Service Launch/Upgrade, Partnerships, and Collaborations Are the Key Strategies Adopted by Major Clinical Lab Service Providers
The global clinical laboratory services market is projected to reach USD 146.41 billion by 2022 from 113.44 billion in 2017, at a CAGR of 5.2%. Some of the factors driving the growth of this market are the increasing global burden of target diseases, rising demand for early and accurate disease diagnosis, advancements in clinical diagnostic techniques, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures. However, the pricing pressure faced by healthcare payers and providers and the procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are expected to restrain the growth of the market to a certain extent.
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Analysis of the market developments between 2014 and 2017 (November) reveals that several growth strategies such as service launches, upgrades, and approvals; agreements, partnerships, collaborations; acquisitions & mergers; and expansions were adopted by market players to expand their service offerings and maintain a competitive position in the clinical laboratory services market. Among these business strategies, service launches, upgrades, and approvals; and agreements, partnerships, collaborations were the most widely adopted growth strategies by players in the market.
Mayo Medical Laboratories (US) holds the leading position in the market with its broad portfolio of more than 3,000 clinical laboratory tests, a strong R&D team and widespread geographic reach. The company serves in 70 countries across the world and offers a wide range of laboratory services covering all the specialties. The company mainly focuses on organic growth strategies like service launches to sustain its leading position in global clinical laboratory services market. For instance, every year, the company launches an average of 150 new clinical laboratory tests.
Quest Diagnostics Incorporated (US) is another prominent player in the clinical laboratory services market. The company offers diagnostic testing services ranging from routine biological tests to complex and specialized molecular and gene-based testing. It has a laboratory network in the US, Puerto Rico, Mexico, India, and Ireland. It has primarily adopted acquisitions as its key strategy to increase its market share in global clinical laboratory services market. In the last three years, the company has acquired the outreach laboratory service business of Hartford HealthCare (US), The Hospital of Central Connecticut (US) Clinical Laboratory Partners (US), Cape Cod Healthcare (CCHC, US), MemorialCare Health System’s laboratory outreach service business, Steward Health Care System’s outreach laboratory services business, and Solstas Lab Partners (US).
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https://www.marketsandmarkets.com/Market-Reports/clinical-laboratory-services-market-554.html
The global clinical laboratory services market is projected to reach USD 146.41 billion by 2022 from 113.44 billion in 2017, at a CAGR of 5.2%. Some of the factors driving the growth of this market are the increasing global burden of target diseases, rising demand for early and accurate disease diagnosis, advancements in clinical diagnostic techniques, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures. However, the pricing pressure faced by healthcare payers and providers and the procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are expected to restrain the growth of the market to a certain extent.
Download FREE Brochure:
https://www.marketsandmarkets.com/pdfdownload.asp?id=554
Mayo Medical Laboratories (US) holds the leading position in the market with its broad portfolio of more than 3,000 clinical laboratory tests, a strong R&D team and widespread geographic reach. The company serves in 70 countries across the world and offers a wide range of laboratory services covering all the specialties. The company mainly focuses on organic growth strategies like service launches to sustain its leading position in global clinical laboratory services market. For instance, every year, the company launches an average of 150 new clinical laboratory tests.
Quest Diagnostics Incorporated (US) is another prominent player in the clinical laboratory services market. The company offers diagnostic testing services ranging from routine biological tests to complex and specialized molecular and gene-based testing. It has a laboratory network in the US, Puerto Rico, Mexico, India, and Ireland. It has primarily adopted acquisitions as its key strategy to increase its market share in global clinical laboratory services market. In the last three years, the company has acquired the outreach laboratory service business of Hartford HealthCare (US), The Hospital of Central Connecticut (US) Clinical Laboratory Partners (US), Cape Cod Healthcare (CCHC, US), MemorialCare Health System’s laboratory outreach service business, Steward Health Care System’s outreach laboratory services business, and Solstas Lab Partners (US).
Know More:
https://www.marketsandmarkets.com/Market-Reports/clinical-laboratory-services-market-554.html
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