expenditure and the prevalence of chronic diseases supplement the demand for these services and the growing geriatric population base is also set to have a positive impact on market development are amongst the major factor projected to impel growth of Medical Laboratories Market.
The advent of accurate and technologically advanced products, such as biochips and microarrays, and advanced diagnostic modes, such as companion diagnostics, are the key factors owing to the growth in the segment during forecast period 2020-2025.
Medical Laboratories Market Segment Analysis – By End Users
Based on End Users, Clinics and Independent Laboratories segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 5.2%. The reason is attributed to the gradual acceptance of digital pathology, stand-alone laboratories that serve as a lucrative source of revenue in the forecast period 2020-2025.
Moreover, the fact that clinical labs are a critical unit in any hospital is anticipated to positively influence segment development. However, capabilities of hospitals to acquire novel technologies and hire trained personnel in their disease testing units have contributed to the highest revenue generation of hospital-based lab services segment.
Medical Laboratories Market Segment Analysis – By Geography
North America dominated the Medical Laboratories Market with a share of 39% in 2019. The application of Medical Laboratories has grown rapidly over the last few years can be attributed to the facts like scientific advances and aging U.S. population. According to the data of Centers for Disease Control and Prevention (CDC), there were 40 million people aged 65 and above in the U.S. accounting for 13% of the total population and CDC projected that around 20% of the population of U.S. would be under this category by 2030. However, Asia-Pacific region is anticipated to dominate the Medical Laboratories market in the emerging economies like China, Japan and India, owing to growing awareness about the medical testing services, government support to improve healthcare sector and introduction of new and improved testing procedures by major market players in this region. Asia-Pacific Federation for Clinical Biochemistry and Laboratory Medicines is the regional federation, which includes the members from seven countries of Asia-Pacific region. This federation is focused on spreading awareness and improving patient conditions with respect to the access medical laboratories and other testing procedures. Hence, the above factors the market is anticipated to the bolster the regional growth during the forecast period 2020-2025.
Medical Laboratories Market Drivers
Increasing need for preventive healthcare with growing chronic diseases
With increasing need for preventive healthcare there has been an increase in growing chronic diseases owing to rising incidence rates of chronic diseases such as obesity, cardio-vascular ailments, cancer, diabetes, and the increasing cost of healthcare services worldwide. However, owing to cost effective medical treatments, increased awareness for medical testing services and favourable government initiatives to improve healthcare have increased considerably in recent years, which is to bolster the demand for Medical Laboratories over the forecast period 2020-2025.
Medical Laboratories Market Challenges
Lack of skilled and certified professionals to work in medical laboratories
The major challenge for the market is the lack of skilled and certified professionals to work in medical laboratories in North America and Europe are significantly impacting this market. Another major hurdle for this market is the fact that several testing methods are getting automated owing to technological advances and this is impacting the wages for the staff in medical laboratories.
Medical Laboratories Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Medical Laboratories Market. In 2019, Medical Laboratories Market share is fragmented by the top ten players present in the market. Medical Laboratories Market top 10 companies are Quest Diagnostics Inc., Laboratory Corporation of America Holdings, The British United Provident Association Ltd., NHS Blood and Transplant, London Ambulance Services, Fargo Medical Laboratories, Labco Quality Diagnostics, LifeLabs Medical Laboratory Services and others.
In August 2020, Carterra Inc., the world leader in high-throughput antibody screening and characterization, has announced the availability of a highly accurate assay for simultaneously measuring the concentration and binding of IgG, IgM, and IgA antibodies to the Receptor Binding Domain (RBD) of SARS-CoV-2.
In May 2018, HORIBA UK Ltd, Medical announces a significant development of its in vitro diagnostics product offering with the launch of its new Yumizen G range of instruments and reagents.