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Global Clinical Reference Laboratory Services Market to Witness Growth Through 2020, Owing to Increase in Diagnostic Testing Across Numerous End-users: TechnavioAccording to the latest market study released by Technavio, the global clinical reference laboratory services market is expected to grow at a CAGR of close to 6% during the forecast period. This research report titled 'Global Clinical Reference Laboratory Services Market 2016-2020' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions. Request a sample report: http://www.technavio.com/request-a-sample?report=52665 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. The report categorizes the global clinical reference laboratory services market into three major end-user segments. They are:
Hospitals and private clinics Hospitals and private clinics are the major end-users for reference laboratories. The hospitals that serve a large number of individuals are a huge source of business for reference laboratories. Recently, government-run hospitals in developing countries (such as India, China, Brazil, and South Africa) have started outsourcing diagnostics tests to reference laboratories to reduce the burden on health centers and save time and cost. The government-run hospitals are overburdened, and there is a shortage of specialists to operate advanced diagnostic equipment. This has increased the difficulties for individuals in getting even basic diagnostic services such as blood tests and X-rays in government-run hospitals. The services are provided free in the government-run hospitals, however, in private reference laboratories, they are paid services. Due to the high demand for diagnostic services, shortage of trained operators, and lack of advanced equipment, most of the hospitals face the problem of the long waiting list for tests, which leads individuals to take tests from outside. Moreover, to set-up technologically, advanced diagnostic laboratories requires huge investments and a large number of staff and lab technicians. This will be an extra burden on hospitals and private clinics, so they prefer outsourcing the diagnostics services to reference laboratories. "The number of highly advanced reference laboratories has been increasing over the years. Therefore, to compete in the market, they are offering low-cost laboratory services to attract more business from clients. This will encourage hospitals and private clinics to outsource more, which will fuel the market growth of clinical reference laboratory," says Srinivas Sashidhar, a lead analyst at Technavio for in-vitro diagnostics research. Corporate offices and companies In some corporate offices, the pre-employment medical examination is a part of the recruitment process of candidates to decide whether any disease or disability renders the candidate unfit for the job. The corporate offices outsource these pre-employment medical examinations to reference laboratories. Post economic slowdown of 2008-2011, the employment generation in corporate offices is growing globally, which will increase the number of pre-employment medical examination, leading to the growth of this market. Insurance companies too, mandate an initial screening of policy applicants for risk assessment, for which they employ the services of reference laboratories. These laboratories check for specific disorders that might make the insurance applicant a high risk for the insurer. LabOne is a leading reference laboratory that provides risk-assessment testing services for many insurance companies in the US. Due to the increase in insurance coverage, health insurance providers have added many diagnostics tests for screening policy applicants. "This augurs well for the clinical reference laboratory services market as the business will grow in proportion to the growing number of policyholders," says Srinivas. Government entities Defense departments, veteran's administration hospitals, and visa screening centers are some of the government entities that outsource the diagnostics and testing services to reference laboratories. For example, Quest Diagnostics provides testing services for the US Department of Defense and Veterans Administration hospitals and also provides testing services to federally funded research programs. Few countries like the US and Canada outsource visa and passport application services to an Indian private firm - BLS International Services, especially for those who travel to India. These private entities again outsource the diagnostics and testing services to reference laboratories to reduce costs and time. In accordance with the clients' needs, reference laboratories create customized test panels to screen candidates. The top vendors highlighted by Technavio's healthcare and life sciences research analysts in this report are:
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Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected]. View source version on businesswire.com: http://www.businesswire.com/news/home/20160926005692/en/ |
