Service Laboratory Market
Service Laboratory Market Forecasts to 2030 - Global Analysis By Service Type (Consulting services, Contract research services, Routine Testing and Specialized Testing), By Application (Clinical Testing, Environmental Testing, Food and Beverage and Other Applications) and By Geography
|
Years Covered |
2021-2030 |
|
CAGR (2023-2030) |
7.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Service Laboratory Market is growing at a CAGR of 7.2% during the forecast period. Service Laboratory involves the use of specialised devices to monitor measure and detect ionising radiation levels in medical settings. These instruments ensure safety by tracking radiation exposure, assessing dosage during treatments like X-rays, CT scans or radiation therapy and safeguarding both patients and healthcare professionals from potential overexposure to radiation.
According to the Centers for Disease Control, 14 billion lab tests are conducted annually. It is estimated 70% of medical decisions are based on lab test results.
Market Dynamics:
Driver:
Increasing demand for diagnostic testing
With a growing focus on preventive healthcare and early disease detection, there's an increased need for accurate and advanced diagnostic tests. Factors like an aging population, escalating incidences of chronic diseases and technological advancements in diagnostic tools contribute to this demand surge. Consequently, service laboratories experience heightened requests for a diverse range of diagnostic tests, driving market growth as they cater to the escalating need for precise, timely and comprehensive diagnostic services across healthcare and related industries.
Restraint:
High operational and capital costs
The need for cutting-edge technology, specialised equipment, skilled personnel and stringent compliance with regulatory standards leads to substantial operational expenses. Additionally, the initial investment in setting up and maintaining state-of-the-art laboratories adds to the capital costs. These high operational and capital expenses can pose challenges for smaller players entering the market, limiting their ability to compete and invest in innovation.
Opportunity:
Rise in personalized medicine
Personalised medicine relies on precise diagnostic tests and tailored treatments based on an individual's genetic makeup, lifestyle and specific health characteristics. This trend fuels the demand for advanced testing services, including genetic testing, biomarker analysis and molecular diagnostics, requiring specialised laboratories. Service laboratories catering to personalised medicine can offer comprehensive testing services, supporting healthcare providers in delivering more effective, targeted treatments, thereby driving the growth of personalised medicine and expanding opportunities within the service laboratory market.
Threat:
Continuous technological advancements
Rapid technological evolution might render existing equipment or methodologies obsolete, necessitating frequent upgrades or investments in new technology. This constant need for adaptation and innovation places financial pressure on laboratories to stay competitive. Moreover, the rapid pace of change could create a gap between updated and legacy systems, impacting standardisation and consistency in testing procedures and potentially challenging service providers to maintain a balance between adopting new technologies and ensuring continuity and reliability in their services.
Covid-19 Impact:
The COVID-19 pandemic significantly affected the service laboratory market, triggering increased demand for diagnostic testing services. Laboratories worldwide faced a surge in testing requirements for virus detection, leading to operational challenges, supply chain disruptions and workforce constraints. Additionally, the pandemic accelerated research and development activities, emphasising the importance of service laboratories in disease diagnosis, treatment development and public health response strategies.
The routine testing segment is expected to be the largest during the forecast period
The routine testing segment is anticipated to be the largest during the forecast period, primarily owing to its widespread application across various industries and everyday processes. Industries such as pharmaceuticals, food and beverage and manufacturing heavily rely on routine testing for quality assurance and regulatory compliance. As a result, the consistent demand for regular, standardised testing procedures positions the routine testing segment as the dominant and largest contributor to the broader testing services market during the forecast period.
The clinical testing segment is expected to have the highest CAGR during the forecast period
The clinical testing segment is projected to achieve the highest growth rate during the forecast period owing to increasing healthcare expenditure, growing awareness about preventive healthcare and a rise in chronic diseases, which drive the demand for clinical testing services. Moreover, advancements in diagnostic technologies, coupled with a focus on early disease detection and personalised medicine, propel the need for comprehensive clinical testing. These factors collectively fuel the expansion of the clinical testing segment, indicating robust growth potential in the healthcare industry.
Region with largest share:
North America is positioned to dominate the market due to the region's advanced healthcare infrastructure, which fosters a high demand for diagnostic and testing services. Additionally, a robust pharmaceutical and biotechnology sector drives the need for specialised laboratory analyses. Moreover, stringent regulatory standards necessitate comprehensive testing, further boosting the demand for service laboratories. The presence of major industry players, technological advancements and a strong emphasis on research and development collectively contribute to North America's largest market share in the service laboratory industry.
Region with highest CAGR:
The Asia-Pacific region anticipates significant growth in the market due to rapid industrialization, technological advancements and increasing research and development activities across sectors like healthcare and pharmaceuticals. Additionally, stringent quality standards, a burgeoning population and the outsourcing trend in industries fuel the need for outsourced laboratory services. This region's expanding economies and the emphasis on innovation position it as a key hub for service laboratories, fostering substantial market growth.
Key players in the market
Some of the key players in Service Laboratory Market include Abbott Laboratories, ACM Global Laboratories, Agilent Technologies, Beckman Coulter, BioReference Laboratories, Bruker Corporation, Charles River Laboratories, Eurofins Scientific, Genomic Health, Labcorp, NeoGenomics Laboratories, PerkinElmer, Qiagen NV, Quest Diagnostics, Roche Diagnostics, Siemens Healthineers, Sonic Healthcare, SYNLAB International GmbH, Thermo Fisher Scientific and Waters Corporation.
