The global clinical laboratory services market is all set to foresee a phenomenal upliftment in the overall healthcare and medical devices business space, fundamentally due to the rising burden of diseases worldwide. In fact, it was estimated that by 2020, ischemic heart disease, which has to date claimed over nine million lives, would emerge as one of the leading causes of disease burden globally. Considering this count, various economies are looking forward to developing measures to reduce the disease burden to a greater extent, enunciating the need for advanced — clinical laboratory services.
It has been anticipated that clinical laboratory services market would surpass a valuation of USD 426 billion over the span of six years from 2020 to 2026 while depicting a growth rate of 3.9% through 2026. This can be attributed to the dramatically transforming trends, some of which are mentioned below, across the market.
Unveiling trends across clinical laboratory services market
Potential efforts undertaken by government and non-government organizations
A prolific surge in global disease burden has enabled government and non-government organizations of diverse economies to undertake potential measures to curtail the rising infection and disease spread. For instance, the Population Services International economically supports its staff members to identify and mark health conditions with a high economic burden. Moreover, the trade union federation had in the last decade, announced its plans of targeting around 42% of such diseases and list them under GBD (Global Burden of Disease) study. This novel move would enable the organizations to take positive verdicts pertaining to the reduction of expanding disease burden. Such initiatives would undeniably bolster the market progression over the forthcoming years.
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COVID-19 pandemic outbreak
The onset of COVID-19 pandemic, which has resulted in millions of fatalities worldwide, has propelled the need for having advanced testing and laboratory services, emerging as a recent trend complementing the burgeoning industry statistics. Clinical laboratories have an eminent role to play during the crucial COVID-19 pandemic times, as they facilitate the testing procedures and generate results quite conveniently. In response to the outbreak, several companies and state authorities have declared developing diagnostic assays to test individuals for the infection, adding to the growth profile of the clinical laboratory services market.
Citing an instance for the aforesaid, it has been reported that the City of Albuquerque and South Labs have joined hands to offer COVID-19 testing services at the Albuquerque International Sunport. According to the partnership agreement, travelers would have an option to test while making their way through the Sunport just to ensure their safety and wellbeing against coronavirus.
Increased need for microbiology and cytology tests
With over 8 million Indians being diagnosed with fungal candida infections, the need for microbiology and cytology tests has prolifically risen as these are majorly used in the field of disease diagnosis. In fact, it was observed that the segment accounted for a revenue share of 18.4% in the past years and is currently looking forward to expanding at an unprecedented pace in the years to come.
What has been driving the need for these is the growing prevalence of bacterial as well as viral infections across a huge geriatric patient pool in the economies of Asia Pacific. It would be pivotal to mention that some of the most common infections in the APAC region are mucor mycosis, aspergillosis, and pythiosis. In this case, it would be safe to declare that the Asia Pacific region would emerge as a remunerative growth ground for not only microbiology and cytology test market but also the overall industry.
Rising infection burden across Asia Pacific
As per the reports by Thyroid Association, 1 out of 3,000 to 4,000 new-borns in the Asia Pacific region are affected by congenital hypothyroidism. Not only this, over 310,000 people in the region were diagnosed HIV positive in 2018 alone. Such numbers have triggered the adoption of clinical laboratory services across the fastest evolving continent, Asia Pacific. Estimates claim that APAC clinical laboratory services market would exhibit a CAGR of 5.2% over the stipulated time frame in wake of the above-mentioned numbers and required treatments.
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