Medical Laboratories Market - Global Industry Analysis and Forecast, 2014 – 2020

Medical laboratories are defined as the independent, commercial enterprises that provide information to the healthcare professionals about the severity, onset and reason of patients' physical ailments. Medical laboratories include biological, bacteriological, histological, pathological and chemical analysis, urinalysis and dental and medical X-rays. About 70% of the health care decisions taken by doctors for treatment of diseases are based on the results of laboratory testing which makes the medical laboratories a vital part of the global healthcare system.

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Based on the testing services, medical laboratories market is segmented into four major categories that include:

Routine medical testing

Esoteric medical testing

Anatomical pathology testing

Diagnostic imaging testing

Routine medical testing includes full body testing including eye checkup, blood test, diabetes testing and others. Esoteric testing includes tests for rare diseases or substances that are not performed in the routine medical testing. Anatomical pathology testing includes histological analysis and urinalysis. Diagnostic imaging testing includes radiation procedures such as X-ray, MRI, CT and ultrasound used for diagnosing the patient’s condition through imaging of internal organs.

Medical laboratories market is growing at a faster pace majorly due to increasing need for medical testing in aging population. Additionally, rising shift towards preventive care testing, compelling for technological improvements and innovations is also driving the medical laboratories market. While the demand for medical laboratories has increased many folds in recent years, this market is also posing a major challenge in the form of inadequate skilled workers. Moreover, according to the U.S. Bureau of Labor Statistics, employment in healthcare sector has decreased at an annualized rate of 0.6% over...