PUBLISHER: The Business Research Company | PRODUCT CODE: 1436427
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436427
Laboratory testing services involve conducting medical procedures or tests in a sterile environment equipped with the necessary tools, materials, and skilled personnel.
Laboratory testing services encompass several key test types, including clinical chemistry, immunology, cytology, genetics, microbiology, and hematology. These services play a crucial role in identifying and quantifying different chemicals in blood and urine, with clinical chemistry collections being the most commonly analyzed. The applications of laboratory testing services are diverse, spanning 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, among others. These services are offered by stand-alone laboratories, hospital-based laboratories, contract research organizations, and other entities.
The laboratory testing services market research report is one of a series of new reports from The Business Research Company that provides laboratory testing services market statistics, including laboratory testing services industry global market size, regional shares, competitors with a laboratory testing services market share, detailed laboratory testing services market segments, market trends, and opportunities, and any further data you may need to thrive in the laboratory testing services industry. This laboratory testing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be ascribed to the escalation of regulatory compliance, the global expansion of trade, an upsurge in chronic diseases, growing environmental concerns, and the emphasis on quality assurance in the 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 anticipated growth in the forecast period can be ascribed to a heightened emphasis on precision medicine, the rapid expansion of diagnostic testing, challenges in the global supply chain, an augmented outsourcing of testing services, and an increased significance of environmental testing. Key trends expected in the forecast period encompass the emergence of new technologies, advancements in pharmaceutical and biotechnology sectors, technological progress, collaborative efforts and partnerships, and a continued focus on precision medicine, coupled with a rise in outsourcing.
The increasing prevalence of chronic and infectious diseases is anticipated to propel the expansion of the laboratory testing services market in the foreseeable future. Chronic diseases, characterized by lasting three months or longer and having the potential to worsen over time, necessitate continuous monitoring, making laboratory testing services crucial. These services play a vital role in disease monitoring for various chronic illnesses, assessing the quality and performance of new products during design and manufacturing, calibrating measuring devices, and analyzing failures to identify causes and prevent recurrences. As an illustration, the Centers for Disease Control and Prevention (CDC), a US-based national public health agency, reported in July 2022 that 6 out of 10 US adults suffer from chronic diseases, with four out of ten experiencing more than two chronic conditions, including chronic lung diseases, heart disease, stroke, and diabetes. Moreover, in 2022, diabetes affected approximately 37.3 million Americans, constituting 11.3% of the population. Hence, the increasing prevalence of chronic and infectious diseases acts as a driving force behind the growth of the laboratory testing services market.
The expansion of international trade is anticipated to drive the growth of the laboratory testing services market in the coming years. International trade involves the exchange of goods and services between countries across national borders, contributing to economic benefits. In the context of international trade, laboratory testing services play a crucial role in ensuring adherence to quality standards, regulatory requirements, and product specifications, thereby facilitating seamless cross-border transactions. As of February 2022, data from the United Nations Conference on Trade and Development, an intergovernmental organization based in Switzerland, revealed that the total value of global trade reached a historic milestone, reaching $28.5 trillion in 2021. This marked a significant 25% growth compared to 2020 and a noteworthy 13% surge compared to pre-COVID-19 levels. Hence, the growth of international trade stands as a driving force for the laboratory testing services market.
Technological advancements have become a prominent trend gaining traction in the laboratory testing services market. Leading companies in the sector are actively pursuing the development of innovative technologies to enhance their market standing. As an illustration, in October 2022, Q2 Solutions, a subsidiary of IQVIA, a US-based clinical trial laboratory services company, introduced its inaugural self-collection safety lab panel. Distinguished by innovative self-collection technology, patient-centric logistics, and top-tier laboratory services, this novel panel is specifically designed to measure concentrations of specific proteins and enzymes in the blood, aiding in the monitoring of liver function.
Prominent companies in the laboratory testing services market are concentrating on delivering testing services utilizing specialized equipment, including mobile testing equipment, tailored for semiconductor plants, to secure a competitive advantage in the market. Mobile testing equipment denotes portable devices or tools designed for convenient on-the-go testing and analysis across various industries and applications. For example, in July 2021, SGS, a Switzerland-based company specializing in testing, inspection, and certification, introduced mobile units for on-site Electromagnetic Compatibility (EMC) and Electromagnetic Interference (EMI) testing services throughout the US. These services target semiconductor manufacturing plants and large equipment manufacturers and are facilitated by cutting-edge mobile testing equipment. This innovative service allows on-site testing conforming to standards such as CE, FCC, and SEMI F47, covering a range of products such as heavy machinery, robotics, and renewable energy equipment.
In June 2022, Bureau Veritas, a company based in France that specializes in testing, inspection, and certification, finalized the acquisition of the Advanced Testing Laboratory for an undisclosed sum. This strategic move allowed Bureau Veritas to expedite the expansion of its division into novel markets and service models specifically tailored for consumer products. Advanced Testing Laboratory, situated in the United States, is a company known for delivering scientific sourcing services.
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., Merieux NutriSciences S.A., Microbac Laboratories Inc., US BioTek Laboratories, American Testing Lab Inc., Unilabs Holding A/S, Element Materials Technology Limited,
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 countries covered in the laboratory testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The laboratory testing services market includes revenues earned by entities from pathogen testing services, biological testing services, toxicology laboratory testing services, and N95 mask laboratory testing services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Laboratory Testing Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on laboratory testing services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for laboratory testing services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The laboratory testing services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.