NEWARK, Del, July 05, 2023 (GLOBE NEWSWIRE) -- 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)
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Service Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service Type, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Service Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Service Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Deployment, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment, 2023 to 2033
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