North America Clinical Laboratory Test Market – Overview:
Clinical laboratory testing has emerged as the most growing segment of healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood test, anatomical pathological testing, molecular, immunological, drug testing and other tests for disease diagnosis and treatment.
According to a recent study report published by the Market Research Future analysts, the North America Clinical Laboratory Test Market Size is growing at a steady pace; where the growth is mainly due to increasing prevalence of chronic diseases, increased patient population, increase in volume of in-vitro diagnostic tests, current reimbursement scenario, and increasing patient awareness about the clinical test.
However, there are few obstacles for this market. Massive development costs for the each tests ultimately results in increased costs for the test. In 2014 According to office of inspector general, three test all of blood test accounts over $400 million each which include complete blood cell count automated test which accounts $431 million, blood test for a group of blood chemicals which accounts $453 million, blood test for thyroid‐stimulating hormone which accounts $477 million.
Key Players:
The North America market consist of players such as AURORA Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics (U.S.), Sonic Healthcare (Australia) are some of the prominent players at the forefront of competition in the North America Clinical Laboratory Test Market and are profiled in MRFR Analysis report.
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North America Clinical Laboratory Test Market - Competitive Analysis
Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the North America clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.
Globally, Quest diagnostics is the largest independent research and testing lab, and commands around 17-18% share of the total market. LabCorp follows Quest and accounting for around 10-12% market share of the domestic market, but is growing at a faster pace than its main rival.
In addition to the major players, there are few small scale companies such as Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contribute significant value in the total market.
Merger & acquisitions with other companies and other small players was the key strategy adopted by the major players.
Aurora Diagnostics acquired Pathology Associates of Sebring in April 2016. With this acquisition, company will expand its capabilities in the following field of pathology. Also in April 2016, Aurora acquired Pacific Pathology Associates in Oregon. This helped the company to get established in the Pacific Northwest region.
In January 2017, LabCorp acquired assets of Mount Sinai Health (Mount Sinai), one of the largest healthcare systems in New York City System Clinical Outreach Laboratories which has given the company, an opportunity to serve and anchor health system in the critical New York metro market. In February 2016, LabCorp launched a new complementary diagnostic test for diagnosis and treatment of bladder cancer. Back in 2014, LabCorp had launched a clinical test to identify Enterovirus D-68 (EV-D68), cause a wide spectrum of both common and uncommon illnesses.
In January 2017, Quest diagnostics launched nation’s first hepatitis B virus quantitative test to help access response to anti-viral therapy. The test is significant because it may help physician’s tailor more effective treatments for up to 2.2 million individuals infected with HBV. The company also partnered with Montefiore Health System, a premiere academic health system.
In February 2017, Quest Diagnostics and PeaceHealth initiated company’s expansion by increasing access to Innovative, High-Value Laboratory Services in the Pacific Northwest. Both the parties have formed a two part arrangement to improve the delivery of laboratory services in United States.
North America Clinical Laboratory Test Market - Regional Analysis
US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.
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Other factors such as increasing prevalence of disease, growth of outpatient services, government funds new payment and service delivery model and expansion of hospital outreach services are the adding to the market growth of clinical laboratory market in North America.
Government rules and regulations cheaper services in government owned hospitals and increasing interest rates are some of the factors acting as restraints for the global clinical laboratory test market.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/2249Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.
LabCorp follows Quest and accounting for second largest market share of the domestic market but is growing at a faster pace than its main rival.
In addition to this, Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contributes more than 60% of the market share of total market.North America clinical laboratory test market Players: The key players are AURORA Diagnostic (USA), Laboratory Corporation of America (US), LifeLabs Medical Laboratories (Canada), and Quest Diagnostics (US).Segmentation: The North America clinical laboratory test market is majorly segmented on the basis of type of laboratory, type of test, and by country.
Based on the type of laboratory, the market is segmented into hospital-based laboratory, central/ independent laboratory, physician office laboratory, and others.
Further on the basis of country the market is classified into U.S., Canada, and Rest of North America.
April 15, 2019: This report focuses on the global Clinical Laboratory Test status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Clinical Laboratory Test development in United States, Europe and China.The growing geriatric population base, primarily in the European and North American countries, is also anticipated to provide huge growth opportunities in this area.
The increase in aging population and amplified acute and long-term healthcare needs are driving the growth of clinical laboratory tests market at a global level.
Moreover, rising awareness amongst people and healthcare professionals about the need of regular body profiling is also estimated to enhance usage of clinical tests.Download sample Copy of This Report at: https://www.radiantinsights.com/research/global-clinical-laboratory-test-market-size-status-and-forecast-2018-2025/request-sample Increasing adoption of laboratory automation systems is anticipated to accentuate growth of this market over the next decade.
For example, approximately more than 30% of the laboratories in North America, Europe, and Japan have implemented a significant degree of laboratory automation.Advantages of automation such as its ability to reduce errors, improve efficacy, and enhance patient safety by integrating electronic, mechanical, and informatics tools are expected to propel the market.In 2017, the global Clinical Laboratory Test market size was 208800 million US$ and it is expected to reach 344500 million US$ by the end of 2025, with a CAGR of 6.5% during 2018-2025.Browse Full Report With TOC @ https://www.radiantinsights.com/research/global-clinical-laboratory-test-market-size-status-and-forecast-2018-2025The key players covered in this studyQuest DiagnosticsMerck KgaALaboratory Corporation of America HoldingsGenoptixHealthscopeLabcoCharles River LaboratoriesOPKO Health, IncAbbottMarket segment by Type, the product can be split intoComplete Blood CountHGB/HCT TestingBasic Metabolic Panel TestingBUN Creatinine TestingElectrolytes TestingHbA1c TestingComprehensive Metabolic Panel TestingLiver PanelTestingRenal Panel TestingLipid Panel TestingMarket segment by Application, split intoClinical Laboratory test CentersHospitals/ clinicsAcademic research institutesGovernment institutesMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Clinical Laboratory Test status, future forecast, growth opportunity, key market and key players.To present the Clinical Laboratory Test development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Clinical Laboratory Test are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process.
The global clinical laboratory test market stood at USD 206.7 Bn in 2016.The growth of the global clinical laboratory tests market stems from the alarming rise in the incidence rate of chronic diseases.
The rapid spread of infectious, oncology, autoimmune, and other diseases paired with raising awareness regarding health & wellness generate high demand for screening services which consequently augments the growth of the market.The governments in multiple countries have endeavored towards raising awareness and have initiated various screening programs for the same.
A prime focus also remains to curb the growing mortality rate as a result of spreading diseases.
Panel based tests have also gained substantial traction in recent years owing to their ease of use and single-use systems.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/1649 Technological advancements and automation in the field of clinical laboratory tests have opened up new avenues for the growth of the market.
The global geriatric population has also witnessed an uptick in its number which is likely to affect the market growth positively.Despite the prolific growth of the market, stringent government norms and high costs remain major impediments.
Presence of low-cost products which bear the risk of false results and low selectivity and detection limits of older tests are also possible bottlenecks to the global clinical laboratory test market.Competitive Landscape:Laboratory Corporation of America, Sonic Healthcare, Aurora Diagnostics, LifeLabs Medical Laboratories, and Quest Diagnostics are the noteworthy players in the global clinical laboratory tests market.Industry Updates:February 2019- EKF Diagnostics, point-of-care business Quo-Test analyzer received FDA nod for use in clinical laboratory setting.
