Growing Need for Health Check Ups Is Creating Momentum for the Global Clinical Laboratory Tests Market Growth
Over the years, the geriatric population around the world has grown continuously. With the growing vulnerability to chronic diseases, the growing geriatric population around the world is increasing the demand for clinical laboratory tests. Another important factor responsible for the growing demand for clinical laboratory tests is the alarming increase in people diagnosed with chronic diseases, neurological, metabolic, and cardiovascular diseases. Take advantage of a number of factors, such as the growing percentage of geriatric people in the world population, the prevalence of target diseases, the growing demand for early detection of chronic diseases and the introduction of innovative solutions.
As per recent announcement, Sunquest Information Systems, Inc., a leader in laboratory information solutions, announced that it has acknowledged HNL Lab Medicine as a center of excellence. This move is attributed to upheld Sunquest solutions’ ability to deliver the highest commitment to laboratory innovation and to improve patient care and organizational efficiency.
The global clinical laboratory tests market is generally classified based on product, department, service provider, and region. By product, the global market is bifurcated into complete blood count, HGB/HCT testing, bun creatinine testing, basic metabolic panel testing, liver panel testing, electrolytes testing, HBA1C testing, lipid panel testing, renal panel testing, comprehensive metabolic panel testing, and others. Further, department wise, it is segmented into parasitology, hematology, virology, histopathology, urinalysis, toxicology, immunology/serology, and others. The global market for clinical laboratory tests market is also categorized based on hospital-based laboratories, nursing & physician office-based laboratories, and independent & reference laboratories.
According to the report, global demand for clinical laboratory tests market was valued at approximately USD 158.9 Billion in 2019, and is expected to generate revenue of around USD 243.1 Billion by end of 2026, growing at a CAGR of around 6.3% between 2020 and 2026.
North America holds a significant share in the global market due to the large number of laboratories in the country, consistent use of this equipment. The growing prevalence of diseases in Europe is likely to increase in this region. The Asia-Pacific region is likely to show noteworthy growth trend owing to growing huge population and emerging healthcare market. The emergence of several new clinical laboratories, increasing healthcare costs, and significant technological advances in clinical laboratory testing are promising growth in developing countries.
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Some of the prominent players functioning in the global clinical laboratory tests market include Charles River Laboratories International, Inc., Quest Diagnostics, Inc., Sonic Healthcare Ltd., Siemens Healthineers, Inc., OPKO Health, NeoGenomics Laboratories, Inc., Laboratory Corporation of America, LLC, Genoptix, Inc., Bioscientia Institut fr Medizinische Diagnostik GmbH, and Abbott Laboratories, Inc. among others.
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