The global service laboratory market size is anticipated to gain substantial growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to surpass a valuation of USD 52.5 billion in 2023. It is predicted to hit a valuation of USD 87.5 billion by 2033. The market is foreseen to thrive at a CAGR of 5.2% from 2023 to 2033.
A multitude of factors are anticipated to promote the expansion of the service laboratory sector, including the growing demand for specialized testing and analysis, the rising trend of outsourcing non-core tasks, regulatory compliance requirements, breakthroughs in technology, globalization, and a demand for R&D assistance.
| Attribute | Details |
|---|---|
| Service Laboratory Market Share (2022) | USD 49.5 billion |
| Service Laboratory Market Share (2023) | USD 52.5 billion |
| Service Laboratory Market Share (2033) | USD 87.5 billion |
| Service Laboratory Market Share (2023 to 2033) | 5.2% |
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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 USD 39.0 billion. In the following years, the market witnessed substantial growth, accounting for USD 49.5 billion in 2022.
Service laboratories offer knowledge and cutting-edge analytical methods to carry out complicated testing and analysis that enterprises do not have the resources or capability to carry out internally. Specialized testing services are becoming more and more essential as sectors including pharmaceuticals, biotechnology, healthcare, environmental protection, and food and beverage keep evolving.
Instead of making large investments in expensive machinery, employing specialist personnel, and upkeep of their facilities, many businesses are preferring to outsource their testing and analysis requirements to service laboratories. This growing trend of outsourcing is predicted to bolster market growth in the coming years. Additionally, technological advancements are predicted to amplify market growth during the forecast period.
| Historical CAGR (2018 to 2022) | 6.1% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.2% |
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According to the segmentation based on deployment, the cloud segment is predicted to gain monumental growth during the forecast period. As per FMI, the cloud segment is predicted to exhibit a CAGR of 5.1% from 2023 to 2033.
Platforms for cloud-based service laboratories make it simple to access test data, reports, and results whenever and wherever users are. With real-time data exchange, analysis, and decision-making possible due to this accessibility, laboratory personnel, customers, and stakeholders may work together more effectively.
Additionally, it enables remote access to testing services, which is advantageous in circumstances where physical access to the laboratory is constrained or unfeasible. These favorable attributes proliferate cloud-based service laboratory market expansion.
According to the segmentation based on end-user, the life sciences segment is slated to dominate the global market during the forecast period. As per FMI, the life science segment is poised to thrive at a CAGR of 5.0% from 2023 to 2033.
Many organizations might not have access to the expert knowledge and cutting-edge equipment that are frequently required for life science testing on-site. Service laboratories are well-equipped with cutting-edge equipment, sophisticated analytical tools, and highly qualified experts with numerous years of experience in testing in the life sciences.
Genomic, proteomic, bioanalytical, toxicological, and clinical diagnostic services are just a few of the ample services that these labs are capable of providing. Increasing research and development in the life science industry is expected to bolster the service laboratory market growth.
According to FMI, China’s market for service laboratories is predicted to expand at 6.7% CAGR from 2023 to 2033, creating an absolute dollar growth worth USD 10.1 billion by 2033 end.
China's growing middle class has boosted consumer awareness and demand for products of greater quality and safety. This has increased the necessity of product certification and testing to guarantee customer safety and satisfy quality standards.
Service laboratories are essential in testing things including food and drink, consumer goods, and electronics to make sure they adhere to regulatory requirements and consumer expectations.
According to FMI, the United States is predicted to thrive at a CAGR of 4.1% from 2023 to 2033, creating an absolute dollar growth worth USD 4.6 billion by the end of 2033.
The United States maintains strict regulatory standards in various kinds of sectors, including healthcare, pharmaceuticals, the environment, and food safety. Service laboratories provide compliance testing, validation research, and quality control services to help firms comply with these legal requirements.
Updates to laws like the CLIA (Clinical Laboratory Improvement Amendments), FDA (Food and Drug Administration) rules, and EPA (Environmental Protection Agency) requirements are recent developments in the United States that have boosted the demand for testing and analysis services.
Due to factors including an aging population, an increase in chronic illnesses, and advancements in medical technology, there is a growing demand for healthcare services in the United States, which is anticipated to bolster market growth in the region.
| Countries | Forecasted CAGR (2023 to 2033) |
|---|---|
| United States | 4.1% |
| United Kingdom | 3.7% |
| China | 6.7% |
| Japan | 5.5% |
| South Korea | 5.7% |
The competitive landscape of the market is defined by the existence of several key competitors offering a vast array of testing and analysis services. These businesses compete based on characteristics including service offerings, technical prowess, geographic reach, industry knowledge, client connections, and price.
Although there are a lot of small and medium-sized service laboratories in the market, there are also bigger firms with a sizable market share and a presence all over the world.
Partnerships, mergers, and acquisitions, as well as other forms of collaboration, have an impact on the competitive environment. Companies might collaborate in strategic partnerships to diversify their service offerings, spread into new geographies, or capitalize on complementary skills. Larger businesses frequently use acquisitions and mergers to increase their consumer bases and obtain access to new technology.
Recent Developments Observed by FMI:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Service Type, Deployment, Channel, End-user, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The industry is likely to secure a CAGR of 5.2% throughout 2033.
The industry is likely to record a value of US$ 52.5 billion in 2023.
China is predicted to expand at a 6.7% CAGR until 2033.
With a CAGR of 5%, life sciences may dominate the market by 2033.
A CAGR of 6.1% was reported for the market from 2018 to 2022.
| Estimated Market Revenue (2024) | USD 2,166.3 million |
|---|---|
| Projected Market Value (2034) | USD 3,620.3 million |
| Value CAGR (2024 to 2034) | 5.3% |
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