Press release
Global Laboratory Testing Services Market Projected to Surpass $139.66 Billion by 2029 with 5.4% Annual Growth
Laboratory Testing Services
The growth of the laboratory testing services market is anticipated to be spurred by an increase in both chronic and infectious diseases. Chronic diseases are those that typically last three months or longer and have the potential to become progressively worse. These testing services can significantly aid in monitoring various chronic diseases and ensuring the quality and performance of newly developed products during their design phase. Additionally, it helps maintain quality control during the manufacturing process, calibrate measuring equipment, and perform failure analysis to identify causes and prevent future occurrences. For instance, the Centers for Disease Control and Prevention, a national public health agency in the US, revealed in July 2022 that 60% of American adults have chronic diseases, including chronic lung cancer, heart disease, stroke, and diabetes, with 40% suffering from at least two such diseases. Furthermore, the UK Health Security Agency, an executive agency in the UK, reported in August 2024 that there were 368 cases of measles in England in 2023, a nearly sevenfold increase from the 53 cases reported in 2022. The West Midlands and London were responsible for 44% and 33% of the cases, respectively. Thus, the surge in incidences of chronic and infectious diseases is propelling the growth of the laboratory testing services market.
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What growth opportunities are expected to drive the laboratory testing services market's CAGR through 2034?
In recent times, the market size for laboratory testing services has witnessed significant growth. Around 2024, the market was worth $107.18 billion, and it's expected to escalate to $113.15 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.6%. Several factors have contributed to this historic period's growth, such as increasing conformity to regulations, global trade expansion, an increase in chronic diseases, environmental issues, and the need for quality assurance in the food and beverage industry.
A significant surge is anticipated in the laboratory testing services market in the coming years, with its value projected to reach $139.66 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.4%. The notable growth during the forecast period is linked to an increased emphasis on precision medicine, swift expansion in diagnostic testing, global supply chain difficulties, escalating outsourcing of testing services, and a rising significance of environmental testing. Key trends for the forecast period encompass emerging technologies, advancements in pharmaceutical and biotechnology, technological innovations, collaborations and partnerships, a focus on accuracy in medicine, and a surge in outsourcing.
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What are the emerging trends shaping the future of the laboratory testing services market?
In the laboratory testing services market, the significant trend is the rise of technological innovations. This is manifested as leading firms in the sector develop ground-breaking technologies to consolidate their market presence. For instance, Q2 Solutions, an IQVIA subsidiary that provides clinical trial laboratory services in the US, introduced its inaugural self-collection safety lab panel in October 2022. This novel lab panel combines innovative self-collection technology, patient-oriented logistics, and industry-leading lab services. The purpose of this first test panel is to assess the levels of certain proteins and enzymes in the blood, which is essential in liver function monitoring.
Which growth-oriented segments of the laboratory testing services market are leading the industry's development?
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
Subsegments:
1) By Clinical Chemistry: Blood Tests, Electrolyte Tests, Enzyme Tests, Metabolic Panels, Lipid Profiles
2) By Immunology: Allergy Testing, Autoimmune Disease Testing, Infectious Disease Testing
3) By Cytology: Pap Tests, Fine Needle Aspiration Cytology (FNAC), Bronchial Washing
4) By Genetics: Genetic Screening, Carrier Testing, Prenatal Testing, Genetic Profiling
5) By Microbiology: Bacterial Culture Tests, Antimicrobial Susceptibility Testing, Virology Testing
6) By Hematology: Complete Blood Count (CBC), Coagulation Tests, Hemoglobin Electrophoresis
7) By Other Test Types: Pathology, Toxicology, Environmental Testing, Blood Banking
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What regions are leading the charge in the laboratory testing services market?
North America was the largest region in the laboratory testing services market in 2024. 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.
What companies are at the forefront of innovation in the laboratory testing services market?
Major companies operating in 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, 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., 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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What Is Covered In The Laboratory Testing Services Global Market Report?
•Market Size Forecast: Examine the laboratory testing services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the laboratory testing services market for a structured understanding.
•Key Players Overview: Analyze major players in the laboratory testing services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the laboratory testing services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the laboratory testing services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the laboratory testing services market.
•Industry Challenges: Identify potential risks and obstacles affecting the laboratory testing services market.
•Competitive Landscape: Review strategic developments in the laboratory testing services market, including expansions, agreements, and new product launches.
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