Market Analysis - ICCM 2017
The Organizing Committee invites all the participants from all over the world to attend ‘2nd Clinical Chemistry and Laboratory Medicine Conference’, during September 28-29, 2017 in Atlanta,USA which includes prompt keynote presentations, Oral talks, Poster presentations and Exhibitions.
Clinical chemistry is one of the fastest growing industry chiefly focussed on areas of body fluid analysis. Clinical chemistry is often referred as chemical pathology and clinical biochemistry comprising over 700 unique types of test. The worldwide market for clinical chemistry in 2015 was analysed to be around $8,965 million. The clinical chemistry market since then is growing at an expected CAGR of 5.52%. It is potential to reach $11,728.01 million in 2019. The clinical chemistry analyzers market is segmented on the basis of analyzers, reagents and other products. The first segment is re divided into 4 segments: Small Sized (400-800 Test/H), Medium Sized (800-1,200 Tests/H), Large Sized (1,200-2,000 Tests/H), Very large Sized (2,000 Tests/H). This segment has recorded the largest size in the market consecutively in 2014 and 2015. However, latest market study shows that reagent segment is posing the higher CAGR than analyser segment between 2014 and 2019. The market study was carried out in geographic regions like Americas, Europe, BRIC, Japan and Rest of the World(RoW). Factors like rise in lifestyle diseases, laboratory automation aids the growth of clinical chemistry market. The market growth is also driven by increasing awareness for preventative care, increase in aging population, increase in reagent rental agreements and laboratory automation. The major players in the clinical chemistry market are Roche Diagnostics (Switzerland), Danaher Corporation (U.S.), Abbott Diagnostics(U.S.), Siemens AG (Germany), Ortho-Clinical Diagnostics(U.S.), Thermo Fisher Scientific(U.S.), Randox Laboratories Ltd.(U.K.), ElitechGroup (France), Mindray (China),and Horiba(Japan).
A comparative market study on the clinical chemistry since the past couple of years to the futuristic projection yields the following outcomes:
The sales of clinical laboratory products in Europe had reached $7.3 billion in 1999 and have been growing since then at an appreciable rate.
Laboratory testing plays an important role on clinical decisions, providing physicians, nurses, and other health care providers with information that aids in the prevention, diagnosis, treatment, and management of disease. Inspite of the huge scope and influence the laboratory services account for only 2.3% of the health care expenses in the U.S. and only 2% of Medicare expenses. Based on recent data from the Centers for Medicare and Medicaid (CMS) Online Survey, Certification, and Reporting (OSCAR) database, CDC estimated that roughly 7.8 billion laboratory tests were performed annually in the U.S.
Other data from evaluations indicate the following regarding the extent of the market for laboratory tests.
• Laboratory testing revenues are projected $60 billion in 2017.
• Clinical pathology comprises 66% of all laboratory tests and $42 billion in revenue.
• Anatomic pathology and cytology account for 23% of laboratory tests and $18 billion in revenue.
• Molecular and esoteric (e.g., low volume tests such as those for rare diseases) testing account for 8% of laboratory tests and $6 billion in revenue.
• Drugs of abuse testing accounts for 7% of laboratory tests and $1.9 billion in revenue
Today more than 4,500 laboratory tests are available for clinical use. Of them 1,300 tests are reimbursed by medical insurances and about 500 are performed regularly. The number of genetic tests are also growing. An estimated 1,530 diseases are now detectable using genetic testing; out of which an estimated 300 are tested only in research settings.
The number of Clinical Laboratory Improvement Amendment (CLIA)-certified laboratories has surpassed 200,000 in 2007 and now grown to 254,000 by December, 2016. Physician’s office attached laboratories represent 54% of clinical laboratories in this sector and 4 out of every 5 are certified to perform only waived and/or provider-performed microscopy tests. Hospital-based laboratories presently account for the largest proportion of total testing volume (55%). Hospital based laboratory tests generate the highest proportion of total testing revenue (54%) which amounts to approximately $38.4 billion. From 2006 to 2016, the mean annual growth rate of both test volume and revenue was approximately 7% to 9%. In 2016, privately-owned laboratories generated revenues of $25.5 billion (30% of total laboratory testing revenue that year). Consumer directed testing is a key area for market growth. In 2015, 10-15% of hospital and commercial clinical laboratories offered some form of direct access testing.
Laboratory medicine is considered a vital part of the healthcare industry as almost 80.0% of doctor’s diagnoses are dependent on laboratory tests results. Laboratory diagnosis services, interpret and deliver specific information to doctors at the right time are perceiving an increase in demand. Laboratory medicine services offer a range of tests that help in identifying abnormalities and disease progression; these include routine urine and blood tests for genetic analysis like molecular expression testing, fluorescence in-situ hybridization. Global laboratory medicine market was valued at USD 175.14 billion in 2015 and is growing ever since which shall continue to grow appreciably over the next 5 years.