Medical and diagnostic laboratories perform tests on clinical specimens 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 of establishments primarily engaged in the detection and prevention of disease.
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The major reason why the global medical and diagnostic laboratory services market is valued at $201 billion in 2017 is the increase in lifestyle diseases which further increased the demand for tests to diagnose these diseases.
The global medical and diagnostic laboratory services market in The Business Research Company’s report is segmented into medical laboratories and diagnostic imaging centers. While the first segment accounts for almost 65% of the market share, the remaining is attributed to the diagnostic imaging centers segment.
The USA was the largest country in the medical and diagnostic laboratory services market in 2017, accounting for almost one-fourth of the market share. This was the result of increase in aging population in the country. The USA was followed by China and India.
Laboratory Corporation of America was the largest player in the medical and diagnostic laboratory services market, followed by Quest Diagnostics, Inc. and Sonic Healthcare Limited. Laboratory Corporation of America is a healthcare diagnostics company engaged in providing comprehensive clinical laboratory services and end-to-end drug development support. Laboratory Corporation of America is headquartered in North Carolina, USA.
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