What Will The Laboratory Testing Services Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s laboratory testing services market report forecasts the laboratory testing services market size to grow to $130.03 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.
Learn More On The Laboratory Testing Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/laboratory-testing-services-global-market-report
Laboratory Testing Services Market Size Forecast
The global laboratory testing services market is expected to grow from $98.18 billion in 2022 to $104.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The global laboratory testing services market size is expected to reach $130.03 billion in 2027 at a CAGR of 5.5%.
North America held the largest laboratory testing services market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Laboratory Testing Services Market Driver – Rise In The Incidence Of Chronic And Infectious Diseases
For example, the Centres for Disease Control and Prevention, a US-based national public health agency, revealed in July 2022 that 6 out of 10 US adults have chronic diseases, and 4 out of 10 of these adults have more than two chronic diseases, such as chronic lung cancer, heart disease, stroke, and diabetes. Furthermore, diabetes will impact approximately 37.3 million Americans, or 11.3% of the population, in 2022. As a result, the increased prevalence of chronic and infectious diseases is propelling the laboratory testing services market forward.
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Key Laboratory Testing Services Market Trend – Technological Advancement
To boost their market position, major players in the laboratory testing services market are creating innovative technologies. For example, in October 2022, Q2 Solutions, a subsidiary of IQVIA, a clinical trial laboratory services company based in the United States, debuted its first self-collection safety lab panel. The first self-collection safety lab panel combines novel self-collection technology, patient-focused logistics, and industry-leading laboratory services. The first test panel is intended to evaluate liver function by measuring the amounts of particular proteins and enzymes in the blood.
Laboratory Testing Services Market Segment
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
Laboratory Testing Services Market Major Players and Strategies
Major players in the laboratory testing services market are QIAGEN N.V., Quest Diagnostics Inc., OPKO Health Inc., Abbott Laboratories, Siemens Medical Solutions USA Inc., NeoGenomics Laboratories, ARUP Laboratories, Sonic Healthcare Limited, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc., Microbac Laboratories, American Testing Lab Inc., Bioscientia Healthcare GmbH, Sgs US Testing Co. Inc., and US BioTek Laboratories.
Bureau Veritas, a French firm that provides testing, inspection, and certification, acquired the Advanced Testing Laboratory for an unknown sum in June 2022. Bureau Veritas boosted the division’s expansion into new markets and service models for consumer items with this purchase. Advanced Testing Laboratory is a corporation established in the United States that provides scientific sourcing services.
The Laboratory Testing Services Global Market Report 2023 covers regional data on laboratory testing services market size, laboratory testing services market trends and drivers, opportunities, strategies, and laboratory testing services market competitor analysis. The countries covered in the laboratory testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Laboratory testing services are defined as medical treatments or tests performed in a sterile environment with access to the necessary equipment, materials, and qualified staff.
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