Clinical Reference Laboratory Market 2021 | Key Findings, COVID – 19 Impact Analysis, Business Trends, Industry Segments, Regional Study, Emerging Technologies and Future Prospects 2027
Market Synopsis
The global clinical reference laboratories market is considered to demonstrate 5.8% CAGR during the forecast period (2016-2027) owing to the usage of advanced robotics technology in reference laboratories, asserts Market Research Future (MRFR). Reference laboratories are referred to as commercial as well as private facilities which perform high-volume and specialty testing routinely. Physicians’ clinics, offices, government agencies, hospitals, pharmaceuticals, insurance companies, and biotechnology companies generally outsource the specialty to reference laboratories.
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Drivers and Constraints Impacting the Market
The global clinical reference laboratories market is progressively growing and is estimated to continue its growth in the coming years. With adoption of value-based services gaining prominence, hospitals are outsourcing some part or even all of their radiology and pathology diagnostic services. One of the major reasons for rising outsourcing by the hospitals is the constrained budgets due to Medicare reimbursements. The cut down in the rates of clinical laboratories reimbursements under Medicare has impacted the U.S. lab industry.
The U.S. clinical labs which depend on Medicare for 20% of their billings and for certain communities it is 80% of the business, got affected. To protect the hospitals, CEOs are outsourcing value-based services. Such factors have augmented the market for these independent reference laboratory services. Moreover, technologies which are capable of performing repetitive activities at high speed has developed to improve the consistency, quality, and effectiveness. The test results on samples which used to consume several hours to process can be found in a few minutes. Automation has impacted histopathology and microbiology to a great extent. Development of molecular technologies and genetics into the mainstream medicine being the most significant innovation, has impacted the health of the population, management of patients, and clinical practice. Moreover, launch of cost-effective, time-saving, and new diagnostic procedures owing to the accelerating number of FDA approvals is considered to contribute to the market growth.
On the flip side, illegible and incorrect sample labelling are some of the major factors considered to slowdown the market growth during the appraisal period.
Global Clinical Reference Laboratories Market: Segmental Analysis
The global clinical reference laboratories market has been segmented on the basis of service providers and application.
By mode of service providers, the global clinical reference laboratories market has been segmented into hospital based, stand alone, and clinical based. Among these, the stand-alone service providers are presumed to dominate the global market. With rising opportunities, presence of a new-range of condition-specific markers, availability of advanced technologies, and tests with advances in proteomics and genomics are some of the key factors likely to drive the segment.
By mode of application, the global clinical reference laboratories market has been segmented into clinical trials, laboratory medicine, and others.
Regional Insights
Geographically, the clinical reference laboratories market spans across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, America is considered to be the largest market for clinical reference laboratories. North America with countries such as Canada, and the United States lead the global market.
The European region occupies the second-largest share of the global market and is anticipated to continue its dominance in the coming years. The growth is credited to the increasing geriatric population, rising private and public funding for clinical laboratory test research, and growing incidences of chronic diseases. On the other hand, Asia Pacific is anticipated to expand at the fastest rate during the assessment period.
Industry Updates
January 18, 2019: One of the leading healthcare bio-analytic solution providers, Invitrocue has recently announced its first laboratory agreement in Germany in order to make its Onco-PDO personalized cancer screening service which will be available to the physicians and patients in Germany.
Competitive Dashboard
The prominent players operating the global clinical reference laboratories market are Quest Diagnostics, Clinical Reference Laboratory, ARUP Laboratories, Sonic HealthCare Limited, Unilabs, Laboratory Corporation of America, Bioreference Laboratories, KingMed Diagnostics, Aurora Diagnostics, Synlab International GmbH, and others.
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