The global market for clinical laboratory is expected to reach USD 148.82 billion by 2020, growing at an estimated CAGR of 6.8% from 2014 to 2020, according to a new study by Grand View Research, Inc. Growing prevalence of chronic diseases and the development of novel laboratory testing methodologies is expected to drive the clinical laboratory tests market through to 2020. Due to the fact that results from clinical laboratory tests are the fundamental basis upon which medical practitioners and healthcare providers form their diagnosis and prognosis for the prevention and treatment for a range of diseases, clinical laboratory tests are critical to the global healthcare and medical fraternity.
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A growing global prevalence of medical conditions such as diabetes, obesity and other metabolic abnormalities coupled with increasing patient awareness levels is expected to boost market growth during the forecast period.
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Further key findings from the study suggest:
• Basic metabolic tests dominated the market in terms of market share in 2013 due to the fact that these are a panel of seven to eight tests which form the routine list of tests prescribed for almost all medical examinations.
• Growing prevalence of body weight and metabolism related abnormalities and increasing disease causing lifestyle habits promoting abnormal cholesterol level related conditions are expected to help the complete lipid panels market grow at a lucrative rate during the forecast period.
• Due to the growing number of diabetic patients under treatment, it is also expected that the testing volumes...