The global Service Laboratory Market size is poised to reach $65 Billion by 2026, growing at CAGR 5.9% during the forecast period 2021-2026. Globally, growing number of laboratories to identify the root cause of the problems related to manufacturing of the products is set to be the major driver for the growth of the market during the forecast period. Additionally paradigm shift towards cloud based bioscience, clinical chemistry and histopathology services to improve management is set to be one of the key influencer for the growth of the market during the forecast period. The outbreak of covid19 accelerates the diagnosis of genetic testing of virus which fuels the growth of the market.
Service Laboratory Market Segment Analysis- By Deployment
Cloud segment held the major CAGR around 8.9% of Service Laboratory Market through 2026. Cloud-based deployment allows end-users to stay up to date and aware with real time information. It provides customers to get online access from any internet enabled device. Benefits such as reduction in health data duplications increase in data quality, reduction in cost and time on paperwork is analyzed to be one of the major driving factors of the market.
Service Laboratory Market Segment Analysis- By End-User
Life Science held the major market share around 20.2% of Service Laboratory Market in 2020. Life science is a broad, multi-faceted end-user which deals with investigation of living things. Life science laboratory are assigned to doing research that helps the common people to understand about animal and human health. Life science research is becoming popular with use of super-resolution fluorescence microscopy techniques. The demand for service laboratory increases among biotechnology and pharmaceutical companies, life science universities and colleges. Emergence of chronic diseases leads to the development of medicine and vaccines in the laboratory tends to drive the market. In the present framework Covid19 is one such occasion which has increased the research work in the laboratory. Increase in diagnostics laboratory due to Covid19 diagnostics and management is one of the key influencers for the market growth. For instance in April 2020, CMS (Centers for Medicare and Medicaid Services) decided to support clinical laboratory which are responding to Covid19 pandemic
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Service Laboratory Market Segment Analysis- By Geography
APAC held the highest Service Laboratory Market share of around 33.3% in the global Service Laboratory Market in 2020 and is further set to grow at a significant rate during the forecast period 2021-2026. The factors such as growing demand for genomic studies, rise in government investment in research and development and others have been contributing to the market growth across the region in long run. As per IndustryArc recent study, China is expected to invest about 621 billion U.S. dollars into research and development in the next few years. Additionally, government initiatives to boost R & D will create opportunities for the growth of the Service Laboratory market. In February 2021, Government of India announced National Research Foundation (NRF) and allocated $680 billion for a period of 5 years to fund research across disciplines such as science and technology to humanities as well as building research capacity at universities and colleges. Such initiatives can further influence the market growth of Service Laboratory in the long run.
Service Laboratory Market Drivers
Growing demand for secondary ion mass spectroscopy procedure is set to be one of the factors that can drive the market forward
Increasing demand for secondary ion mass spectroscopy procedure is set to be one of the factors that can drive the market forward. The factors such as increasing funding for research and development and rise in usage of mass spectrometry in petroleum sector as well as metabolomics have been contributing to the market growth in long run. Secondary ion mass spectroscopy is used for wide range of applications such as life science research, drug discovery, environmental testing and clinical diagnosis. In March 2019, ThermoFisher announced that it acquired HighChem, a provider of mass spectrometry software that will increase the company’s existing mass spectrometry software collections.
Adoption of cloud computing
Adoption of cloud computing is changing the laboratory ecosystem. Earlier there was huge pressure on laboratory to build data storage facilities to keep quantities of large data set. Along with data storage, there was high upfront IT infrastructure cost for maintenance. Cloud computing enable the companies to store research data in the cloud. It centralizes data, ensures security and data sovereignty. For instance Cubuslab, a plug and play solution to collect instrument data in real time, serves as a laboratory execution system. It also manages device remotely.
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Service Laboratory Market Challenges
Lack of skilled professionals
Lack of skilled professionals in laboratories acts as a major challenge restraining the market growth of Service Laboratory. According to Bureau of Labor Statistics, demand for lab workers increased by 13% in 2019 in USA. The factors such as increase in ratio of aged workforce and shrinking number of accredited training programs lead to the shortage of skilled labors. Owing to the above mentioned factors, laboratory services will be significantly impacted, thus hampering its market growth.
Service Laboratory Market Landscape
Partnership, Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Service Laboratory Market. The Service Laboratory Market top 10 companies include Perkin Elmer, BIOTECON DIAGNOSTICS, Agilent Technologies Inc, Siemens SA, Labware Inc, Thermo Fisher Scientific Inc, LabLynx Inc, Hitachi Hitech, Intertek Group PLC and Moody Labs.
Acquisitions/Technology Launches
In January 2021, Perkin Elmer announced an agreement to acquire Oxford Immunotec Company to enhance advance infectious disease solutions for better serving customers around the world.
In June 2020, BIOTECON DIAGNOSTICS launched Real-Time PCR Cycle Dualo 32 for optimal quantity control in beverage applications.
Key Takeaways
Cloud segment held the major market share around 8.8% of Service Laboratory Market in 2020.
Life Science held the major market share around 20.2% of Service Laboratory Market in 2020, owing to the use of super-resolution fluorescence microscopy techniques.
North America dominated the Service Laboratory Market in terms of value in 2020 owing to the adoption of cloud based services.
Relevant Report Titles
Clinical Laboratory Services Market
https://www.industryarc.com/Research/Clinical-Laboratory-Services-Market-Research-501351
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