The emergency of coronavirus is predicted to have positive impact on the global laboratory testing market in 2020. Complete blood count test accounted for evident market share in the previous years and hospital-based laboratories end user held the global market size in 2019. Also, North America region has dominated to global market size in the previous years. The key manufacturers are adopting several tactics to strengthen their market share in the global market.
The COVID-19 pandemic has had a considerable impact on clinical laboratories in the past several months. Governments are taking several initiatives to test and screen large number of patients, who are having symptoms of COVID-19 infection and isolating them to curb the spread. These aspects are encouraging huge investments in disease surveillance and clinical laboratories networks, which are essential activities to need be taken by governments in this period due to responsibility of national public health. This factors is expected to drive the market growth in the pandemic period. However, this pandemic situation could negatively affected the supply chain of clinical laboratory products including testing equipment’s, accessories and accessories. These factors are expected to have considerable impact on the global laboratory testing market growth in 2020.
In addition, several significant players are approaching various growth strategies such as partnerships and collaborations to sustain in the global market during the pandemic period. For Instance, in March 2020, Neo Genomics Laboratories Inc. has announced three year agreement with HealthTrust Purchasing Group (HPG). As per this contract, Neo Genomics Laboratories Inc. will help keystone laboratory for HPG specialized reference laboratory for cancer & oncology genetics. Also, this contract gives Neo Genomics Laboratories Inc. is first specific oncology lab to develop a preferred in-network laboratory to support HPG affiliated cancer centers and hospitals.
This report delivers complete overview of the impact of COVID-19 on global laboratory testing market.
According to new study conducted by Research Dive, the global laboratory testing market will register a revenue of $288.8 billion revenue by the end of 2027 and is estimated to grow at a noteworthy rate in the projected timeframe from 2019 to 2027.
The global market has been classified on the basis of test, end user and region. The report designed to deliver comprehensive study of drivers, opportunities, restraints, segmentation and significant manufacturers of the market.
Factors affecting the market growth
According to this study, increasing demand for early disease detection and continuously growth in the innovative technologies are major driving factors for the growth of the laboratory testing market. Nevertheless, dearth of skilled workforce for innovative devices and stringent regulations on FDA approval are significant restraints for the growth of the market.
Complete blood count test and hospital-based laboratories segments are held the significant revenue share in previous years
Based on test, the global market has been divided into bun creatinine testing, basic metabolic panel testing, complete blood count, electrolytes testing, HGB/HCT testing and others. In all these, complete blood count test contributed highest revenue share in 2019 and is expected to remain its growth throughout the forecast time. In clinical laboratories complete blood count is most common test to evaluate patient overall health condition and detect several disorders such as infection, leukemia and anemia. This factor is driving the demand for complete blood count test, which will drive the growth of the market in the forecast years.
Based on end user, the global market has been categorized into physician office-based laboratories, central/independent laboratories, hospital-based laboratories and others. Among these, hospital-based laboratories segment accounted for highest market share in the previous years and is estimated to continue its significant growth in the forecast years. Increasing investments on healthcare infrastructure which leads to improve the hospital laboratory facilities, this factor is expected to drive the market growth in the forecast years. Central/independent laboratories segment will promising a remarkable growth in the forecast years, growing demand for central/independent clinical laboratories across the globe.
Laboratory testing market, Geographical overview
North America region has dominated the global laboratory testing market size in 2019 and is expected to continue its dominance over the global market size in the estimated period. Presence of powerful healthcare infrastructure along with growing elderly population and rise in the awareness among the people about early disease detection methods are projected to drive the market growth in the North America region. Europe region accounted for second highest revenue share in the previous years and is anticipated to create ample growth opportunities in the upcoming years. Growing consciousness on early diagnosis along with continuous government initiatives to improve healthcare infrastructure are the major favorable factors for the market growth in the Europe region.
Laboratory testing market, Prominent players
The key manufacturers in the global laboratory testing market includes Abbott Laboratories, Inc., Sonic Healthcare Ltd., OPKO Health Inc., Charles River Laboratories International Inc., Genoptix, Inc., Quest Diagnostics Inc., Siemens Healthineers, Laboratory Corporation of America, Neo Genomics Laboratories Inc. and Bioscientia.
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