Key Trends and Insights into the Laboratory Testing Services Market: Growth Rate and Opportunities to 2034
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How has the laboratory testing services market size evolved in recent years?
The market size for laboratory testing services has seen robust growth in the past few years. The market is predicted to increase from $107.18 billion in 2024 to $113.15 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%. The historical growth can be credited to factors such as enhanced regulatory compliance, worldwide trade expansion, increasing incidences of chronic illnesses, growing environmental concerns, and the need for quality assurance in the food and beverage sector.
What are the predictions for the laboratory testing services market size in the coming years?
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What key factors are fueling the growth of the laboratory testing services market?
The escalation in chronic and infectious health conditions is anticipated to stimulate the growth of the laboratory testing services sector. Chronic illness is a prolonged health issue that often extends beyond three months and may progressively worsen. These medical testing services play a crucial role in tracking a wide range of chronic diseases and in the evaluation of new products’ performance and quality during their design stage. Additionally, they ensure quality control in manufacturing, calibrate measuring tools, and analyze failure to identify its causes and inhibit future instances. In July 2022, the US’s Centers for Disease Control and Prevention indicated that 60% of American adults suffer from chronic diseases, with 40% of these individuals having multiple chronic illnesses, such as chronic lung cancer, cardiac diseases, stroke, and diabetes. Moreover, in August 2024, the UK Health Security Agency, based in the UK, released data showing a nearly sevenfold rise in measles cases from 53 in 2022 to 368 in 2023 in England, with the West Midlands and London accounting for 44% and 33% of the cases, respectively. Consequently, this surge in chronic and infectious diseases is fuelling the expansion of the laboratory testing services sector.
How is the global laboratory testing services market divided into key segments?
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
Subsegments:
1) By Clinical Chemistry: Blood Tests, Electrolyte Tests, Enzyme Tests, Metabolic Panels, Lipid Profiles
2) By Immunology: Allergy Testing, Autoimmune Disease Testing, Infectious Disease Testing
3) By Cytology: Pap Tests, Fine Needle Aspiration Cytology (FNAC), Bronchial Washing
4) By Genetics: Genetic Screening, Carrier Testing, Prenatal Testing, Genetic Profiling
5) By Microbiology: Bacterial Culture Tests, Antimicrobial Susceptibility Testing, Virology Testing
6) By Hematology: Complete Blood Count (CBC), Coagulation Tests, Hemoglobin Electrophoresis
7) By Other Test Types: Pathology, Toxicology, Environmental Testing, Blood Banking
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Who are the key firms paving the way for growth in the laboratory testing services market?
Major companies operating in the laboratory testing services market include 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., 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
Which trends are expected to transform the laboratory testing services market?
Prominent organizations participating in the laboratory testing services market count 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., 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 among their ranks.
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What regions are contributing significantly to the growth of the laboratory testing services market?
North America was the largest region in the laboratory testing services market in 2024. Asia-Pacific is expected to be the global laboratory testing services market report fastest-growing region in the forecast period. The regions covered in the laboratory testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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