Philippines Clinical Laboratory Services Market – Industry Trends and Forecast to 2030

Clinical Laboratory Services Market Analysis and Size

Rapid advancement helps in extending the scope of the growth of new methods for diagnosing diseases of the patient in the clinical laboratory. The research and development team is involved in producing more advanced innovations in the service to develop clinical diagnostic methods. Key market players' presence in the country, as well as new product innovations and launches, are expected to supplement the country's clinical laboratory services market growth.

Data Bridge Market Research analyses that the clinical laboratory services market, which is USD 210.42 billion in 2022, is expected to reach USD 292.43 billion by 2030, at a CAGR of 4.2% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Clinical Laboratory Services Market Scope and Segmentation  

Market Definition

A clinical laboratory is critical to the healthcare system of any economy because it provides a wide range of services such as patient diagnosis, prevention, treatment, and management. These services aid healthcare professionals in making medical decisions and personalising medications based on individuals' needs and illnesses. Clinical laboratory services rely on technologically advanced devices and testing kits to reduce human error and provide reliable results. Several clinics are now using computer software and software programmes to assist patients in obtaining information about reporting results and billing for completed tests.

Clinical Laboratory Services Market Dynamics

Drivers

• Strategic partnerships and collaborations

Independent laboratories see significant consolidation as players focus on strategic partnerships and collaborations, which will drive market growth. For instance, in October 2020, U-Diagnostics, a Dutch diagnostic laboratory, collaborated with CENTOGENE, a major provider of COVID-19 testing in Germany, to expand COVID testing services throughout the Netherlands. Diaceutics PLC, a company focused on diagnostic network solutions for developing and commercialising precision medicine diagnostics, also patterned in July 2020 with Targos Molecular Pathology and HistoCyte Laboratories to enhance and expand diagnostic testing services in 2,500 labs worldwide. As a result of these developments, both the studied segment and the overall clinical laboratory services market are growing.

• Increase in geriatric population 

As access to better healthcare facilities and healthcare expenditures have increased, life expectancy has increased significantly, particularly in developed countries. This has resulted in an increase in the global geriatric population. According to the WHO, 524 million people were 65 or older in 2010, accounting for 8% of the world's population. By 2050, the geriatric population is expected to triple, accounting for 16% of the global population. Cases of age-related disorders have increased as the geriatric population has grown. As a result, the annual number of clinical tests performed is increasing. Cancer, diabetes, and cardiovascular disease are more common in people over the age of 50.

Opportunities

• Independent and reference laboratories is expected to register healthy growth

Independent laboratories have a huge opportunity to thrive in highly populated and developing countries such as India and China, where a significant portion of the population lacks access to proper medical diagnostic facilities, because they can fill a large gap in clinical service providers in these regions, and thus the number of independent laboratories is increasing. According to the National Accreditation Board for Testing and Calibration Laboratories (NABL) of India, there were approximately 6,200 NABL accredited medical labs in India as of November 2020, which is expected to increase to 6,975 by March 2022 due to an increase in demand for these facilities throughout the country.

Restraints/Challenges

• Lack of diagnostic tests

The absence of diagnostic tests may potentially hamper the market growth during the forecast period. The regulatory framework for approvals has always been a major impediment to the growth rates of the pharmaceutical, biotechnology, and medical technology industries.

This clinical laboratory services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the clinical laboratory services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Clinical Laboratory Services Market

The COVID-19 pandemic had a moderate to high impact on the global market. COVID-19 infection has claimed the lives of millions of people worldwide in a very short period of time. The sudden increase in COVID-19 infection cases around the world raised awareness about the critical importance of clinical laboratory services. This has resulted in an increase in clinical laboratory services, particularly in the specialised chemistry testing segment. To keep up with suspected COVID-19 cases, industry demand for clinical laboratory testing has increased significantly and will continue to grow at a rapid pace.

Recent Developments

• In 2021, Deep Bio, a pioneer in AI cancer diagnostics, announced a research collaboration agreement with ARUP Laboratories, a leading US reference laboratory and global leader in innovative laboratory research and development. This collaboration aided the company's use of artificial intelligence in cancer diagnostics.
• In 2022, Mindray unveiled its new BC-700 Series haematology analyzers for small-to-medium-sized labs, which include complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests.
• In 2021, The Indian division of Roche Diagnostics launched the Cobas pure integrated solutions analyzer with a more intelligent system, which is particularly suited to the country's large number of labs and hospitals.

Philippines Clinical Laboratory Services Market Scope

The clinical laboratory services market is segmented on the basis of specialty, provider, application and service type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Specialty

• Clinical Chemistry Testing
• Hematology Testing
• Microbiology Testing
• Immunology Testing
• Drugs of Abuse Testing
• Cytology Testing and Genetic Testing

 Provider

• Independent and Reference Laboratories
• Hospital-Based Laboratories and Nursing and Physician Office-Based Laboratories

 Application

• Drug Discovery Related Services
• Drug Development Related Services
• Bioanalytical and Lab Chemistry Services
• Toxicology Testing Services
• Cell and Gene Therapy Related Services
• Preclinical and Clinical Trial Related Services
• Other Clinical Laboratory Services

 Service Type

• Routine Testing Services
• Esoteric Services and Anatomic Pathology Services

Competitive Landscape and Clinical Laboratory Services Market Share Analysis

The clinical laboratory services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to clinical laboratory services market.

Some of the major players operating in the clinical laboratory services market are:

• Abbott (U.S.)
• ARUP Laboratories (U.S.)
• OPKO Health, Inc. (U.S.)
• Bioscientia Healthcare GmbH (Germany)
• Charles River Laboratories (U.S.)
• NeoGenomics Laboratories (U.S.)
• Genoptix, Inc. (U.S.)
• Healthscope (Australia)
• The Laboratory Glassware Co. (U.S.)
• Laboratory Corporation of America Holdings (U.S.)
• Fresenius Medical Care AG and Co. KGaA (Germany)
• QIAGEN (Germany)
• Quest Diagnostics Incorporated (U.S.)
• Siemens Healthcare Private Limited (Germany)
• Tulip Diagnostics (P) Ltd. (India)
• Sonic Healthcare Limited (Australia)
• Merck KGaA (Germany)

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