Laboratory Testing Services Global Market Report 2023

Major players in the laboratory testing services market are QIAGEN N.V., Quest Diagnostics Inc., OPKO Health Inc., Abbott Laboratories, Siemens Medical Solutions USA Inc., NeoGenomics Laboratories, ARUP Laboratories, Sonic Healthcare Limited, Laboratory Corporation of America Holdings, Charles River Laboratories International Inc.

New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Laboratory Testing Services Global Market Report 2023" - https://www.reportlinker.com/p04442216/?utm_source=GNW , Microbac Laboratories, American Testing Lab Inc., Bioscientia Healthcare GmbH, Sgs US Testing Co. Inc., and US BioTek Laboratories.The global laboratory testing services market is expected to grow from $98.18 billion in 2022 to $104.88 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The laboratory testing services market is expected to reach $130.03 billion in 2027 at a CAGR of 5.5%.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.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.North America was the largest region in the laboratory testing services market in 2022.Asia-Pacific is expected to be the 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 and Africa.The main types of tests in laboratory testing services are clinical chemistry, immunology, cytology, genetics, microbiology, haematology, and others.Laboratory testing services are used to identify and measure various chemicals in blood and urine, the two clinical chemistry collections that are analyzed the most frequently.These services are used for various applications including 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, and others provided by stand-alone laboratories, hospital-based laboratories, contract research organizations, and others.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.In June 2022, Bureau Veritas, a France-based company, which provides testing, inspection, and certification, acquired the Advanced Testing Laboratory for an undisclosed amount.With this acquisition, Bureau Veritas accelerated the division's expansion into new markets and service models for consumer products.Advanced Testing Laboratory is a US-based company providing scientific sourcing services.The countries covered in the laboratory testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.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.The laboratory testing services market research report is one of a series of new reports 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.Read the full report: https://www.reportlinker.com/p04442216/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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