02 March 2021
Visiongain has published a new report on Clinical Laboratory Tests Market Report 2021-2031: Forecasts by Type (Complete Blood Count, HGB/HCT Tests, Basic Metabolic Panel Tests, BUN Creatinine Tests, Electrolytes Testing, HbA1c Tests, Comprehensive Metabolic Panel Tests, Liver Panel Tests, Renal Panel Tests, Lipid Panel Tests), by End-use (Central Laboratories, Primary Clinics) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Clinical Laboratory Test Companies AND COVID-19 Recovery Scenarios.
The global clinical laboratory tests market is projected to witness a CAGR of xx% during the first half of the forecast period i.e., 2021 to 2026 to reach US$ xx million in 2026 from its previous value of US$ xx million in 2021. The global market size is further projected to reach US$ xx million by 2031 at a CAGR of xx% from 2026 to 2031. The overall CAGR for the global Clinical Laboratory Tests market is expected to be xx% from 2021 to 2031.
Clinical Laboratory Tests to Support Population Health With Data Analytics and Extended Care Services
It is expected that clinical laboratory tests can offer and encourage population health by providing services (e.g., home-based health risk assessments and related services) to identify care gaps in a population, provide clinical solutions to close gaps, and facilitate customer interaction with a solution. These types of programs enable healthcare professionals, insurance plans, sponsors and provide their patient populations with quality coverage by finding and covering gaps in care for their patient populations and by helping them to provide the right populations and individuals with the most efficient healthcare. Some of the main offerings by businesses harness the power of assets and skills (e.g., contact centers, customer support centers, and mobile staff, including professionals) and incorporate robust health data, including data analytics and extended care services. For example, a ground-breaking new service by QUEST Diagnostics in 2019 i.e., Quest Lab StewardshipTM employs machine learning to help maximize the use of laboratory tests. The technological advancements by major players are anticipated to offer innovative clinical laboratory test products over the forecast period.
Stringent Regulatory Policies Across Economies to Impede Market Growth
The maintenance of quality of clinical laboratory products is governed by country specific regulatory bodies. These bodies ensure protection from risks caused by flaws in design, technology, packaging, and manufacturing of the equipment or peripherals. In India, The National Medical Device Policy 2015 has been devised to strengthen the domestic manufacturing of medical devices in India and minimizing dependency on importing equipment’s. The Schedule M-IV and M-III of D and C Act 1940 and Rules 1945 have been framed, which describe quality management and GMP required for manufacturing in clinical laboratory products.
Rising Demand for Early Disease Diagnosis to Boost Clinical Laboratory Tests Market
The global clinical laboratory test industry is projected to grow on account of three major advances i.e., macro-health patterns spreading through the market, and support from both patients and policymakers to enhance disease prevention. As it stands, approximately 75% of professional decisions are focused on medical diagnostic evaluations that help to detect or validate the existence of a disease. There are hundreds of studies, ranging from radiology (techniques used for clinical diagnosis and therapy purposes to produce visual images of the body) and in vitro (outside the body, e.g., blood, biopsies) to in vivo tests (inside the body).
Some of the companies profiled in the report include Abbott, OPKO Health, Inc., ARUP Laboratories, Genoptix, Inc., Charles River, Neogenomics Laboratories, Inc., Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, QIAGEN, Siemens Healthcare Private Limited, Sonic Healthcare, Fresenius Medical Care Holdings, Inc., Merck KgaA, Tulip Diagnostics, and Biosino Bio-technology and Science Inc.
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