![]() Various testing laboratories entered the diagnostic labs market and significantly contributed to further growth.Īs per the Atlantic Monthly Group, there has been a massive increase in COVID-19 tests worldwide, from 760,441 tests in September 2020 to 964,792 new tests by October 2020. Many tests were carried out worldwide to identify the infected person and stop the spread of SARS-CoV-2. The rising number of COVID-19 infections has led to increased funding and tests, which has boosted the overall diagnostic labs market growth. This has led to higher demand for better treatment with efficient management, further driving the diagnostic labs market in the US. They are the main drivers of the US$ 3.8 trillion US healthcare industry in annual healthcare costs. It is estimated that the US will experience significant growth due to its high burden of chronic diseases, which requires support from clinical laboratory services for efficient treatment and patient care.Ĭhronic diseases such as cancer, heart disease, and diabetes are the leading causes of death and disability in the US. Therefore, the rising incidence of chronic diseases is expected to propel the overall diagnostic labs market further. ![]() Clinical diagnostics help identify early warning signs and individual risk factors and create new opportunities for prevention and early intervention. The increase in chronic diseases also fuels the need for healthcare systems.Ĭlinical diagnostics have thus proven beneficial in the states with prevalent chronic diseases and are valuable in disease prevention, detection, and treatment. During the first wave of COVID-19, diagnostic labs were forced to offer at-home sample collection services as the number of cases and people coming into the labs increased.Īccording to the Key Facts on Noncommunicable Diseases (NCDs) released by the World Health Organization (WHO) in April 2021, chronic diseases kill approximately 41 million people each year, accounting for 71% of all deaths worldwide. Due to an increased burden of COVID-19 testing or a drop in demand for other types of diagnostic tests, several laboratories have stopped performing other diagnostic procedures. This is due to the increasing demands for the early detection of diseases and the earliest possible search for causes to receive appropriate therapy. The experts in the pathology labs are skilled enough to get into the details of the underlying problems.Īs diagnostic chains and insurance coverage expand, clinical laboratory tests are becoming more common. ![]() Diagnostic laboratories play an important role in reducing the widespread impact of certain diseases. The three companies mentioned above received "is informed" letters earlier this year, which allow for the new restrictions to come into affect very quickly.As a result, treating diseases has become efficient and effective. ![]() The only way around these restrictions is to secure a license from the Commerce Department first. Once implemented, it's thought the regulations will stop chip-making equipment from being exported to Chinese factories capable of producing sub-14nm components. KLA offers process control and yield management systems for the semiconductor industry, and Lam Research provides wafer fabrication equipment and services for creating the active components of semiconductors. Applied Materials provides equipment, services, and software for semiconductor manufacturing. The new restrictions will impact three US companies in particular: Applied Materials Inc., KLA Corp., and Lam Research Corp. According to people familiar with the matter, the Commerce Department will publish a new set of regulations at some point in October.
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