Clinical laboratory services play an essential role in the ongoing care and treatment of patients. With the advancement of scientific research and other factors like economics and priorities, the scope of clinical laboratory services has widened. This service ensures the management and support of samples and associated materials from diagnosis to treatment. This is a scientific field which ensures that the results are applicable to real situations and can be easily transferred to other medical fields for further study.
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The high prevalence of chronic diseases is expected to propel the growth of the clinical laboratory services market. For example, according to the study “Global and Regional Diabetes Prevalence Estimates for 2019 and Projections for 2030 and 2045: Findings from the International Diabetes Federation Diabetes Atlas, 9th Edition,” published in the journal Diabetes Research and Clinical Practice, as of September 2019, 463 million people are expected to have diabetes in 2019 worldwide and this number is expected to reach 578 million by 2030 and 700 million by 2045.
Moreover, the increase in the geriatric population is also expected to contribute to the growth of the global clinical laboratory services market. For example, according to the United Nations Population Fund, the geriatric population in Asia-Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.
The emergence of Covid-19 is expected to provide lucrative growth opportunities for players in the clinical laboratory services market. For example, in December 2020, Southwest Labs, based in Albuquerque, United States, announced that it would provide access to Covid-19 testing at the Albuquerque International Sunport through a partnership with the city.
Major players operating in the clinical laboratory services market are focused on adopting partnership strategies to increase their market share. For example, in December 2020, US-based Hackensack Meridian Health and Secaucus partnered with Quest Diagnostics. Quest will manage lab operations and perform benchmark testing for 11 Hackensack Meridian Health hospitals. Likewise, in December 2020, Q2 Solutions, one of the world’s leading clinical trial laboratory services organizations, announced a partnership with Adaptive Biotechnologies, a pioneer and leader in immune medicine, under which Q2 Solutions will offer its customers the immunoSEQ test, Adaptive’s next test. Generation sequencing-based immunosequencing (NGS) solution, which is used to quantify high throughput adaptive immune receptors, taking advantage of the company’s new immunosequencing kit.
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The main key players are: Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco SA, Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, Sonic Healthcare Limited
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