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Clinical Labs to Transform into Health Information Companies and Increasingly Participate in Clinical Decision Support
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Diagnostics has inarguably become an integral part of healthcare system, moving from reactionary science to predictive science; playing a vital role throughout the care continuum. While rising burden of chronic diseases, drug-resistant diseases and the increasing proportion of elderly population are the organic growth drivers, the shift towards creating individualized treatment plans and evolution of personalized drug discovery have been the largest inorganic growth contributors. Key service providers in this study are segmented into independent reference labs (IRLs), physician operated labs (POLs) and hospital labs. At the sub-segment level, this research study covers the shifting dynamics between these service providers including outsourcing and overall testing trends. The study also captures the additional play between the cash-strapped public and the technology-rich private sector.While there has been exponential growth in demand for diagnostic services, there is a constant pressure to do so under budget and skill constraints. This has led to the rise of new technologies which are not only pushing the envelope on sensitive, rapid and accurate testing but are also affordable and bring down the cost of the total treatment cycle. This study identifies some of the key technology trends and growth opportunities, which are set to drive the market in the next five years.In conjunction with technological evolution, the study additionally highlights new and emerging business models that have enabled certain companies to succeed in this incrementally competitive market. It also gives an overview of the competitive environment, providing brief insights on some of the game-changing as well as emerging players which have the potential to unlock growth in this market. The market continues to remain fragmented but larger players have managed to gain size and growth through acquisitions. Therefore, the study also focuses on some of the leading M&A activities impacting the market as well as present and future market trends which would shape the market.Acknowledging the ongoing regulatory restructuring in Europe in the form of IVDR, GDPR, and Digital Single Economy, the study analyzes the impact of these changes on the market in the near as well as long terms. As Europe collectively progresses toward a more stringent compliance regime, companies need to realign their operational blueprints. The study lays down strategic imperatives for companies to recalibrate their business models and be future ready.This research service also provides in-depth revenue and geographical market analysis of three key market regions, EU5, Benelux and Scandinavia, identifying the impact of new regulatory and reimbursement trends in each country.
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