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What Market Value Is The Laboratory Testing Services Industry Expected To Reach By 2029, Starting From 2025 Levels?
The laboratory testing services market has demonstrated robust growth in recent years. This market is projected to expand from $107.1 billion in 2024 to $112.52 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.1%. The expansion observed historically can be ascribed to elements such as increasing regulatory compliance, the globalization of trade, a rise in chronic diseases, environmental concerns, and the assurance of quality in the food and beverage industry.
The laboratory testing services market is projected to experience substantial expansion over the upcoming years. This market is anticipated to reach a valuation of $139.93 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.6%. This anticipated growth during the forecast period is primarily driven by an intensified focus on precision medicine, the swift expansion in diagnostic testing, global supply chain complexities, a rise in the outsourcing of testing services, and the increasing significance of environmental testing. Key trends identified for this period encompass emerging technologies, developments in pharmaceutical and biotechnology sectors, further technological advancements, strategic collaboration and partnerships, continued emphasis on precision medicine, and an increase in outsourcing activities.
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Which Major Market Drivers Are Shaping The Future Of The Laboratory Testing Services Market?
An increase in chronic and infectious disease cases is projected to enhance the expansion of the laboratory testing services market in the future. A chronic disease is defined as a condition or sickness that typically persists for three months or more and can deteriorate over time. These services will facilitate the monitoring of various chronic illnesses, assess the quality and performance of new products during their design phase, manage quality throughout manufacturing, calibrate measuring instruments, and investigate failures to pinpoint their origins and avert future incidents. For example, data released in July 2022 by the Centers for Disease Control and Prevention, a national public health agency based in the US, indicated that 6 out of 10 US adults suffer from chronic diseases, with four out of ten of these adults experiencing more than two such conditions, including chronic lung cancer, heart disease, stroke, and diabetes. Furthermore, in August 2024, figures from the UK Health Security Agency, a UK-based executive agency, showed that in England, the UKHSA recorded 368 measles cases in 2023, representing an almost sevenfold rise from the 53 cases documented in 2022, where the West Midlands contributed 44% and London 33% of these cases, respectively. Consequently, the increasing prevalence of chronic and infectious diseases is propelling the expansion of the laboratory testing services market.
What Are The Leading Segments Analyzed In The Laboratory Testing Services Market?
The laboratory testing servicesmarket 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
Which Key Trends Are Expected To Influence The Laboratory Testing Services Market In The Coming Years?
Technological progress has surfaced as the primary trend escalating in appeal within the laboratory testing services market. Key entities operating in this sector are innovating technologies to bolster their market standing. For example, in October 2022, Q2 Solutions, a subsidiary of IQVIA, a US-based clinical trial laboratory services provider, introduced its inaugural self-collection safety lab panel. The distinctive attributes of this first self-collection safety lab panel encompass a blend of cutting-edge self-collection technology, patient-centric logistics, and leading laboratory services. This initial test panel aims to quantify the concentrations of specific proteins and enzymes in blood to support the assessment of liver function.
Which Major Firms Are Strengthening Their Position In The 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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How Does The Laboratory Testing Services Market Perform Across Key Geographic Regions?
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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