Global Laboratory Testing Services Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
10 Jul, 2023
The global laboratory testing services market size is expected to grow from $98.18 billion in 2022 to $104.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The global laboratory testing services market size is expected to reach $130.03 billion in 2027 at a CAGR of 5.5%.
Global Laboratory Testing Services Market Key Driver
The increased prevalence of chronic and infectious diseases is likely to drive future expansion in the laboratory testing services market. Chronic disease is defined as a sickness or ailment that lasts three months or longer and has the potential to deteriorate over time. Laboratory testing services will help with disease monitoring for a variety of chronic conditions, as well as checking the quality, performance of new goods during design, controlling quality during manufacture, calibrating measuring instruments, and analysing failure to find causes and prevent future recurrence.
Get a sample of the global laboratory testing services market reportGlobal Laboratory Testing Services Market Segments
The global laboratory testing services market 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
4) By Geography: The regions covered in the laboratory testing services market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global laboratory testing services market.
Major Laboratory Testing Services Industry Players
QIAGEN N.V., Quest Diagnostics Inc., OPKO Health Inc., Abbott Laboratories, Siemens Medical Solutions USA Inc., NeoGenomics Laboratories, ARUP Laboratories, Sonic Healthcare Limited, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc., Microbac Laboratories, American Testing Lab Inc., Bioscientia Healthcare GmbH, Sgs US Testing Co. Inc., US BioTek Laboratories
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Laboratory Testing Services Market Overview
Laboratory testing services refer to services provided by performing medical procedures or tests in a sterile environment with access to the required equipment, materials, and qualified employees.
Laboratory Testing Services Global Market Report 2023 provides data on the global laboratory testing services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The laboratory testing services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.