North America Clinical Laboratory Test Market is Scientifically Increasing at an Impressive CAGR During Forecast to 2022
North America Clinical Laboratory Test Market - Overview
Clinical laboratory testing has emerged as the most growing segment of healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood test, anatomical pathological testing, molecular, immunological, drug testing and other tests for disease diagnosis and treatment.
According to a recent study report published by the Market Research Future analysts, the North America Clinical Laboratory Test Market Trends is growing at a steady pace; where the growth is mainly due to increasing prevalence of chronic diseases, increased patient population, increase in volume of in-vitro diagnostic tests, current reimbursement scenario, and increasing patient awareness about the clinical test.
However, there are few obstacles for this market. Massive development costs for the each tests ultimately results in increased costs for the test. In 2014 According to office of inspector general, three test all of blood test accounts over $400 million each which include complete blood cell count automated test which accounts $431 million, blood test for a group of blood chemicals which accounts $453 million, blood test for thyroid‐stimulating hormone which accounts $477 million.
Key Players:
AURORA Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics (U.S.), Sonic Healthcare (Australia)
North America Clinical Laboratory Test Market - Competitive Analysis
Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the North America clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.
Globally, Quest diagnostics is the largest independent research and testing lab, and commands around 17-18% share of the total market. LabCorp follows Quest and accounting for around 10-12% market share of the domestic market, but is growing at a faster pace than its main rival.
In addition to the major players, there are few small scale companies such as Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contribute significant value in the total market.
Merger & acquisitions with other companies and other small players was the key strategy adopted by the major players.
Aurora Diagnostics acquired Pathology Associates of Sebring in April 2016. With this acquisition, company will expand its capabilities in the following field of pathology. Also in April 2016, Aurora acquired Pacific Pathology Associates in Oregon. This helped the company to get established in the Pacific Northwest region.
North America Clinical Laboratory Test Market - Regional Analysis
US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.
Clinical laboratory testing has emerged as the most growing segment of healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood test, anatomical pathological testing, molecular, immunological, drug testing and other tests for disease diagnosis and treatment.
According to a recent study report published by the Market Research Future analysts, the North America Clinical Laboratory Test Market Trends is growing at a steady pace; where the growth is mainly due to increasing prevalence of chronic diseases, increased patient population, increase in volume of in-vitro diagnostic tests, current reimbursement scenario, and increasing patient awareness about the clinical test.
However, there are few obstacles for this market. Massive development costs for the each tests ultimately results in increased costs for the test. In 2014 According to office of inspector general, three test all of blood test accounts over $400 million each which include complete blood cell count automated test which accounts $431 million, blood test for a group of blood chemicals which accounts $453 million, blood test for thyroid‐stimulating hormone which accounts $477 million.
Key Players:
AURORA Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics (U.S.), Sonic Healthcare (Australia)
North America Clinical Laboratory Test Market - Competitive Analysis
Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the North America clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.
Globally, Quest diagnostics is the largest independent research and testing lab, and commands around 17-18% share of the total market. LabCorp follows Quest and accounting for around 10-12% market share of the domestic market, but is growing at a faster pace than its main rival.
In addition to the major players, there are few small scale companies such as Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contribute significant value in the total market.
Merger & acquisitions with other companies and other small players was the key strategy adopted by the major players.
Aurora Diagnostics acquired Pathology Associates of Sebring in April 2016. With this acquisition, company will expand its capabilities in the following field of pathology. Also in April 2016, Aurora acquired Pacific Pathology Associates in Oregon. This helped the company to get established in the Pacific Northwest region.
North America Clinical Laboratory Test Market - Regional Analysis
US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.
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