Clinical Reference Laboratory Market Overview
The global Clinical reference laboratory market has been evaluated as progressively growing market and it is expected that the market will continue to grow similarly in the near future. The adoption of the value based services has gained the pace as the hospitals nowadays have started outsourcing some part or even all of their pathology and radiology diagnostic services. One of the reason for increased outsourcing by hospitals is that the hospital budgets are becoming constrained as a result of declining Medicare reimbursements.
The cut down in clinical lab reimbursement rates under Medicare have a profound impact on the U.S. lab industry. It was not limited to the direct billings, but the U.S. clinical labs that depends on Medicare for close to 20% of billings and for certain communities it is as high as 80% of business that got affected. In continuous efforts to protect the hospitals bottom line, many hospital CEOs are turning to outsource various value based services, various companies are rising to offer these diagnostic outsourcing contracts from hospitals. Hence, the increasing value based outsourcing from hospitals has enhanced the market for these independent reference laboratory services.
Furthermore investments in laboratory services has demonstrated lucrative in enhancing patient care as well as in delivering the much preferred 'efficiencies'. Technology capable of performing repetitive activities at moderately high speed has developed to improve quality, consistency and effectiveness. The result of tests on samples that used to take hours to process can now be found in a matter of minutes. Automation in the laboratory has a significant impact in microbiology and histopathology. The most significant innovation is the development of genetics and molecular technologies into mainstream medicine which will have substantial impact on the health of the population, clinical practice and the management of patients
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Clinical reference laboratories market has been segmented on the basis of service providers which comprises of Stand Alone, Hospital Based and Clinical Based. On the basis of applications which comprises of Laboratory medicine, clinical trials and others
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Depending on geographic region, Clinical reference laboratory market is segmented into four key regions: America, Europe, Asia-Pacific, and Middle East & Africa. Globally America is the largest market for Clinical reference laboratory. North American region is the leading market in the America region with countries like United States and Canada playing a major role in the industry. Europe is the second-largest market globally for Clinical reference laboratory which is expected to continue its growth in the near future. Asia pacific region is expected to be fastest growing region in Clinical reference laboratory market.
Global Clinical reference laboratory Market Players:
Some of the key players in this market are: Laboratory Corporation of America, KingMed Diagnostics, Aurora Diagnostics, Sonic HealthCare Limited, Synlab International GmbH, Bioreference Laboratories, Unilabs, Clinical Reference Laboratory, ARUP Laboratories, Quest Diagnostics and others.
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