The rising global incidences of infectious diseases, increasing technological advancements and growing prevalence of chronic disorders are major factors expected to drive the market in the forecast period.Market Size – USD 222.51 Billion in 2019, Market Growth - CAGR 6.1%, Market Trends– Various innovative devices and testing kits which provide accurate and reliable results are driving the market.The Global Clinical Laboratory Services Market was valued at USD 222.51 billion in 2019 and is expected to reach USD 359.38 billion by the year 2027, at a CAGR of 6.1%.Clinical laboratories provide diagnostics and testing about various diseases as well as provide high-quality testing in fields of cytology, hematology, genetics, and others.
Therefore, the clinical laboratory service helps to deliver effective testing results, which in turn help the physicians and other healthcare professionals in research and diagnostics.
The outbreak of the COVID-19 has caused many fatalities, with millions being affected.
Recently, the Food and Drug Administration issued guidance to provide a policy to help accelerate the accessibility of novel coronavirus (COVID-19) diagnostic tests established by test center and commercial companies.
Beyond supply issues, there are significant limitations of absorption capacity in many regions, especially in low- and middle-income countries where the services are limited.
Globally, however, with the increased government initiatives, many countries across the globe are trying to access tests, and commercial labs are doing everything to scale up capacity as quickly as possible.Deal Landscape-· In April 2020, the Centers for Medicare and Medicaid Services (CMS) began paying laboratories USD 100 for each COVID-19 diagnostic test they conduct using high-throughput technologies to rapidly process large numbers of samples, nearly twice the approximately USD 51 per test the agency pays them for other types of COVID-19 tests.· The increased reimbursement will benefit diagnostic companies, such as Laboratory Corporation of America and Quest Diagnostic, which both have large networks of labs that have been running COVID-19 tests for over a month.· Joint ventures, Partnership, and other strategies enhance the company market share with improved presence and coverage.