Clinical Laboratory Services Market share to surpass $342bn by 2024: Global Market Insights Inc. As per the medical research report “Clinical Laboratory Services Market Size By Test (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospitals, Stand-Alone Laboratories, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Japan, China, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024�, by Global Market Insights, Inc., Worldwide clinical laboratory services market worth USD 196.9 billion in 2015, will register an annual growth rate of 6.4% over the coming seven years. Ongoing technological advancements in the healthcare infrastructure is drawing a profitable roadmap for Clinical laboratory services market globally. Reportedly, clinical laboratory services cover 80% of the overall medical diagnosis space, claiming a prominent position in the healthcare diagnosis spectrum. The growth of this industry can be attributed to a multitude of factors such as increasing patient awareness regarding their health and importance of early detection of diseases coupled with a noticeable increase in the geriatric population base. Biochips, microarrays, and companion diagnostics are few of the innovative products which are witnessing massive adoption rates across the testing laboratories.
Clinics, standalone laboratories, and hospitals are key service providers in clinical laboratory services market. Standalone laboratories were recognized as the most lucrative service providers and accounted for a revenue of USD 73 billion in 2015. Wide range of test facilities by these labs make it a preferable service provider. This segment is estimated to register an annual growth rate of 7% over the period of 2016-2024. Hospital based clinical laboratory services market had a revenue of USD 113.4 billion in 2015 and is predicted to record considerable growth rate over the years ahead. Based on the tests carried out, clinical laboratory services industry is mainly divided into clinical chemistry, other esoteric test, medical microbiology & cytology, and human & tumor genetics. Clinical chemistry test accounted for more than 47% of the market share in 2015 and will collect attractive revenue of more than USD 152 billion by 2024, primarily driven by its surging requirement for the treatment of invasively growing diseases such as blood disorders, diabetes, cardiovascular, and liver & kidney. 1|Page