Surging Incidence Of Chronic And Infectious Diseases Propels Laboratory Testing Services Market Emerges as a Core Driver of the Laboratory Testing Services Market in 2025

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How Large Will the Laboratory Testing Services Market Size By 2025?
The market size for laboratory testing services has seen robust growth over the recent years. The market is projected to rise from $107.18 billion in 2024 to $113.15 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 5.6%. Factors contributing to the past growth include increased regulatory adherence, the globalization of commerce, an upsurge in chronic illnesses, environmental issues, and the focus on quality assurance in the food and beverage sector.

How Big Is the Laboratory Testing Services Market Size Expected to Grow by 2029?
Expectations are high for significant expansion in the laboratory testing services market in the upcoming years. Projections show a growth to $139.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. The growth during this forecast period could result from several factors, including an amplified emphasis on precision medicine, burgeoning diagnostic testing, global supply chain hurdles, escalating outsourcing of testing services, and an increased significance of environmental testing. Forecasts also highlight several trends, such as emerging technologies, advancements in pharmaceutical and biotech fields, technological progress, collaborative efforts and partnerships, greater focus on precision medicine, and a surge in outsourcing.

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Which Key Market Drivers Powering Laboratory Testing Services Market Expansion and Growth?
The upsurge of chronic and contagious diseases will likely propel the laboratory testing services market's expansion. Chronic diseases are conditions that often last for more than three months and have the propensity to deteriorate over time. These testing services play a crucial role in disease monitoring for various chronic illnesses and assessing the quality and performance of new products during design, quality control in manufacturing, device calibration, and failure analysis to identify reasons and prevent future instances. For example, the US-based national public health organization, the Centers for Disease Control and Prevention, disclosed in July 2022 that 6 out of every 10 US adults have chronic diseases. Four out of ten of these adults have more than two chronic diseases, such as chronic lung cancer, heart disease, stroke, and diabetes. Further, according to the information released by the UK-based executive agency, UK Health Security Agency in August 2024, England reported a nearly sevenfold increase in measles cases in 2023 - from 53 in 2022 to 368. The West Midlands and London represented 44% and 33% of these cases, respectively. Consequently, the growing occurrence of chronic and infectious diseases is fueling the laboratory testing services market's growth.

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Which Fast-Growing Trends Are Poised to Disrupt the Laboratory Testing Services Market?
Innovations in technology are proving to be the leading trend gaining traction in the laboratory testing services market. To enhance their market position, key players in the laboratory testing services sector are devising innovative technologies. For instance, a US clinical trial laboratory services company known as IQVIA's subsidiary, Q2 Solutions, launched its first self-collection safety lab panel in October 2022. The unique aspects of this panel include innovative self-collection technology, patient-centric logistics, and top-tier laboratory services. It is designed to gauge specific proteins and enzyme levels in the blood, assisting in the monitoring of liver function.

What Are the Emerging Segments in the Laboratory Testing Services Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Laboratory Testing Services Industry?
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.

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