Medical And Diagnostic Laboratory Services Global Market Report 2020-30: Covid 19 Impact and Recovery from Publisher provides the strategists, marketers and senior management with the critical information they need to assess the global medical and diagnostic laboratory services market as it emerges from the Covid 19 shut down.
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Top Key Companies:
- Quest Diagnostics Inc
- Sonic Healthcare Limited
- OPKO Health Inc
- Medical And Diagnostic Laboratory Services
Paper diagnostics can be used as replacement of color based tests on paper for the ease of use, storage and as effective cost measures. Assay wells are printed onto a piece of paper of the size of a postal stamp; samples such as blood, urine or sweat wick through the paper and color changes can be easily compared by users with the reference scale on the paper. It is a significant technology which can help access to 60% of the world population who do not have access to urban hospitals and medical infrastructure. Thus, this technique has scope to significantly expand the diagnostic reach and can expand the medical and diagnostic laboratories market.
The medical and diagnostic laboratory services market consists of sales of medical and diagnostic laboratory services and related goods by entities (organizations, sole traders and partnerships) that provide diagnostics tests for various diseases. This industry includes CT scan centers, X- ray centers and other clinics that undertake disease diagnosis.
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The global medical and diagnostic laboratory services market is expected to decline from $126.4 billion in 2019 to $108.8 billion in 2020 at a compound annual growth rate (CAGR) of -14%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The decline is mainly because the governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. COVID-19 is mainly through molecular and RT PCR based tests. Most of the medical and diagnostic laboratories are currently shutdown, and few top facilities are asked to reschedule any nonurgent, outpatient imaging visits as necessary to help keep patients and staff safe. Additionally, due to extending lockdown, there are many cancellations of pre-scheduled patient visits. The market is then expected to recover and grow at a CAGR of 6% from 2021 and reach $170.3 billion in 2023.