DUBLIN--(BUSINESS WIRE)--The "Global Laboratory Services Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Laboratory Services market is expected to grow at a compound annual growth rate of 5.98 % over the forecast period to reach a market size of US$672.521 billion in 2027, from US$447.970 billion in 2020.
Laboratory services are tests and services provided by a medical or testing lab that helps and aids in the treatment and diagnosis of patients. There are many types of laboratory services, such as HIV tests, blood counts, liver function tests, Blood Count Liver Function tests, and others, that are being provided. The testing helps doctors, physicians, and other healthcare professionals to analyze the data and prepare appropriate evidence related to therapeutic and diagnostic decisions for the patients. Many countries have been investing a substantial sum of capital into healthcare, focusing on the development of clinical laboratory services. These services are beneficial, affordable, and give factual information.
A surge in health care expenditure to boost growth
With the surge and growth in the health care expenditure by countries, the laboratory services market will continue to grow at a significant rate. According to the data given by the OECD and the World Bank in 2019, T the United States spends the most in the healthcare sector, with 16.9% of its GDP being spent on healthcare services. The government and major players in the country have been developing clinical and convenient laboratory services for its people. Digitalization and automation have played a critical role in expanding laboratory services.
On December 4th, 2020, EverlyWell, On 4th December 2020, EverlyWell, one of the major players in the market, announced that it had raised USD 175 million to expand its lab testing and diagnostic test capabilities, which would be used to manage and track chronic diseases. In Europe, Switzerland spent 12% of its GDP on health care, while Germany, France, Health Care with Germany, France, and Sweden spent around 10-11% of their GDP on health care. This has led to several companies announcing their investments in the region.
HIV and AIDS are major concerns
According to the data given by the joint United Nations Programme on HIV/ AIDS, around 38 million people were living with HIV worldwide in the year 2019. There were around 1. 7 million newly novel infected people in 2019. More than 690,000 deaths occurred from AIDS-Related diseases in 2019. 81% of the people living with HIV knew about their problem. Around 7.1 million infected people didn't know about the problem.
HIV has been a major concern for women too. According to the data, around 5500 women from the age of 15 to 24 became infected every week with HIV. Africa has been a major concern regarding the HIV P problem. Governments worldwide have been investing a substantial sum of capital into the development of laboratory services which would help in the examination and analysis of this grave problem.
Market Segmentation:
By Test Category
- Routine testing
- Anatomic pathology
- Molecular & genetic
- Drug testing
- Pap & HPV testing
By End-User
- Mobile/ Home-based sample collection
- Laboratories visiting centers
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- Germany
- Spain
- United Kingdom
- France
- Middle East and Africa
- UAE
- Saudi Arabia
- Israel
- Egypt
- South Africa
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Taiwan
- Indonesia
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL LABORATORY SERVICES MARKET ANALYSIS, BY TEST CATEGORY
6. GLOBAL LABORATORY SERVICES MARKET ANALYSIS, BY END-USER
7. GLOBAL LABORATORY SERVICES MARKET ANALYSIS, BY GEOGRAPHY
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
9. COMPANY PROFILES
Companies Mentioned
- Quest Diagnostics
- LabCorp
- Sanofi Genzyme
- Abbott Laboratories
- Charles River Laboratories, Inc.
- Bio-Reference Laboratories
- Spectra Laboratories
- Genoptix Medical Laboratory Services
- ARUP Laboratories
- NeoGenomics Laboratories
For more information about this report visit https://www.researchandmarkets.com/r/boet06
