North America Clinical Laboratory Test Market Size Projection, Growth Value by 2027

 North America Clinical Laboratory Test Market information, by Type of Laboratory (Hospital based, Central/Independent, Physician office laboratory and others), Type of Test (CBC and other routine blood test, anatomic pathology, molecular test, immunology test, drug test and others), Country (U.S., Canada, and Rest of North America), Forecast to 2027

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Increasing prevalence of chronic diseases and current reimbursement scenario, helped the North America Clinical Laboratory Test Market to registered decent growth :

Segments:

The North America clinical laboratory test market is majorly segmented on the basis of type of laboratory, type of test, and by country. Based on the type of laboratory, the market is segmented into hospital based laboratory, central/ independent laboratory, physician office laboratory, and others. Based on type of test these are classified into CBC and other routine test, anatomic pathology, molecular test, immunology test, drug test and others. Further on the basis of country the market is classified into U.S., Canada, and Rest of North America.

Top Players:

The North America market consist of players such as  AURORA Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics (U.S.), Sonic Healthcare (Australia) are some of the prominent players at the forefront of competition in the North America Clinical Laboratory Test Market and are profiled in MRFR Analysis report.

Regional Analysis:

US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.

Competitive Analysis

Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the North America clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.

Globally, Quest diagnostics is the largest independent research and testing lab, and commands around 17-18% share of the total market. LabCorp follows Quest and accounting for around 10-12% market share of the domestic market, but is growing at a faster pace than its main rival.

Merger & acquisitions with other companies and other small players was the key strategy adopted by the major players.

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