The healthcare system across the globe has evolved from being mainly curative to preventive. Increasing numbers of lifestyle related ailments and chronic illnesses and spurts of infectious diseases in different parts of the world are just the tip of the iceberg that forms the opportunity pool for the medical laboratory market.
Medical Laboratory is a place where a number of tests are performed on certain specimens in order to detect the presence or absence of certain substances that could be responsible for the health condition of an individual. Test results provide healthcare practitioners with an idea of what is wrong and what the course of treatment should be. Given the significance of a medical laboratory, this market is expected to grow significantly during the forecast period. An increasing need for preventive healthcare is one of the major drivers for this market. While testing for already sick patients or the ageing population is a given, preventive health check-ups are becoming increasingly popular amongst all age groups.
The lack of skilled and certified professionals to work in medical laboratories in North America and Europe are significantly impacting this market. Another major hurdle for this market is the fact that a number of testing methods are getting automated owing to technological advances and this is impacting the wages for the staff in medical laboratories.
The Medical Laboratories market can be segmented on the basis of type of Testing as:
- Routine Testing
- Esoteric Testing
- Anatomical Pathology Testing
In terms of end user segments, the Medical Laboratories market has been segmented across the following:
- Independent Laboratories
- Clinics and
While North America, followed by Europe, currently dominates the medical laboratories market, it is expected that Asia Pacific will witness the highest growth rate during the forecast period considered in this report. Increasing awareness levels and a rapidly modernizing healthcare industry in this region is creating favorable conditions for the medical laboratories market as well. Preventive health check ups for working professionals and their dependents also have the added benefit of tax exemption. This is creating a huge market for preventive healthcare and this is fuelling the medical laboratories market in this region.
The market has been segmented based on the following geographies:
- North America
- South America
- Middle East
Following are just a few of the companies that are operating in the Medical Laboratories market:
- Quest Diagnostics Inc
- Genoptix Medical Laboratory
- Laboratory Corporation of America Holdings
- Fargo Medical Laboratories
- Labco S.A