Major Trends Affecting Laboratory Markets

Lab Market Trends

Highlighting some areas of concentration for the foreseeable future

According to recent statistics from Quest Diagnostics, about 70 percent of medical decisions are the direct results of laboratory testing results. Thus, optimizing the ability of laboratory facilities in hospitals, clinics or in standalone locations is critical for a thriving healthcare system.

The financial impact is hard to deny, as the global clinical laboratory services market was valued at $168.9 billion in 2015 and is projected to expand at an annual rate of 7.3 percent during the forecast period (2016–2024).

A recent report from Coherent Market Insights highlighted a few area of focus in the coming years for the laboratory service market. Most of them seem to revolve around the aging population, as the percentage of people around the world aged 65 or older is projected to increase from 8.5 percent to 12 percent between now and 2030.

Moreover, deaths caused due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke is increasing rapidly worldwide, according to the U.S. Census Bureau Report. This alarming trend is mainly observed in emerging economies of Asia, Africa, and Latin America. Therefore, rising geriatric population and increasing risk of diseases, especially non-communicable diseases is expected to increase the demand for clinical laboratory service providers over the forecast period.

To request a copy of the full report, visit Coherent Market Insights.

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