Laboratory Testing Services Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments

"The Business Research Company recently released a comprehensive report on the Global Laboratory Testing Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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,

Laboratory Testing Services Market 2024 Key Insights:

• 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%.
• Surging Incidence Of Chronic And Infectious Diseases Propels Laboratory Testing Services Market
• Technological Advancements In Laboratory Testing Services Market
• North America was the largest region in the laboratory testing services market in 2023

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