CLINICAL LABORATORY SERVICES MARKET | Growth can be attributed to number of factors

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The clinical laboratory services market is estimated to be around $348 billion by 2025.

key factors that affect on growth:

This growth can be attributed to number of factors such as rise in elderly population and increase in awareness about diseases and early detection.

Geriatric population is more prone towards developing diseases such as neurological and cardiovascular diseases. This has led to increase in demand for screening and early detection techniques, driving the growth of the market.

Technological advancements such as biochips, advanced cell assay methods and microarrays will further boost growth of the market.

Furthermore, increasing incidence of chronic diseases worldwide will further fuel the market growth. However, dearth of skilled professionals, strict government guidelines, and unfavorable reimbursement policies are expected to restrain the market growth.

Regional Outlook:

North America accounted for the largest share of the global market in 2016. This large share can be attributed to better healthcare infrastructure, increasing prevalence of diseases, and rise in demand for early detection and prevention of various disorders.

Asia-Pacific is expected to witness fastest growth during the forecast period primarily due to rapidly changing healthcare infrastructure especially in India and China, and increasing demand for early detection of diseases for effective disease care and management.