19 December 2019
Visiongain’s new report the Clinical Laboratory Tests Market Report 2019-2029: Forecasts by Type (Medical Microbiology, Clinical Chemistry, Hematology, Cytology, Food Intolerance Test, Human and Tumor Genetics, Drug Abuse Testing, Other Esoteric Tests), by Service Provider (Hospital-Based Laboratories, CROs, Others), plus analysis of leading companies indicates that the global Clinical Laboratory Tests market will attain $363 billion revenue by 2029.
Global Clinical Laboratory Tests market is expected to grow on account of growing geriatric population and it is anticipated that growing investments in target diseases epidemiology such as CVDs and diabetes will further boost market growth over the forecast period. The market is expected to grow at a healthy CAGR of 7.6% over the projected period. Growing unhealthy food consumption coupled with growth in obesity levels has led to the growth of numerous chronic diseases such as heart diseases, diabetes and high blood pressure among others. Also, rising awarenessabout the importance of clinical laboratory tests in the delivery of quality health care among patients and healthcare professionals are some of the factors which are anticipated to fuel the growth of clinical laboratory tests market over the forecast period.
In 2019, hospital-based clinical laboratory tests service providers accounted for the majority of market share, owing to the growing demand for early disease detection in combination with emerging infectious diseases. Hospital-based laboratories provide extensive services ranging from key testing, specialty testing to laboratory management services which is expected to spur the growth of clinical laboratory tests market.
In 2019, North America Clinical Laboratory Tests market accounted for more than 35% of overall market share. Strong economic growth followed by the presence of major diagnostic technologies companies is expected to increase Clinical Laboratory Tests market penetration over the forecast period. Asia Pacific is expected to grow at the highest CAGR owing to the presence of untapped opportunities and growth in scientific research in developing economies like India, Japan, and China. Similar trends will offer lucrative growth for clinical laboratory tests market in coming years.
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