The laboratory testing services market has grown from $104.66 billion in 2023 to $110.69 billion in 2024, reflecting a CAGR of 5.8%. This growth is due to regulatory compliance, trade globalization, chronic disease rise, environmental concerns, and food and beverage quality assurance. The market is projected to reach $137.16 billion by 2028, growing at a CAGR of 5.5%. Future growth is driven by precision medicine focus, diagnostic testing expansion, supply chain challenges, outsourcing, and environmental testing. Major trends include new technologies, pharmaceutical innovations, technological advancements, collaborative partnerships, and outsourcing growth.
Major Driver In The Laboratory Testing Services Market
The laboratory testing services market is poised for growth due to the rising incidence of chronic and infectious diseases. Chronic diseases, lasting for three months or longer and potentially worsening over time, are prevalent among adults, with 6 out of 10 US adults having chronic illnesses, and 4 out of 10 suffering from multiple conditions like chronic lung cancer, heart disease, stroke, and diabetes, affecting approximately 37.3 million Americans in 2022. Laboratory testing services play a crucial role in disease monitoring and product quality control, contributing to the prevention and management of chronic and infectious diseases. Therefore, the market is driven by the increasing prevalence of these health conditions. The market sizes for 2023, 2024, and 2028 were not explicitly provided.
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Laboratory Testing Services Market Competitive Landscape
Abbott Laboratories, Siemens Medical Solutions USA Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Inc., Eurofins Scientific SE, SGS US Testing Co Inc., Sonic Healthcare Limited, Bureau Veritas S.A., Charles River Laboratories International Inc., SYNLAB International GmbH, Intertek Group plc, Covance Inc., Underwriters Laboratories Inc., ARUP Laboratories Inc., ALS Limited, QIAGEN N.V., Acuren Group Inc., Cerba HealthCare SAS, OPKO Health Inc., Bio-Reference Laboratories Inc., NeoGenomics Laboratories Inc., ELCA Informatique SA, Exova Group plc, Silliker Inc., Mérieux NutriSciences S.A., Microbac Laboratories Inc., US BioTek Laboratories, American Testing Lab Inc., Unilabs Holding A/S, Element Materials Technology Limited,
Key Laboratory Testing Services Market Trend
Technological advancements have emerged as the key trend gaining popularity in the laboratory testing services market. Major companies operating in the laboratory testing services market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Q2 Solutions, a subsidiary of IQVIA, a US-based clinical trial laboratory services company, launched its first self-collection safety lab panel. The unique features of the first self-collection safety lab panel involve innovative self-collection technology, patient-focused logistics, and industry-leading laboratory services combined. The first test panel is designed to measure the concentrations of specific proteins and enzymes in the blood to assist in the monitoring of liver function.
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Laboratory Testing Services Market Segmentation
The laboratory testing services market covered in this report is segmented –
1) By Test Type: Clinical Chemistry, Immunology, Cytology, Genetics, Microbiology, Hematology, Other Test Types
2) By Application: Bioanalytical And Lab Chemistry Services, Toxicology Testing Services, Cell And Gene Therapy Related Services, Preclinical And Clinical Trial Related Services, Drug Discovery And Development Related Services, Other Applications
3) By Service Provider: Stand-Alone Laboratories, Hospital-Based Laboratories, Contract Research Organizations, Other Service Providers
By Geography:The regions covered in the laboratory testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the laboratory testing services market in 2023.
The Laboratory Testing Services Global Market Report 2024 furnishes information about the global laboratory testing services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
