Medical and diagnostic laboratories perform tests on clinical specimens in order to gain insights and information on patients' health conditions. Tests performed on the clinical specimens’ aid in the diagnosis, treatment, and prevention of diseases. These laboratories are distinct from the medical research laboratories involved in development of new drugs and treatments. The medical and diagnostic laboratory services industry comprises establishments primarily engaged in the detection and prevention of disease.
The top five companies covered are Laboratory Corporation of America, Quest Diagnostics, Inc., Sonic Healthcare Limited, Eurofins and OPKO Health, Inc. Laboratory Corporation of America was the largest company in the medical and diagnostic laboratory services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
Medical and Diagnostic Laboratory Services Global Market Size
The global medical and diagnostic laboratory services market was valued at around $201 billion in 2017. Asia Pacific was the largest region in the medical and diagnostic laboratory services market in 2017, accounting for above 37% market share. The USA was the largest country in the market in 2017, accounting for 24% of the market.
Medical and Diagnostic Laboratory Services Global Market Trend
The health and wellbeing of individuals can be measured by using biomarkers to assess factors behind sleep disorders and symptoms of stress. Biomarkers such as cortisol, testosterone, and secretory IgA can indicate changes in immune system relating to physical and mental conditions. This can be used by physicians to know the causative factors behind such conditions. This is a premium service primarily targeted at wealthy individuals and the senior employees of corporations.
Medical and Diagnostic Laboratory Services Global Market Segmentation
Medical and diagnostic laboratory services market is segmented into Medical And Diagnostic Laboratories and Diagnostic Imaging Centers.
Medical and Diagnostic Laboratories provide analytic or diagnostic services, including body fluid analysis, to patients' doctors and/or directly to patients themselves following submission of samples from a health practitioner. Medical pathology laboratories, medical forensic and testing laboratories, blood analysis laboratories, medical pathology laboratories are different types of medical and diagnostic laboratories.
Diagnostic Imaging Centers generate diagnostic images of patients who are referred by health practitioners. Diagnostic imaging centers include Computer Tomography (CT-scan) centers, medical radiological laboratories, dental or medical X-ray laboratories, ultrasound imaging and MRI imaging centers.