Key Developments:
In June 2023, IMCD inaugurated an additional facility close to Philadelphia. To better serve its clients in North America, IMCD announced the relocation and opening of its ""IMCD Coatings & Construction Laboratory.
In June 2022, Labcorp, a paramount global life sciences company, announced the expansion of CB Trial Laboratory, the central laboratory shared by Labcorp Drug Development and BML, a top Japanese provider of clinical laboratory testing services, to strengthen its central laboratory presence and drug development capabilities in Japan.
Service Types Covered:
• Consulting services
• Contract research services
• Routine Testing
• Specialized Testing
Applications Covered:
• Clinical Testing
• Environmental Testing
• Food and Beverage
• Forensic Analysis
• Pharmaceutical and Biotechnology Companies
• Veterinary Laboratories
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Service Laboratory Market, By Service Type
5.1 Introduction
5.2 Consulting services
5.3 Contract research services
5.4 Routine Testing
5.5 Specialized Testing
6 Global Service Laboratory Market, By Application
6.1 Introduction
6.2 Clinical Testing
6.3 Environmental Testing
6.4 Food and Beverage
6.5 Forensic Analysis
6.6 Pharmaceutical and Biotechnology Companies
6.7 Veterinary Laboratories
6.8 Other Applications
7 Global Service Laboratory Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Abbott Laboratories
9.2 ACM Global Laboratories
9.3 Agilent Technologies
9.4 Beckman Coulter
9.5 BioReference Laboratories
9.6 Bruker Corporation
9.7 Charles River Laboratories
9.8 Eurofins Scientific
9.9 Genomic Health
9.10 Labcorp
9.11 NeoGenomics Laboratories
9.12 PerkinElmer
9.13 Qiagen NV
9.14 Quest Diagnostics
9.15 Roche Diagnostics
9.16 Siemens Healthineers
9.17 Sonic Healthcare
9.18 SYNLAB International GmbH
9.19 Thermo Fisher Scientific
9.20 Waters Corporation
List of Tables
1 Global Service Laboratory Market Outlook, By Region (2021-2030) ($MN)
2 Global Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
3 Global Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
4 Global Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
5 Global Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
6 Global Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
7 Global Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
8 Global Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
9 Global Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
10 Global Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
11 Global Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
12 Global Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
13 Global Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
14 Global Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
15 North America Service Laboratory Market Outlook, By Country (2021-2030) ($MN)
16 North America Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
17 North America Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
18 North America Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
19 North America Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
20 North America Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
21 North America Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
22 North America Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
23 North America Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
24 North America Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
25 North America Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
26 North America Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
27 North America Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
28 North America Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
29 Europe Service Laboratory Market Outlook, By Country (2021-2030) ($MN)
30 Europe Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
31 Europe Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
32 Europe Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
33 Europe Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
34 Europe Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
35 Europe Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
36 Europe Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
37 Europe Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
38 Europe Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
39 Europe Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
40 Europe Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
41 Europe Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
42 Europe Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
43 Asia Pacific Service Laboratory Market Outlook, By Country (2021-2030) ($MN)
44 Asia Pacific Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
45 Asia Pacific Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
46 Asia Pacific Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
47 Asia Pacific Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
48 Asia Pacific Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
49 Asia Pacific Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
50 Asia Pacific Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
51 Asia Pacific Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
52 Asia Pacific Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
53 Asia Pacific Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
54 Asia Pacific Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
55 Asia Pacific Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
56 Asia Pacific Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
57 South America Service Laboratory Market Outlook, By Country (2021-2030) ($MN)
58 South America Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
59 South America Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
60 South America Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
61 South America Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
62 South America Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
63 South America Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
64 South America Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
65 South America Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
66 South America Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
67 South America Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
68 South America Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
69 South America Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
70 South America Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
71 Middle East & Africa Service Laboratory Market Outlook, By Country (2021-2030) ($MN)
72 Middle East & Africa Service Laboratory Market Outlook, By Service Type (2021-2030) ($MN)
73 Middle East & Africa Service Laboratory Market Outlook, By Consulting services (2021-2030) ($MN)
74 Middle East & Africa Service Laboratory Market Outlook, By Contract research services (2021-2030) ($MN)
75 Middle East & Africa Service Laboratory Market Outlook, By Routine Testing (2021-2030) ($MN)
76 Middle East & Africa Service Laboratory Market Outlook, By Specialized Testing (2021-2030) ($MN)
77 Middle East & Africa Service Laboratory Market Outlook, By Application (2021-2030) ($MN)
78 Middle East & Africa Service Laboratory Market Outlook, By Clinical Testing (2021-2030) ($MN)
79 Middle East & Africa Service Laboratory Market Outlook, By Environmental Testing (2021-2030) ($MN)
80 Middle East & Africa Service Laboratory Market Outlook, By Food and Beverage (2021-2030) ($MN)
81 Middle East & Africa Service Laboratory Market Outlook, By Forensic Analysis (2021-2030) ($MN)
82 Middle East & Africa Service Laboratory Market Outlook, By Pharmaceutical and Biotechnology Companies (2021-2030) ($MN)
83 Middle East & Africa Service Laboratory Market Outlook, By Veterinary Laboratories (2021-2030) ($MN)
84 Middle East & Africa Service Laboratory Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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