How much will the Clinical Laboratory Tests industry be worth in the Future????



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.
The most common concern for the governments of all Covid-19 hit nations is the excruciating need to screen for and test large numbers of patients for possible Sars-Cov-2 infection. As a result, most of them are facing major shortages in the supply for diagnostic kits to test for the virus. Diagnostics virology entities are under immense pressure to provide reliable testing kits, and there is a surge in demand for in-vitro or point-of-care testing capacities by labs across a large number of countries. The report will account for Covid19 as a key market contributor.
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.
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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.
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.
The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019. It is expected to register a CAGR of 7.1% over the forecast period. Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market.
The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes. Clinical laboratory tests help diagnose diabetes mellitus. According to an article published by the International Diabetes Federation in 2019, around 463 million adults were living with diabetes, and by 2045 it is estimated to reach 700 million globally.
Increasing geriatric population is anticipated to drive the overall market for clinical laboratory tests. According to the data published by the World Population Prospects: the 2019 Revision, around one in 11 people were aged over 65 years in 2019, and by 2050, it is estimated that approximately one in 6 people in the world will be aged 65 years and above. Clinical laboratory tests are increasingly used to diagnose age-related diseases.
Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity are expected to increase the prevalence of various chronic diseases. Rising awareness of the necessity of regular body profiling among healthcare professionals and patients globally is expected to increase the demand for clinical laboratory tests.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-clinical-laboratory-tests-market
Grand View Research has segmented the global clinical laboratory tests market on the basis of type, end use.
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
o    Hepatitis
o    Bile duct obstruction
o    Liver Cirrhosis
o    Liver Cancer
o    Bone disease
o    Autoimmune disorders
o    Others
·         Renal panel
·         Lipid panel
Clinical Laboratory Tests End-use Outlook (Revenue, USD Billion, 2016 - 2027)
·         Central Laboratories
o    Complete blood count
o    HGB/HCT
o    Basic metabolic panel
o    BUN creatinine tests
o    Electrolytes testing
o    HbA1c tests
o    Comprehensive metabolic panel
o    Liver panel
o    Renal panel
o    Lipid panel
·         Primary Clinics
o    Complete blood count
o    HGB/HCT
o    Basic metabolic panel
o    BUN creatinine tests
o    Electrolytes testing
o    HbA1c tests
o    Comprehensive metabolic panel
o    Liver panel
o    Renal panel
o    Lipid panel      
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.



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