San Francisco, California, December 01, 2017: TMR Research has published a new report which is titled, “Clinical Laboratory Services Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.” According to the report this market is witnessing a high growth on account of the growing prevalence of infectious diseases which has led to a rise in the testing sample volume and has increased the demand for fundamental tests such as electrolyte testing and HbA1c test. Clinical laboratory services find extensive use in toxicology testing, lab testing, drug discovery and development, bioanalytical testing, cell and gene therapies, and pre clinical services. An increasing number of patients have become aware about the early diagnosis of conditions in oncology, gynaecology, and endocrinology. This in turn is benefiting the global clinical laboratory services market.
The market is benefiting extensively from the growing number of research activities within the pharmaceutical sector that is directed towards development of drugs. The market is also benefiting from the aggressive focus on technological advancements in clinical laboratory services by leading players within this market. The growth of the clinical laboratory services is attributed to a substantial rise in the geriatric population all over the world. The growing awareness among patients regarding the benefits of early diagnosis of diseases will also help fuel the growth of this market. There are various benefits of clinical laboratory services such as short hospital stays and reduction in the number of visits to doctor. The elderly population is more vulnerable or susceptible to infectious diseases and this population-base is also prone to various neurological and cardiovascular diseases. All these factors make the rise in geriatric population an important factor behind the growth of the clinical laboratory services market.
Thanks to the players within the clinical laboratory services market, there has been introduction of advanced products such biochips, companion diagnostics, and microarrays. This is helping the clinical laboratory services market to grow and progress. The clinical laboratory service market is governed by various regulatory frameworks set by the FDA and other organizations which are extremely stringent and may hamper the growth of this market. However countries such as India and China lack the presence of any standard regulatory guidelines which can manage the diagnostic sector. This is anticipated to restrict the growth of the market in this part of the world.
On the basis of geography, the global clinical laboratory services market is segmented into Asia Pacific, the Rest of the World, North America, and Europe. Of these, it is expected that North America will turn out to be the leading regional segment on account of the early adoption of technological advanced diagnostics. Similarly, Europe will also be a lucrative market for clinical laboratory services on account the growing awareness among consumers and the presence of advance and sophisticated diagnostic tests.
According to the report, leading players within the market are striving to make their presence felt and expanding the market share by participating in various strategic agreements such as mergers, collaborations, acquisitions, and partnerships so as to develop new products.
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