Laboratory Testing Services Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Laboratory Testing Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $137.16 billion In 2028 At A CAGR Of 5.5% :

The laboratory testing services market size has grown strongly in recent years. It will grow from $104.66 billion in 2023 to $110.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increasing regulatory compliance, globalization of trade, rise in chronic diseases, environmental concerns, quality assurance in food and beverage industry.

The laboratory testing services market size is expected to see strong growth in the next few years. It will grow to $137.16 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increased focus on precision medicine, rapid growth in diagnostic testing, global supply chain challenges, increased outsourcing of testing services, growing importance of environmental testing. Major trends in the forecast period include emerging technologies, pharmaceutical and biotechnology advances, technological advancements, collaboration and partnerships, focus on precision medicine, rise in outsourcing.

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Laboratory Testing Services Market Major Segments
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

Key Driver - Surging Incidence Of Chronic And Infectious Diseases Propels Laboratory Testing Services Market

The rising incidence of chronic and infectious diseases is expected to boost the growth of the laboratory testing services market going forward. Chronic disease refers to an ailment or illness that often lasts for three months or longer and has the potential to worsen over time. Laboratory testing services will aid in disease monitoring for numerous chronic illnesses and check the quality, performance of new products during design, control quality during manufacturing, calibrate measuring devices and analyze failure to identify causes and prevent new occurrences. For instance, in July 2022, the Centers for Disease Control and Prevention, a US-based national public health agency, revealed that every 6 out of 10 US adults have chronic diseases, and four out of ten of these adults are suffering from more than two chronic diseases, like chronic lung cancer, heart disease, stroke, and diabetes. Additionally, in 2022, diabetes affected roughly 37.3 million Americans, or 11.3% of the population. Therefore, the rising incidence of chronic and infectious diseases is driving the growth of the laboratory testing services market.

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Prominent Trend - Technological Advancements In Laboratory Testing Services Market

Technological advancements have emerged as the key trend gaining popularity in the laboratory testing services market. Major companies operating in the laboratory testing services market are developing innovative technologies to strengthen their position in the market. For instance, in October 2022, Q2 Solutions, a subsidiary of IQVIA, a US-based clinical trial laboratory services company, launched its first self-collection safety lab panel. The unique features of the first self-collection safety lab panel involve innovative self-collection technology, patient-focused logistics, and industry-leading laboratory services combined. The first test panel is designed to measure the concentrations of specific proteins and enzymes in the blood to assist in the monitoring of liver function.

Laboratory Testing Services Market Players
Major companies operating in the laboratory testing services market report are 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., ELCA Informatique SA, 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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Largest And Fastest Growing Region In The 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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Laboratory Testing Services Market Report Structure
3. Laboratory Testing Services Market Trends And Strategies
4. Laboratory Testing Services Market - Macro Economic Scenario
5. Laboratory Testing Services Market Size And Growth
…..
27. Laboratory Testing Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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