The medical and diagnostic laboratory services market comprise of sales of medical and diagnostic laboratory services and other related goods by entities providing diagnostics tests for the various diseases. The diagnostic laboratory consist of CT scan centers, X- ray centers and other clinics that undertaking the disease diagnosis. The paper diagnostics are used for color based tests on paper with ease of its usage, storage and effective cost measures. These are well are printed onto a piece of paper and the size of postal stamp, samples associated to blood, urine or the sweat wick through paper & color changes that can be widely compared by users. It is a significant technology advancement that can help in access to large scale population that do not have access to urban hospitals and medical infrastructure. Thus, such techniques have increased the scope for expanding the diagnostic reach and the medical and diagnostic laboratories market over different geographies. Implementation of new and automated solutions have enabled the processing of large samples as per unit of time, this has further enhanced the productivity by minimizing the human errors and labor costs.
According to study, “Medical And Diagnostic Laboratory Services Global Market Report 2019” the key companies operating in the global medical and diagnostic laboratory services market are Quest Diagnostics Inc., Eurofins, Sonic Healthcare Limited, Medical And Diagnostic Laboratory Services, OPKO Health Inc. The business players implement several strategies such as partnerships, acquisitions to capitalize on market opportunities.
Based on type, medical and diagnostic laboratory services market is segmented into diagnostic imaging centers and medical laboratory services. Based on type of expenditure, market is segmented into private sector and public sector. Private sector is further sub-segmented into Computer Tomography (CT-Scan) centers, dental or medical x-ray laboratories medical radiological laboratories, Magnetic Resonance Imaging (MRI) centers and ultrasound imaging centers. Based on application, market is segmented into oncology, cardiology, neurology, gynecology, gastroenterology, orthopedics and others. In addition, based on end-user gender, market is segmented into male and female.
The medical and diagnostic laboratory services market is driven by rise in awareness among the patients regarding the diagnosis and its treatment, followed by increase in geriatric population and rise in the number of the aged people having neurological and cardiovascular diseases. However, high costs of research and manufacturing processes may impact the market. Moreover, growth in adoption of the technologically advanced products such as companion diagnostics, microarrays, and biochips are new opportunities for market.
Based on geography, the North-American region dominates the medical and diagnostic laboratory services market owing to rapidly increasing cases of ailments among the masses and presence of a strong healthcare infrastructure in the region. Whereas, the Asian-Pacific and European regions are expected to exhibit higher growth rate due to high demand for associated treatment processes and rise in geriatric population over the forecast period. In upcoming years, it is projected that future of the market will be bright as a result of favorable reimbursement scenario showcased by governmental bodies for medical procedures during the forecast period.
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Ankur Gupta, Head Marketing & Communications