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Global clinical laboratory market:
According to a report by WiseGuyReports.com, the global clinical laboratory services market is estimated at US $205.56 billion by 2023, growing at CAGR of 7.1% from 2016 to 2023. The industry's major players are tapping relatively virgin markets of the Asia Pacific region.*
Medical laboratory market in the Asia Pacific region:
The APAC clinical laboratory services market is estimated to register a CAGR of 5.0% and reach USD $53,044 by 2023. The APAC region is estimated to be the fastest growing region in the presence of developmental opportunities for market expansion.*
Market drivers in the APAC region:
The prevelance of diseases such as cancer, diabetes, and others are high within the region. As per as article published by the American Cancer Society, 4.3 million new cases of cancer were reported in China in 2016. Additionally, it was reported that the disease caused more than 2.8 million deaths in China in 2015. Such a high prevelance of diseases within the region result in the parallel diagnositc demand, proving to be a driving force for the laboratory medicine services market.
In recent news:
The clinical laboratory services consumption in the APAC region was estimated to reach $41,782 million in 2018, up from $39,600 million in 2017 (a CAGR of 5.5%).
*Research report: Global clinical laboratory services market research: forecast to 2023