San Francisco, CA -- (SBWIRE) -- 04/08/2020 -- One of the most significant segments in the clinical laboratory srvicesmarket is that of clinical test segments, which is set to see an increase in demand over the forecast period owing to extensive use in screening of diseases related to body fluids, plasma, serum, and so on. Besides, the segment has seen an introduction of novel markers and application over the years, and is set to capitalize upon the same.

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It is important to note here that over the years, incidence of viral, bacterial, and fungal infections has increase significantly. And, this is a major contributor of growth for the segment. Besides, with advancement n technology, costs are lowering and this is a major booster of growth for the segment in particular and the market in general. One of the technologies that are notable here is that of next generation sequencing, which is playing a crucial role on microbe investigation.

As per Transparency Market's Research's study on the market's growth prospects and dynamics, the market will chart a sturdy growth curve over the forecast period, and a number of factors will underscore this growth. New and lucrative growth opportunities will emerge in the market landscape and these, together with a robust compound annual growth rate, will lead the market to a higher valuation over the forecast period of 2017 to 2025.

Rise in Healthcare Expenditure, Increase in Geriatric Population to Lead to Growth in Global Clinical Laboratory Services over the Forecast Period

Some of the key factors behind growth of global clinical laboratory services market over the forecast period include rising health care expenditure, especially in developing countries, and increase in incidence of chronic diseases. It is important to note here that as developing countries witness robust economic growth, leading to improvement in standard of living and thus the spending power. And, as far as chronic illness is concerned, it is interesting to note that in the United States of America alone, six in every ten people suffer from a chronic illness, and four in every 10 suffer from more than one.

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Another significant factor that is set to contribute massively to the growth of global clinical laboratory services market is the rapidly ageing population worldwide –one in every six people by the year 2050 to be aged over 64. And, it is even more interesting to note that in regions like that of North America and Europe, ageing would be a pronounced phenomenon with one in every four people falling into the stated age bracket by the above mentioned year. It is also pertinent to note here that by the same year, people aged 62 and above will see a growth in numbers in their group. From 900 million sometime back, it will reach 2 billion.

Additionally, automated solutions, and technological advancement is leading to better efficiency and capability. As human errors are obliterated and labor costs go down, gainful opportunities arise, leading to significant growth in the market. These are beneficial as they allow for integration of automated data and seamless operations.

Key Alliances to be a Prominent Strategy of Growth for Global Clinical Laboratory Services Market over the Forecast Period

Mergers and acquisitions, and partnerships and collaborations mark the vendor landscape of global clinical laboratory services. Some of the recent ones include Fast Track Diagnostics' acquisition by Siemens Healthineers and acquisition of U.S. Laboratory Services by Quest Diagnostics.

Key companies that are contributing massively to the growth of global clinical laboratory services market are Laboratory Corporation of America Holdings (LabCorp); Siemens AG, Abbott Laboratories; Quest Diagnostics; Sonic Healthcare; OPKO Health, Inc.; Neogenomics Laboratories, Inc.; Charles River Laboratories; and ARUP Laboratories.

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