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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