How is the Laboratory Centrifuge Market Poised for Growth: Trends and Opportunities Through 2034
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What is the Predicted Annual Growth Rate of the Laboratory Centrifuge Market Over the Coming Decade?
The market size for laboratory testing services has seen robust growth in the recent past. The market is projected to expand from $107.18 billion in 2024 to $113.15 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. This surge seen in the historical period is due to factors such as enhancing regulatory compliance, the globalisation of commerce, an increase in chronic illnesses, environmental considerations, and the need for quality assurance in the food and beverage sector.
The market size for laboratory testing services is anticipated to experience robust growth in the coming years. It is projected to escalate to $139.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period could be due to the rising emphasis on precision medicine, swift expansion in diagnostic testing, global supply chain issues, an uptick in the outsourcing of testing services, and the increasing significance of environmental testing. Key trends expected during the forecast period encompass emerging technologies, advancements in pharmaceutical and biotechnology, technological development, collaborations and partnerships, increased attention on precision medicine, and a surge in outsourcing.
Which Factors Are Enhancing the Growth of the Market?
There’s an upward trend in the prevalence of chronic and infectious diseases, which is predicted to fuel the expansion of the laboratory testing services market. Chronic diseases are long-term health conditions that can persist for three months or longer and are at risk of becoming more severe over time. Laboratory testing services will significantly contribute to the continual tracking of a variety of chronic diseases, ensuring the effectiveness and quality of new products during their development phase, maintaining quality during production, calibrating measurement devices, and conducting failure analyses to discover causes and thwart future instances. To illustrate, the Centers for Disease Control and Prevention, a major public health agency in the US, disclosed in July 2022 that six out of ten US adults are living with chronic diseases, while four out of ten of these adults are dealing with a minimum of two chronic diseases such as chronic lung cancer, heart disease, stroke, and diabetes. Furthermore, in August 2024, data from the UK Health Security Agency, a prominent executive agency in the UK, revealed a nearly seven times surge in measles cases in England from 53 in 2022 to 368 in 2023. The West Midlands and London were found to be the most affected regions, accounting for 44% and 33% of the cases respectively. Therefore, the surge in the incidence of chronic and infectious diseases is accelerating the expansion of the laboratory testing services market.
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What Are the Major Players Making an Impact in the Laboratory Centrifuge Market’s Growth?
Major companies operating in the laboratory testing services market include:
• Abbott Laboratories_x000D_
• Siemens Medical Solutions USA Inc._x000D_
• Laboratory Corporation of America Holdings_x000D_
• Quest Diagnostics Inc._x000D_
• Eurofins Scientific SE_x000D_
Which Upcoming Trends Are Set to Influence the Laboratory Centrifuge Market’s Path Forward?
Technological innovation is rapidly becoming a prominent trend in the laboratory testing services market. To solidify their market position, well-established companies in this sector are developing groundbreaking technologies. An example of such innovation was seen in October 2022, when Q2 Solutions, an offshoot of IQVIA, a US clinical trial laboratory services firm, introduced its pioneering self-collection safety lab panel. This product offers innovative self-collection technology, patient-centric logistics, as well as industry-leading lab services. The initial test panel is engineered to measure the levels of particular proteins and enzymes in the blood, supporting liver function monitoring.
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What Are the Strategic Segments Comprising the Laboratory Centrifuge Market and Their Growth Contributions?
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
What Regions Are Steering Growth in the Laboratory Centrifuge Sector?
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.
How Can We Define the Laboratory Centrifuge Market and Its Key Components?
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.
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