Clinical Laboratory testing market, also called the diagnostic testing market in broader terms, includes all the medical tests done at the laboratories. Laboratory testing forms the basis for most of the decisions in diagnosis, treatment, and prognosis.
There has been a notable shift away from traditional, fee-for-service medicine to managed-cost health care, bringing about many market-based changes in the clinical laboratory market. There has also been an increased focus on preventive medicine driving the market. The increasing aging population is the primary driver of this market. The resultant shift towards esoteric and genomic testing has further driven the growth of the market.
Within Europe, Germany is the largest pathology market. China is a major Asian market in laboratory testing. The players in this market are also concentrated regionally and there are no global players. Quest Diagnostic and Laboratory Corporation of America are focused on the US market. Sonic Healthcare, Primary Health Care and Healthscope are the major players present in the Australian market. LabCo is a player focusing entirely in Europe, while Quest and others are also present there. The regional markets seem to be merging as the players are now expanding their reach beyond their domestic markets.
Laboratory services are being provided mainly by three type of service providers, hospital-based laboratories, physician-office laboratories, and independent clinical laboratories. The independent clinical laboratories include all the private players like Quest, LabCorp discussed in this report. These service providers are being reimbursed by the payers for their services. Payers include both public payers like Medicare and Medicaid and private payers like private insurers.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
The report analyzes the clinical testing market, with focus on the US market. The report introduces the market by defining clinical as well as diagnostic testing markets, the type of tests, the regulatory environment, the customers and the payers. The report covers the size of regional markets like the US and Europe. The growth drivers, trends and challenges are also discussed. The major regional players have been profiled, highlighting their strategies for this growing market. |
