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Rise in Aging Population Fuels Global Clinical Laboratory Services Market to Expand at 5.80% CAGR from 2013-2019: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research announces the release of a new research report titled "Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019". The research publication reveals that driven by rise in aging population, increase in disease incidence rates, introduction of employer-sponsored wellness programs, and early disease detection aided by advanced diagnostic tests, the global clinical laboratory services market is anticipated to rise from a value of US$162.7 Bn in 2012 to US$241.3 Bn in 2019 at a 5.80% CAGR during that period.

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A study of the population and disease incidence rate reveals details pertaining to the total world population from 2000 to 2030, population by continent from 1990 to 2050, world cancer incidence by types in 2008 and 2015, and the global disease burden for 2002 and 2030.With the help of Porter's Five Forces Analysis, the research report investigates the threat of new entrants and substitutes, bargaining power of buyers and suppliers, and level of competitive rivalry. The report also studies the market attractiveness of the major geographical segments for 2012.

The clinical laboratory services market is segmented on the basis of test type into medical microbiology and cytology, clinical chemistry, human and tumor genetics, and other esoteric tests. By service provider, the market is categorized into hospital-based, clinic-based, and standalone. On the basis of region, the global market for clinical laboratory services comprises North America, Europe, Asia Pacific, and Rest of the World. North America is by far the largest market in terms of revenue and analysts believe that this region is likely to retain its lead over the course of the forecast period owing to high incidence rate of diseases, favorable reimbursement scenario, and high-quality healthcare infrastructure.

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Asia Pacific is forecast to emerge as a strong contender in the global clinical laboratory services market owing to growing population serving as a large patient pool and increasing number of unmet medical needs. However, this region is estimated to be hampered by lack of stringent regulatory framework and unorganized healthcare reimbursement scenario.With a handful players enjoying over 50% of the overall market, the competitive landscape of the clinical laboratory services market is immensely oligopolistic in nature. Sonic Healthcare, Charles River Laboratories, Healthscope Ltd., Genoptix Medical Laboratory, ARUP Laboratories, Quest Diagnostics, Inc., Laboratory Corporation of America Holdings (LabCorp), Labco S.A., Bioscientia Healthcare, Spectra Laboratories, Bio-Reference Laboratories, and Abbott Laboratories are the top players operating in the global clinical laboratory services market. These vendors are examined in the research study based on parameters such as company overview, recent developments, product portfolio, business strategies, and financial standing.

Clinical Laboratory Services Market, by Test Type

  • Clinical Chemistry
  • Medical Microbiology & Cytology
  • Human & Tumor Genetics
  • Other Esoteric Tests

Clinical Laboratory Services Market, by Service Provider

  • Clinic-based
  • Hospital-based
  • Stand-alone

Clinical Laboratory Services Market, by Geography

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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Source:Transparency Market Research