Growing Burden of Non-communicable Diseases to Underpin Rise of Clinical Laboratory Services Market to Mid US$ 300 Billion Level by 2024

The Global Clinical Laboratory Services Market was valued US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016-2024), as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health consciousness leading to higher preventive measures, especially in Asia Pacific region, would be a major factor for increasing demand of the clinical laboratory services market. Increasing insurance coverage is further propelling adoption of diagnostic testing and in turn favors growth of clinical laboratory services market.

In order to capitalize on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups. Charles River Laboratories International, Inc., analyzes samples for metabolic disorders, bone therapy, diabetes and oncology. Globally too, clinical laboratories receive large volumes of samples for analyzing metabolic disorders. The market for clinical chemistry test types is therefore positioned on a strong growth trajectory.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in industry consolidation and vertical/horizontal integration. Companies are focusing on establishing regional supremacy in turn improving the dynamics of clinical laboratory services market.

  • For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues its inorganic growth roadmap and in October 2016, it acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

  • In November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines.

  • Furthermore, Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. In addition, genetic and cytology testing is increasing that enable better diagnosis of cancer. This is expected to proliferate demand and spur growth for clinical laboratory services market in emerging economies such as China and India. Core Diagnostics, Metropolis, SRL Diagnostics and Dr. Lal Pathlabs are few major diagnostic service providers in India expanding at a rapid pace.

Clinical laboratory service providers are thus, upgrading their processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific also need to develop products catering to this evolving market. Seamless integration of equipment manufacturer and service provider technologies would be a great boost for the global clinical laboratory services market.

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Key takeaways of the market:

  • The global clinical laboratory services market is estimated to be valued at US$ 192.3 billion in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories to undergo preventive tests

  • Clinical chemistry test was the dominant segment in the global clinical laboratory services market, accounting for more than 40% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.

  • Among service providers, the hospital-based clinical laboratories segment generated the highest revenue in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.

  • However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased

  • The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups

Consolidation is the key trend observed in order to cement the market presence and sustain the customer base – LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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Respiratory Inhalers Market to Surge Past US$ 38.8 Billion by 2024, Buoyed by Increasing Prevalence of Respiratory Diseases

The global respiratory inhalers market was valued at US$ 25,846.7 million in 2015 and is projected to expand at a CAGR of 4.2% during the forecast period (2016–2024), as highlighted in a new report Global Respiratory Inhalers Market, By Devices (Metered Dose Inhalers, Dry Powder Inhalers, Nebulizers), Technology (Digital, Manual), Therapeutic Application (Asthma, Chronic Obstructive Pulmonary Disease, Pulmonary Arterial Hypertension), and Geography – Insights, Opportunity Analysis, and Industry Forecast till 2024″ published by Coherent Market Insights. High prevalence of respiratory diseases, rapid growth of the aging population, and large number of smokers are expected to be major factors driving growth of the global respiratory inhalers market over the foreseeable future.

Chronic obstructive pulmonary disease (COPD) is a life-threatening disease affecting the lungs characterized by acute breathlessness. In 2015, it is estimated that around 3 million deaths occurred due to sever Chronic Obstructive Pulmonary Disease, with 90% fatalities reported in low and middle income countries. The major reason for chronic obstructive pulmonary disease is exposure to tobacco smoke through active or passive smoking. Most chronic obstructive pulmonary disease cases are preventable by avoiding tobacco smoking. However, countries need to adopt the WHO Framework Convention on Tobacco Control (WHO-FCTC) and follow the MPOWER package of measures so that non-smoking becomes the norm globally.

Asthma is also one of the prime conditions leading to respiratory, disease which is characterized by recurring attacks of panting and wheezing. The severity and frequency of asthma varies according to individual. According to the American Academy of Allergy, Asthma & Immunology, approximately 250,000 people die each year from asthma. Around 100 million people are expected to suffer from asthma by 2025. According to National Center for Health Statistics, asthma prevalence among all adults was reported at 8.8% in 2014.

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According to Centers for Disease Control, 10 fatalities are caused due to asthma in the U.S. each day, with 3,651 deaths reported in 2014. Of these, 20-30% of asthma cases were avoidable through proper treatment and care. Women accounted for 65% deaths, with African-American women at higher risk. According to Centers for Disease Control and Prevention, the annual economic burden costs over US$ 56 billion.

