2024 Global Laboratory Testing Services Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Laboratory Testing Services Market for 2024-2033?
The size of the market for laboratory testing services has considerably expanded in the prior years. It is projected to escalate from $104.66 billion in 2023 to $110.69 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.8%. Various factors that have stimulated growth during the past period include an upsurge in regulatory adherence, expansion of international trade, an increase in chronic illnesses, environmental issues, and the demand for quality guarantees in the food and beverage sector.
In the coming years, the market size for laboratory testing services is anticipated to experience robust growth. It is projected to rise to $137.16 billion in 2028, with a compound annual growth rate (CAGR) of 5.5%. The growth within this forecast period can be linked to a variety of factors such as the rising emphasis on precision medicine, quick expansion in diagnostic testing, global supply chain hurdles, an upswing in testing services outsourcing, and the escalating significance of environmental testing. The future trends within this period include the advent of new technologies, breakthroughs in pharmaceuticals and biotechnology, technological developments, collaborations and partnerships, focus on precision medicine and an increase in outsourcing.
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What Drivers Are Enhancing the laboratory testing services Market’s Growth?
The increasing prevalence of chronic and infectious diseases is believed to contribute to the progression of the laboratory testing services market. A chronic ailment is usually known as an illness that persists for at least three months, and it may intensify as time goes. Laboratory testing services are beneficial in monitoring numerous chronic conditions and for validating the quality and performance of newly designed products, maintaining quality during the manufacturing process, fine-tuning measuring tools, and investigating breakdown causes to deter repeat instances. For example, the Centers for Disease Control and Prevention, a US-based health agency, reported in July 2022 that every 6 in 10 adults in the US have chronic diseases, and 40% of these adults are diagnosed with more than two chronic diseases, including chronic lung cancer, heart disease, stroke, and diabetes. Further, in 2022, approximately 37.3 million Americans, or 11.3% of the population, were impacted by diabetes. Therefore, the rising prevalence of chronic and infectious diseases propels the growth of the laboratory testing services market.
What Segments Are Central to the Laboratory Testing Services Market?
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
What Emerging Trends Are Influencing Laboratory Testing Services Industry Dynamics?
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Which Geographic Locations Are Critical to the Growth of the Laboratory Testing Services Market?
North America was the largest region in the laboratory testing services market in 2023. 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.
The Laboratory Testing Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the laboratory testing services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Laboratory Testing Services Market Include
1. Laboratory Testing Services Market Executive Summary
2. Laboratory Testing Services Market Segments
3. Laboratory Testing Services Market Size And Template Market Growth Rate
4. Key Laboratory Testing Services Market Trends
5. Major Laboratory Testing Services Market Drivers
……
25. Key Mergers And Acquisitions In The Laboratory Testing Services Market
26. Top Laboratory Testing Services Companies
27. Laboratory Testing Services Market Opportunities And Strategies
28. Laboratory Testing Services Market, Conclusions And Recommendations
29. Appendix
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