Diagnostics is the backbone of the healthcare sector. According to a World Health Organization (WHO) study, although the segment accounts for less than 5% of hospital costs, its findings influence 60–70% of healthcare decision-making. The pandemic has underlined the significance of clinical laboratories. Medical innovation such as next-generation sequencing (NGS)-based tests - the agnostic diagnostic method which is capable of comprehensive detection of multiple pathogens simultaneously, further advances in genomics, proteomics, real-time polymerase chain reaction (PCR) tests, precision medicine, companion diagnostics, microarrays, biochips will continue to bolster the demand for early disease detection and testing.
The U.S. health care spending grew 9.7 percent in 2020, reaching $4.1 trillion or $12,530 per person and health spending accounted for 19.7 percent share of the nation's Gross Domestic Product. Among the EU Member States, Germany (11.7 %) and France (11.1 %) had the highest healthcare expenditure relative to GDP in 2019 and as a whole EU healthcare expenditure was 9.9 % of GDP in 2019.
Two studies namely ‘United States Clinical Laboratory Services Growth Opportunities’ and ‘European Clinical Laboratory Services Growth Opportunities’ offer an in-depth analysis of the total market landscape, COVID 19 pandemic associated disruptions, strategic imperatives, macro and microeconomic factors, market trends, opportunities, weaknesses, drivers, restraints, regulatory challenges (PAMA, VITAL, IVDR, MHRA) impacting the market and growth opportunities for the laboratory based diagnostics, healthcare, and biotechnology companies.
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