U.S. Clinical Laboratory Tests Market size in 2019 is estimated to be $6,000 million, growing at a CAGR of 5.3% during the forecast period 2020-2025. Clinical laboratory tests is a group of medical tests carried out in a laboratory equipped with all aspects of laboratory medicine and instruments. These tests are performed on clinical specimen to obtain information about the health of patients, and Diagnosis & treatment of their respective condition. Increasing prevalence of chronic diseases and technological advancement are the major factors driving the growth of the market. Moreover, rising geriatric population and advancement of R&D activities further enhance the overall market demand for U.S. clinical laboratory tests during the forecast period 2020-2025.
U.S. Clinical Laboratory Tests Market Segment Analysis – By Type
Based on the Type, U.S. Clinical Laboratory Tests Market is segmented into Complete Blood Count (CBC), Basic Metabolic panel (BMP), HbA1c Tests, BUN creatinine Tests, Electrolytes Testing, Renal Panel Tests, Liver Panel Tests, Lipid Panel Tests. The Basic Metabolic panel segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.8% during the forecast period 2020-2025. This is mainly owing to increasing prevalence of lifestyle-induced diseases, including metabolic abnormalities and obesity which are contributing to the growth of this segment.
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U.S. Clinical Laboratory Tests Market Segment Analysis – By End-Use Industry
Based on the End-Use Industry, U.S. Clinical Laboratory Tests Market is segmented into Central Laboratories, Primary Clinics. In 2019, central laboratories held the largest share owing to presence of several central laboratories such as Phoenix Lab, Q2 Solutions and increasing demand for rapid test results which is contributing to the growth of this segment.
U.S. Clinical Laboratory Tests Market Drivers
Increasing Prevalence of Chronic Disease
Increasing prevalence of chronic disease and rising awareness among health-conscious are some factors driving the market growth of this segment. According to International Diabetes Federation in 2019, around 463 million adults were living with diabetes which are increasing the market growth of U.S. clinical laboratory tests.
Advancement in technology and increasing geriatric population are some factor driving the growth of the market. Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity which are contributing to the growth of U.S. Clinical Laboratory Tests Market.
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U.S. Clinical Laboratory Tests Market Challenges
Lack of skilled professional are challenging the growth of this market. Moreover, control of the FDA over laboratory-based tests delays the launch of new products are restraining its market growth during the forecast period 2020-2025.
U.S. Clinical Laboratory Tests Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the U.S. Clinical Laboratory Tests Market. U.S. Clinical Laboratory Tests top 10 companies are QIAGEN, Laboratory Corporation of America Holdings, Charles River Laboratories, Opko Health Inc., Sonic Healthcare USA, Alere Inc., Healthscope Ltd., Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott.
On November 2019, Qiagen has collaboration with Laboratory Corporation of America Holdings in order to develop the clinical laboratory tests.
On August 2018, SRL Inc. has acquisition with QIAGEN to prepare for the introduction of novel companion diagnostic tests along with new drug approvals
The Clinical Laboratory Tests Market is prominent in U.S. owing to rising penetration of advanced diagnostic techniques and increasing test volumes support.
Increasing prevalence of chronic diseases and technological advancement is driving the market growth of U.S. clinical laboratory tests.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the U.S. Clinical Laboratory Tests Market report.
Lack of skilled professional are challenging the growth of the market.
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