Global Laboratory Testing Services Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Laboratory testing services refer to services provided by performing medical procedures or tests in a sterile environment with access to the required equipment, materials, and qualified employees.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry 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,

The laboratory testing services market report table of contents includes:
1. Executive Summary
2. Laboratory Testing Services Market Characteristics
3. Laboratory Testing Services Market Trends And Strategies
4. Laboratory Testing Services Market - Macro Economic Scenario
5. Global Laboratory Testing Services Market Size and Growth
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32. Global Laboratory Testing Services Market Competitive Benchmarking
33. Global Laboratory Testing Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Laboratory Testing Services Market
35. Laboratory Testing Services Market Future Outlook and Potential Analysis
36. Appendix