Inhalers play a pivotal role in treatment of asthma and chronic obstructive pulmonary disease. The importance of the inhalation is delivery of medicines that directly acts on air passage and lungs. This signifies the higher concentrations of drug at target site, with lower systemic exposure thus also have low adverse effects than the oral or intravenous administration of drug. The drawback of inhalers are that it leads to suboptimal use and low efficacy. The design of the inhalers also plays an important role in drug deposition, the characteristics of the inhaled medicine, and on the ability of the patient to use the device.

Key takeaways of the respiratory inhalers market:

  • The global respiratory inhalers market is expected to expand at a CAGR of 2% during the forecast period (2016–2024) as there exists a huge unrealized market especially in Asia Pacific, Latin America, Middle East and Africa

  • Manually segment is expected to dominate the market throughout the forecast period, with a market share of about 91% in 2016

  • Asthma, a therapeutic application segment is expected to dominate the market throughout the forecast period with increasing prevalence of asthma

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  • Some of the major players involved in global respiratory inhalers market are AstraZeneca, Beximco Pharmaceuticals Ltd., Boehringer Ingelheim GmbH, Cipla Ltd., GlaxoSmithKline plc, Koninklijke Philips N.V., Merck & Co., Inc., OMRON Healthcare Europe B.V., PARI Medical Holding and Teva Pharmaceutical Industries Ltd.

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Cancer Biomarkers Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Cancer Biomarkers Market Overview:

Cancer is the second-leading cause of death worldwide (World Health Organization). There were around 14 million new cases of cancer reported across the globe in 2012 and the incidence rate is expected to increase by around 70% by 2030 (WHO). The most common cancer types are lung cancer, liver cancer, colorectal cancer, stomach cancer, and breast cancer.

Cancer therapies are expensive and the cost rises with increase in complexity or stage of the caner condition. Therefore, understanding cancer biomarkers is the key to developing the right treatment plan for a cancer patient. Biomarkers indicates one’s health condition and the underlying disease condition. Various types of biomolecules such as DNA, proteins, and hormones are widely used to detect the malady. These biomarkers can be found in blood, urine, stool, tumor tissue, or other body fluids. Different cancer biomarkers react differently to various cancer treatments. There are increasing efforts to diagnose cancer at an early stage, which would drive the global cancer biomarkers market growth. However, poor reimbursement policies is negatively impacting market growth.

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Cancer Biomarkers Market Taxonomy

The global cancer biomarkers market can be segmented on the basis of biomarker type, cancer type, application, and biomarker profiling technologies. On the basis of biomarker type, the market is segmented into protein biomarker, genetic biomarker and cellular biomarkers, and others.

On the basis of cancer type, the global caner biomarkers market is segmented into lung cancer, breast cancer, prostate cancer, cervical cancer, colorectal cancer and others. Human epidermal growth factor receptor 2 (HER2) is the biomarker highly targeted for breast cancer treatment. Other types of cancer biomarkers include ERCC1, BRCA1, BRCA2 and SPARC.

On the basis of profiling technology, the market is segmented into omics technologies, imaging technologies, immunoassays, cytogenetic based tests, and bioinformatics. Omics technologies is widely used profiling technology in the global market. Growing demand for personalized treatment therapies, use of proteomics in cancer biomarker detection, growing demand for accurate & effective diagnostic procedures are amongst the major factors driving its market growth. Enzyme-Linked Immunosorbent Assay (ELISA) is the most widely used immunoassays profiling technology in the global cancer biomarkers industry.

On the basis of application, the market is classified as drug discovery and development, diagnostics, prognostics, risk assessment and others. Cancer biomarkers are finding increasing applications in drug discovery with growing research activities on targeted cancer therapies.

Cancer Biomarkers Market: Regional Overview

North America and Europe dominate the global cancer biomarkers market on account of high cancer diagnostic and detection procedures, high investment in research and development by pharmaceutical and biotechnology companies and better healthcare infrastructure supporting the R&D activities using biomarkers. Markets in emerging economies such as the Asia Pacific and Latin America are poised to grow at a considerable higher growth rate owing to increasing funding for cancer biomarker research, growing prevalence of cancer, increasing number of clinical trials and growing demand for targeted and personalized drug therapies. The WHO estimates that in 2015 only 35% of the low-income countries reported to have pathology services available in the public sector. The rate is extremely less compared the high-income countries, which reported 90% availability of pathology services. These factors highly govern the growth of cancer biomarkers market, as accessibility would enable uptake of this technology by the users.

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Some of the key players in the global cancer biomarkers market include Abbott Laboratories, Merck & Co. Inc., Affymetrix Inc., Agilent Technologies, Illumina, Inc., Roche Diagnostics Ltd, Becton Dickinson and Company, Thermo Fisher Scientific Inc., Qiagen NV, and Hologic Inc.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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