The global service laboratory market size is anticipated to cross a valuation of US$ 52.5 billion in 2023. It is projected to attain a valuation of US$ 87.5 billion by 2033. The market is estimated to exhibit a CAGR of 5.2% from 2023 to 2033.
The market for service laboratories is benefiting from advances in technology that enhance testing capacities and provide more comprehensive services. Automation, robotics, high-throughput screening, next-generation sequencing, and improved imaging methods are a few examples of innovations that have increased the scope and effectiveness of tests that are feasible to operate, drawing more customers to service laboratories.
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Life science businesses are expected to emerge as dominant demanders in the global service laboratory market. Research and development (R&D) efforts are crucial for the innovation and commercialization of new products for life science businesses. Services from service laboratories, such as molecular biology, genetic sequencing, proteomics, metabolomics, and cell culture analysis, assist these R&D initiatives. With the use of these services, businesses may better understand how diseases work, how drugs interact with one another, and how effective treatments are.
Asia Pacific is predicted to dominate the global market. China is anticipated to lead the market growth in Asia Pacific. China has emerged as a significant producer and consumer of products in the global market. Chinese businesses need credible testing and certification services to assure compliance with international standards and get access to foreign markets. Service laboratories offer the knowledge and accreditations required to satisfy global regulatory standards, allowing Chinese businesses to increase their exports and competitiveness.
China has been making enormous investments in R&D, notably in the fields of biotechnology and the life sciences. Numerous research institutes, universities, and technology parks have been established as a result of the government’s emphasis on innovation and scientific research. By offering specialized testing services including genomics, bioanalysis, toxicology, and clinical trials, service laboratories assist these R&D initiatives.
Key Takeaways from this Market Report:
- The global service laboratory industry size developed at a CAGR of 6.1% from 2018 to 2022.
- In 2018, the global market size stood at US$ 39.0 billion.
- The global market size stood at US$ 49.5 billion in 2022.
- The cloud segment is predicted to exhibit a CAGR of 5.1% from 2023 to 2033.
- The life science segment is poised to thrive at a CAGR of 5.0% from 2023 to 2033.
- China’s market for service laboratory is predicted to expand at 6.7% CAGR from 2023 to 2033.
- The market in the United States is predicted to thrive at a CAGR of 4.1% from 2023 to 2033.
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Recent Developments Observed by FMI:
- In June 2023, IMCD launched a new location near Philadelphia. The relocation and inauguration of its ‘IMCD Coatings & Construction Laboratory’ were announced by IMCD to better serve its clients in North America.
- To bolster its central laboratory presence and drug development capabilities in Japan, Labcorp, a leading international life sciences company, announced the expansion of CB Trial Laboratory in June 2022. CB Trial Laboratory is a central laboratory that is shared by Labcorp Drug Development and BML, a leading Japanese provider of clinical laboratory testing services.
Key Players in this Market:
- Carl Zeiss SMT GmbH
- Moody Labs
- FEI Company
- Hitachi High-Technologies
- JEOL Ltd.
- Tescan
- Direct Electron
- Nanolab Technologies
- Direct Electron
- Intertek Group PLC
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Market Segmentation:
By Service Type:
- Repair
- Support & Maintenance
- Testing & Validation
- Others
By Deployment:
- On-premise
- Cloud
By Channel:
- OEMs
- Third Party Service Provider
By End-user:
- Industrial – Oil & Gas, Metal & Mining, Automotive, Chemical, Pharmaceutical
- Electronics – Semiconductor Manufacturing, Microelectronics and MEMS
- Life Sciences
- Healthcare
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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