The Future of theLaboratory Centrifuge Market: Growth Trends, Market Size, and Opportunities to Watch
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Primary Drivers Are Supporting the Continued Market Growth of theLaboratory Testing Services Market?
The growth of the laboratory testing services market is anticipated to be spurred by the escalating prevalence of chronic and contagious conditions. A chronic disease pertains to a long-standing health issue, classically lasting three months or more, with a chance of gradual deterioration. Utilization of laboratory testing services will facilitate the oversight of numerous chronic conditions and assess the quality and performance of new products during development, maintain standard during production, tune measuring instruments, and conduct failure analysis to understand reasons and inhibit further incidents. The Centers for Disease Control and Prevention, the US’s national broad-ranging health department, for example, disclosed in July 2022 that chronic diseases affect six out of every ten adults in the US, with four in ten of these adults managing more than two chronic conditions, such as chronic lung cancer, heart disease, stroke, and diabetes. Furthermore, the UK Health Security Agency, a British government agency, registered 368 measles cases in 2023 according to data released in August 2024. This represents an almost sevenfold upsurge from the 53 cases reported in 2022. The West Midlands and London were responsible for 44% and 33% of the cases, respectively. Thus, the growing prevalence of chronic and contagious diseases is propelling the expansion of the laboratory testing services market.
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#What Long-Term Growth Rate is Expected for theLaboratory Testing Services Market Between 2025 and 2034?
The market for lab testing services has been experiencing significant growth in the past few years. It is estimated to expand 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 rate is resultant from factors such as the increased adherence to regulatory standards, the global expansion of trade, a surge in chronic illnesses, environmental issues, and a focus on quality assurance in the food and beverage sector.
Anticipated to see robust development in the ensuing years, the market size for laboratory testing services is projected to expand to $139.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. The amplified emphasis on precision medicine, fast expansion in diagnostic testing, global supply chain struggles, rising tendency to outsource testing services, and the mounting need for environmental testing are all contributing factors for growth within the forecast period. Emerging technologies, advances in pharmaceutical and biotechnology, technological progress, collaborations and partnerships, focus on precision medicine, and a rise in outsourcing are some of the noteworthy trends in the forecast period.
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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theLaboratory Testing Services Market?
The primary trend noted in the laboratory testing services market is the emergence of technological advancements. To solidify their market standing, several leading companies in this industry are introducing innovative technologies. A prime example is the October 2022 launch of the first-ever self-collection safety lab panel by Q2 Solutions, a subsidiary of the American clinical trial laboratory services company, IQVIA. This cutting-edge product offers unique features that include state-of-the-art self-collection technology, patient-centric logistics, and top-tier laboratory services. It works by measuring specific proteins and enzymes concentrations in the blood to facilitate liver function monitoring.
Who Are the Key Market Players Influencing the Growth of the Corn and Laboratory Testing Services Industry?
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
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Which Key Market Segments Comprise the Laboratory Testing Services Market and Drive Its Revenue Growth?
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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Which Regions Are Emerging as Leaders in 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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