The global clinical reference laboratories market, as described in the report of Market Research Future (MRFR), is expected to rise by attaining 5.8% CAGR during the forecast period. Clinical reference laboratories play an integral part in providing patient care, but its role is equally important in medical research and clinical reference laboratory services such as diagnosis, treatment, monitoring, and others. In order to obtain a precise result in short time, clinical reference laboratories help by implementing strategies, exact data collection, and stepwise planning.
The value-based services are gaining much precedence in the recent time which is expected to boost the overall clinical reference laboratories market growth. Hospitals are often outsourcing such diagnosis results to expert companies outside to curb their cost.
This could give rise to clinical reference laboratories market. In addition, the technology needed to support such establishments are progressing rapidly owing to which the market can easily expand. Introduction of automation has significantly taken sectors like microbiology and histopathology forward. Genetics and molecular biology are also gaining much from technological advancements. Automation has eased the process of obtaining results which is also a major driving factor for the market’s growth in the coming days.
Significant players to impact the global clinical reference laboratories market are ARUP Laboratories, KingMed Diagnostics, Laboratory Corporation of America, Sonic HealthCare Limited, Aurora Diagnostics, Bioreference Laboratories, Synlab International GmbH, Clinical Reference Laboratory, Unilabs, Quest Diagnostics, and others. These companies are making an effort in taking the market ahead by investing substantially in developing strategies.
The clinical reference laboratories market has been segmented based on service providers and applications.
- Based on service providers, the clinical reference laboratories market can be segmented into stand-alone, hospital-based and clinical-based. The stand-alone segment is expected to gain much from the investments waiting to be introduced in the sector.
- Based on applications, the clinical reference laboratories market can be segmented into laboratory medicine, clinical trials, and others. The laboratory medicine segment is expected to grow with a substantial CAGR during the forecast period. Several products in the healthcare sector are also awaiting trials owing to which the clinical trials segment can grow in the coming years.
Depending on the geographic region, MRFR includes, namely the Americas, Europe, Asia-Pacific, and Middle East & Africa to conduct a study on the clinical reference laboratory market. This is to analyze opportunities that would better the market prospect.
Structural superiority and high investment capability have taken the clinical reference laboratory market of the America’s forward. Especially, due to the presence of the U.S. in the North American region is bolstering growth. The region has the well-structure infrastructure and several products in the pipeline to get the market soaring. Along with Canada, the U.S. is playing a significant role in ensuring the growth of the market.
Europe ranks second in terms of fetching revenues. The regional market shares similar features like that of the Americas. In addition, the presence of countries like Germany, France, and the U.K. can change the market dynamics as their investment in the sector is considerable. But recent deals with the Brexit could weaken the market.
The APAC region is expected to clock the fastest CAGR during the forecast period. The region would benefit much from investment in researches in countries like Japan, China, and India.
August 2019: A worldwide leader in innovative laboratory R&D and national reference laboratory, ARUP Laboratories, along with Techcyte, have recently developed the world’s first AI-augmented parasite and ova detection equipment. This will enable reduced cost, faster turnaround times, improved patient care, and employee satisfaction.
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