Enjoy complimentary customisation on priority with our Enterprise License!
The clinical reference laboratory services market share is expected to increase by USD 26.09 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.71%.
This clinical reference laboratory services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers clinical reference laboratory services market segmentations by end-user (hospitals and private clinics, corporate offices and companies, and government entities), service (stand-alone reference laboratories, hospital-based reference laboratories, and clinic-based reference laboratories), and geography (North America, APAC, Europe, South America, and MEA). The clinical reference laboratory services market report also offers information on several market vendors, including amedes Holding GmbH, Clinical Reference Laboratory Inc., Exact Sciences Corp., Mayo Medical Laboratories, OPKO Health Inc., Quest Diagnostics Inc., Sonic Healthcare Ltd., SYNLAB Bondco Plc, and Unilabs AB among others.
Download the Free Report Sample to Unlock the Clinical Reference Laboratory Services Market Size for the Forecast Period and Other Important Statistics
The increasing prevalence of chronic and infectious diseases is notably driving the clinical reference laboratory services market growth, although factors such as stringent regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the clinical reference laboratory services market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Clinical Reference Laboratory Services Market Driver
One of the key factors driving the clinical reference laboratory services market is the increasing prevalence of chronic and infectious diseases. Medical diagnostic procedures are in high demand due to the rising prevalence of chronic and infectious diseases. Furthermore, reference laboratories are providing services for the rapid detection of infectious diseases that require specialized laboratory testing instruments and skills, such as swine flu, hepatitis A and B, and HIV. These labs also provide low-cost diagnostic tests for common chronic diseases like cancer, diabetes, and cardiovascular disease. Furthermore, during peak seasons of infection, the lack of expertise in hospitals and clinics to perform critical diagnostic testing procedures for pandemic and highly communicable diseases, such as swine flu and Zika virus infection, necessitates the outsourcing of these tests to specialized reference laboratories. According to the World Bank Group, 1.4 million people die each year from hepatitis virus infections of various types. Hepatitis B vaccination based on blood test results has increased over time, according to the CDC, from 12.3% in 1999-2002 to 25.2% in 2015-2018. Furthermore, the CDC estimates that since 2010, influenza has caused 9-45 million cases, 140,000-810,000 hospitalizations, and 12,000-61,000 deaths. As a result, the global clinical reference laboratory services market will continue to grow during the forecast period due to the rising prevalence of chronic and infectious diseases.
Key Clinical Reference Laboratory Services Market Trend
Increasing partnerships between reference laboratories and risk management service providers is another factor supporting the clinical reference laboratory services market growth in the forecast period. Vendors operating at the global level face stiff competition from local vendors in terms of customer acquisition. Therefore, to overcome such issues, established players are focusing on collaborating with entities such as health plan providers, integrated delivery network (IDN) and risk-bearing entities through partnerships. These partnerships enable reference laboratories to maintain a reliable customer base, accelerate growth, and achieve operational excellence. Moreover, these partnerships also allow the transparent flow of information and unrestricted sharing of data to empower healthcare services by utilizing advanced IT structures and providing efficient diagnostic insights. In July 2019, Bioreference Laboratories entered into a strategic collaboration with SOMOS, a physician network led by more than 2,500 healthcare providers serving over 700,000 Medicaid beneficiaries in New York, US. This collaboration has helped OPKO Health to become a preferred provider for diagnostic testing and assist patients with data analytics. Such partnerships allow vendors to retain their customer base by attaining the preferred laboratory status for clinical testing. This has encouraged the established reference laboratories to plan for long-term strategies to offer cost-effective testing services in the market and overcome the challenges posed by local vendors.
Key Clinical Reference Laboratory Services Market Challenge
Stringent regulations will be a major challenge for the clinical reference laboratory services market during the forecast period. Vendor-provided laboratory testing services are influenced by or subjected to complex and frequently changing laws and regulations around the world. Vendors' ability to operate their businesses quickly in a competitive market is hampered by frequent changes in laws. Furthermore, reference tests are important because they provide results for clinical diagnostic testing, and test results that are inaccurate can have serious and life-threatening consequences for patients' health. As a result, regulatory agencies all over the world have put in place strict regulations and defined standards. CLIA, for example, oversees the operation of clinical laboratories in the United States, ensuring that they meet various operational, technical, quality, and personnel requirements in order to provide reliable, accurate, and timely service. Similarly, the FDA in the US regulates devices, instruments, kits, software, and reagents used in reference test services. Similarly, in Europe, laboratory testing is governed by the European Parliament and Council Regulation (EC) No 882/2004 on official controls. The EU requires national reference laboratories to operate in accordance with EN ISO/EN 17011 and EN ISO/IEC 17025, which are updated on a regular basis. By limiting the operational capacities of reference laboratories, these standards and regulations limit the market's growth.
This clinical reference laboratory services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global clinical reference laboratory services market as a part of the global life sciences tools and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the clinical reference laboratory services market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the clinical reference laboratory services market encompasses successful business strategies deployed by the key vendors. The clinical reference laboratory services market is fragmented and the vendors are deploying growth strategies such as collaborations between end-users and established vendors to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The clinical reference laboratory services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the clinical reference laboratory services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global life sciences tools and services market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Service
7 Market Segmentation by End-user
8 Customer landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.