The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Laboratory Testing Services Global Market Report 2024, the laboratory testing services market is expected to show promising growth in the forecast period.

Market Growth Overview

The laboratory testing services market has experienced robust growth in recent years. Here’s a snapshot of the market’s trajectory:

• 2023: Valued at $104.66 billion.
• 2024: Expected to reach $110.69 billion, with a compound annual growth rate (CAGR) of 5.8%.
• 2028: Projected to grow to $137.16 billion at a CAGR of 5.5%.

Drivers of Historical Growth

Several factors have driven the market’s growth historically:

• Regulatory Compliance: Increasing regulations have spurred demand for thorough testing.
• Globalization of Trade: Cross-border trade necessitates rigorous testing to meet diverse standards.
• Rise in Chronic Diseases: Growing incidence of chronic illnesses requires extensive laboratory testing.
• Environmental Concerns: Heightened awareness has boosted environmental testing services.
• Quality Assurance: The food and beverage industry’s focus on quality assurance has increased testing needs.

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Future Growth Prospects

The market is poised for continued expansion due to several emerging trends and factors:

• Precision Medicine: Increased focus on customized healthcare solutions.
• Diagnostic Testing: Rapid growth in this sector.
• Global Supply Chain Challenges: Need for stringent testing due to complex supply chains.
• Outsourcing: Increased outsourcing of testing services.
• Environmental Testing: Growing importance due to environmental regulations.

Major Trends

Key trends expected to shape the market include:

• Emerging Technologies: Innovations enhancing testing capabilities.
• Pharmaceutical and Biotechnology Advances: Driving demand for specialized testing.
• Technological Advancements: Continuous improvements in testing technologies.
• Collaborations and Partnerships: Strategic alliances to expand service offerings.
• Rise in Outsourcing: More companies outsourcing their testing needs to specialized providers.

Impact of Chronic and Infectious Diseases

Rising Incidence

The increasing prevalence of chronic and infectious diseases significantly boosts the laboratory testing services market:

• Chronic Diseases: Long-term ailments that require regular monitoring through laboratory tests.
  • Example: In 2022, the CDC reported that 6 out of 10 US adults have chronic diseases, with 4 out of 10 having multiple chronic conditions.
• Diabetes: Affects 37.3 million Americans, highlighting the need for continuous monitoring.

Market Contribution

Laboratory testing services contribute to:

• Disease Monitoring: Vital for managing chronic conditions.
• Product Quality Assurance: Ensures the performance and safety of new products.
• Manufacturing Control: Maintains quality during production.
• Device Calibration: Ensures accuracy of measuring instruments.
• Failure Analysis: Identifies causes of failures to prevent recurrence.

Key Players in the Market

Prominent companies shaping 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

Technological Advancements

Key Trends

Technological advancements are a major trend in the laboratory testing services market:

• Innovative Technologies: Companies are investing in new technologies to enhance their market position.
  • Example: In October 2022, Q2 Solutions launched its first self-collection safety lab panel, featuring innovative self-collection technology and patient-focused logistics.

Strategic Acquisitions

• Bureau Veritas’ Acquisition: In June 2022, Bureau Veritas acquired Advanced Testing Laboratory, expanding its consumer product testing capabilities.

Market Segmentation

The laboratory testing services market is segmented by:

1. Test Type:
   • Clinical Chemistry
   • Immunology
   • Cytology
   • Genetics
   • Microbiology
   • Hematology
   • Other Test Types
2. 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. Service Provider:
   • Stand-Alone Laboratories
   • Hospital-Based Laboratories
   • Contract Research Organizations
   • Other Service Providers

Regional Insights

Largest Market

• North America: Held the largest market share in 2023.

Fastest Growing Region

• Asia-Pacific: Expected to be the fastest-growing region during the forecast period.

Conclusion

The laboratory testing services market is on a robust growth trajectory, driven by technological advancements, increased regulatory compliance, and the rising incidence of chronic and infectious diseases. With major companies continuously innovating and expanding their capabilities, the market is poised for significant expansion in the coming years.

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