Philippines Clinical Laboratory Services Market, By Service Type (Routine Testing Services, Esoteric Services, and Anatomic Pathology Services), Specialty (Clinical Chemistry Testing, Hematology Testing, Microbiology Testing, Immunology Testing, Drugs of Abuse Testing, Cytology Testing and Genetic Testing), Provider (Hospital-Based Laboratories, Independent and Reference Laboratories, Clinical-Based Laboratories, and Nursing and Physician Office-Based Laboratories), Application (Bioanalytical and Lab Chemistry Services, Drug Development Related Services, Drug Discovery Related Services, Toxicology Testing Services, Cell, and Gene Therapy Related Services, Preclinical and Clinical Trial Related Services, and Other Clinical Laboratory Services), Country (Philippines) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Philippines Clinical Laboratory Services Market
Philippines clinical laboratory services market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the Philippines clinical laboratory services market is growing with a CAGR of 5.2% in the forecast period of 2021 to 2028 and is expected to reach USD 1,831.25 million by 2028 from USD 1,227.74 million in 2020. Rising per capita income and rising point-of-care testing solutions are the major drivers that propelled the market's demand in the forecast period.
Clinical laboratories are an important part of the healthcare sector. Most diagnostic tests, starting from the blood test to the genetic analysis, are conducted in these clinical laboratories to detect diseases. Clinical laboratories offer data and resources that optimize the required distribution in the healthcare system, such as diagnostics and test results. This maintains and provides reliable and correct test results that enable doctors to make appropriate clinical and diagnostic decisions across various levels of health care services.
The increasing adoption of digital pathology high prevalence of infectious diseases has propelled the demand for clinical laboratory services. However, inadequate reimbursement policies act as a challenge for the market. Moreover, the strategic initiatives by market players and rising preventive health check-ups act as an opportunity for the market's growth. However, lack of certified and skilled professionals and stringent regulatory policies act as a restraint for its growth in the market.
Philippines clinical laboratory services market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Philippines clinical laboratory services market is segmented based on service type, specialty, provider, and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of service type, the Philippines clinical laboratory services market is segmented into routine testing services, esoteric services, and anatomic pathology services. In 2021, the routine testing services segment is expected to dominate the market due to the rising incidence of chronic diseases, which led to regular check-ups.
- On the basis of specialty, the Philippines clinical laboratory services market is segmented into clinical chemistry testing, microbiology testing, haematology testing, genetic testing, drugs of abuse testing, and immunology testing. In 2021, the clinical chemistry testing segment is expected to dominate the market due to the rise in research activities to understand the effect of drug therapy.
- On the basis of provider, the Philippines clinical laboratory services market is segmented into independent and reference laboratories, hospital-based laboratories, and nursing and physician office-based laboratories. In 2021, the hospital-based laboratories segment is expected to dominate the market due to increased cases of infectious diseases, leading to high patient volumes and high test demand.
- On the basis of application, the Philippines clinical laboratory services market is segmented into drug discovery related services, drug development related services, bioanalytical and lab chemistry services, toxicology testing services, cell and gene therapy related services, preclinical and clinical trial related services, and other clinical laboratory services. In 2021, the bioanalytical and lab chemistry services segment is expected to dominate the market due to the rising preference for preventive health check-ups.
Rising Per Capita Income and Increasing Advancement of Clinical Diagnostic Methods in the Clinical Laboratory Services is Creating New Opportunities for Players in the Philippines Clinical Laboratory Services Market
Philippines clinical laboratory services market also provides you with a detailed market analysis of market sales, impact of advancement in the Philippines clinical laboratory services market, and changes in regulatory scenarios with their support for the market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Philippines Clinical Laboratory Services Market Share Analysis
Philippines clinical laboratory services market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points are only related to the company’s focus on the Philippines clinical laboratory services market.
The major players covered in the Philippines clinical laboratory services report are Eurofins Scientific, Siemens Healthcare GmbH, Abbott, Charles River Laboratories, Laboratory Corporation of America Holdings, Labserve Inc., Mayon Clinical Laboratories, Quest Diagnostics Incorporated, Medi Linx Laboratory, Inc., SGS SA, Prodia, Keralty, Brianet, CITO Clinical Laboratory, Parahita Diagnostic Center and Syneos Health among others and domestic and global players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies that accelerate the Philippines clinical laboratory services market.
- In June 2021, Eurofins Scientific announced that its subsidiary Eurofins Clinical Testing US Holdings, Inc. entered into an agreement to acquire Diagnostics Center (“DDC”), a consumer genetic testing services leader. This Acquisition has benefitted the company in terms of expanding its testing services in consumer genetic testing
- In February 2021, Siemens Healthcare GmbH offered lab-based antigen tests for high-throughput analyzers and expanded COVID-19 test capacities. The company obtained CE Mark for its laboratory-based SARS-CoV-2 Antigen Assay (CoV2Ag); the test will be offered at the Atellica Solution and ADVIA Centaur®analyzers, widely available in laboratories worldwide.
Customization Available: Philippines Clinical Laboratory Services Market
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