Clinical tests: The base for diagnosis and prevention of fatal disorders
Clinical laboratory tests form an integral part of the healthcare industry, as approximately 80% of diagnoses by healthcare professionals are laboratory-based. The shortened length-of-stay at hospitals and reduced contact between a patient and the concerned physician has increased the demand of clinical laboratories. Rising demand for early detection, especially for gynecological, oncological, and endocrinological, diseases, is expected to drive market growth during the forecast period. Other drivers are growing global geriatric population base and the introduction of various innovative solutions.
Clinical laboratory tests market, by end-use, 2015 (USD Billion)
Clinical laboratory tests are a set of individual and panel of tests for diagnosis of various diseases occurring due to irregular cell count, electrolyte deficiency, dyslipidemia, and chemical imbalance. A wide range of clinical tests that provide medical practitioners with the ability to detect disease progression include blood and urine tests ranging from simple to complex, and various medical chemistry panels to molecular expression genetic analysis.
A global increase in the demand for clinical laboratory tests is a direct consequence of the need by medical fraternity to gather and process patient-related medical information for use by physicians and healthcare providers, to impart accurate preventive measures and treatments. Hence, clinical tests are an indispensable part of all medical diagnostic techniques and almost all medical diagnoses are dependent on the results of clinical laboratory tests.
One panel for many applications
The Basic Metabolic Panel (BMP) is a bundle of seven or eight blood tests, which provides information about the body's metabolism. It provides key information regarding kidney functioning, electrolyte status, blood sugar level, and response to medications. This panel also helps in finding the blood level of calcium, blood urea nitrogen, chloride, carbon dioxide, creatinine, potassium, glucose, and sodium.
On the contrary, Comprehensive Metabolic Panel (CMP) includes tests such as kidney function assessment, protein test, and liver function assessment, in addition to BMP. Hence, depending on the need of diagnosis, a medical practitioner can as for CMP, a group of 14 tests inclusive of BMP.
Rising blood cholesterol levels amongst adults and a consequential increase in the body disorders caused by abnormal lipid levels and cardiac problems is the major factor contributing to the growth of lipid panel. Moreover, rapidly increasing penetration of lipid diagnostic tests in the emerging Asia Pacific and Latin American markets is expected to drive growth during the forecast period.
Lucrative competitive landscape
The global clinical laboratory tests market is dominated by key market players like Quest Diagnostics; Laboratory Corporation of America Holdings; Merck & Co., Inc.; Abbott; OPKO Health, Inc.; and Charles River Laboratories. The companies are focused on mergers and acquisitions with an aim to enhance their product portfolio. For instance, OPKO Health, Inc. has acquired BioReference Laboratories, the third largest clinical diagnostics test provider in the U.S. Moreover, the companies are expanding geographically to cater to the clinical testing market. For instance, BioSino Bio-Technology & Science Inc. collaborated with Abbott to increase market penetration in Canadian.
In-depth report on global clinical laboratory testing market by Grand View Research:
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