01 July 2020
Visiongain has launched a new pharma report Clinical Laboratory Tests Market Report 2020-2030: Forecasts by Type (Basic Metabolic Panel Tests, BUN Creatinine Tests, Complete Blood Count, Comprehensive Metabolic Panel Tests, Electrolytes Testing, Hba1c Tests, HGB/HCT Tests, Lipid Panel Tests), End User (Central Laboratories, Primary Clinics), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global clinical laboratory tests market is anticipated to grow at a lucrative CAGR of xyz% and anticipated to reach USD xyz billion by 2020. Visiongain anticipates that the global market will grow on account of the growing prevalence of chronic diseases coupled with rising healthcare awareness among the global population. Additionally, the rapid outbreak of COVID-19 is anticipated to offer lucrative growth opportunities for market players across the globe.
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Growing investment in target diagnosis of cardiovascular disorders, TB and diabetes drives demand for clinical laboratory testing. Clinical lab tests help in diagnosing mellitus diabetes. According to the International Diabetes Federation article published in 2019, some 463 million adults were diabetic, and it is estimated that it will reach 700 million worldwide by 2045.
The overall market for clinical laboratory tests is expected to grow in geriatric populations. The World Population Prospects have published information: in 2019, around one in eleven people was 65 years of age, and, by 2050, around 1 in 6 people around the world is estimated to be 65 or older. The diagnosis of age-related diseases is increasingly based on clinical laboratory testing.
Also, a growing sedentary lifestyle coupled with consumption of unhealthy food is anticipated to increase the prevalence of several chronic diseases which in turn is projected to create demand for clinical laboratory tests over the forecast period.
North America holds the majority of market share followed by Europe and will continue to dominate in the future as a result of several research projects in the region, coupled with funding for research institutes from the government. As per the reports of CDC, chronic diseases such as heart diseases, diabetes, and cancer account for US$ 3.5 trillion in healthcare costs across the United States. The growing number of chronic cases is anticipated to fuel market growth further. Also, the market will continue to be driven by the existence of the target population and increased R&D investment by important business organizations.
Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to the growing presence of people suffering from chronic ailments like diabetes, cancer, and CVDs in markets such as India and China. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost the clinical laboratory tests market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global clinical laboratory tests market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the clinical laboratory tests market.
The comprehensive market report features companies such as Abbott, ARUP Laboratories, OPKO Health, Inc., Bioscientia Institut für Medizinische Diagnostik GmbH, Charles River, Neogenomics Laboratories, Inc. (Clarient, Inc.), Genoptix, Inc., Healthscope, Labco S.A, Laboratory Corporation of America Holdings (LabCorp), QIAGEN, Quest Diagnostics, Siemens Healthcare Private Limited, Sonic Healthcare, Fresenius Medical Care Holdings, Inc., Merck KgaA, Tulip Diagnostics, Biosino Bio-technology and Science Inc., Company19, Company20 among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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