Old habits die hard: Things are so rapid these days, and you can acquire anything you want in a flash. However, the majority of people believe that the inconvenience of the laboratory blood test is unavoidable. Well, with the development of robotics, ultrafast cloud computing, and AI technologies, modern laboratories could undergo a revolution by automating the processing of physical samples, the generation of patient lab test results, and the reporting of those results.
Yes, when it comes to healthcare, laboratory services significantly assist by offering treatment planning, accurate diagnosis, and monitoring of patients. Therefore, the service laboratory market demand is increasing. Read on as we explore what a service laboratory is, its market growth drivers, and its dynamics.
What is a Service Laboratory?
Service laboratories provide a variety of services to assist different sectors and their unique requirements. It provides continuous maintenance and support for lab apparatus. It entails frequent inspections, calibration, and preventative maintenance to guarantee that devices are functioning precisely and in accordance with applicable standards. In order to guarantee that laboratories follow legal requirements and industry standards, service laboratories may also provide validation services for laboratory procedures, equipment qualification, and process validation.
The global service laboratory market was valued at USD 81.23 billion in 2022 and is expected to grow to USD 148.38 billion at a CAGR of 6.2% during the forecast period of 2032.
The Increasing Demand for Service Laboratory
During the COVID-19 pandemic, the demand for laboratory testing services increased dramatically due to the increased necessity for testing. The performance of COVID-19 diagnostic tests, including antigen, PCR, and antibody testing, was greatly aided by service laboratories.
Furthermore, the epidemic brought attention to how crucial laboratory biosafety and security protocols are. In order to guarantee the safe handling and processing of infectious materials, including SARS-CoV-2, laboratories had to fortify their processes. The need for services pertaining to risk assessment, facility design, biosafety training, and regulatory compliance surged as a result.
What is Driving the Market Growth?
The service laboratory market is driven by the quick developments in laboratory tools and technologies, such as data analytics, automation, and high-throughput screening, which allow service laboratories to provide more accurate and efficient testing and analysis. This, in turn, draws in more customers.
Moreover, the market for service laboratories is driven by cloud deployment, which offers scalable, safe, and affordable options for analytics, integration, data storage, and teamwork. For instance, DR LAL PATHLABS selected KYNDRYL in March 2023 to handle seamless cloud services. Dr. Lal PathLabs, with more than 250 labs and 4500 sample access points, has selected Kyndryl, the largest provider of IT infrastructure services in the world, to handle its whole IT infrastructure stack. These help labs maximize resources, develop their capacity for research, foster better teamwork, and hasten the advancement of science.
Which Region is Leading the Industry?
North America held the highest service laboratory market share, with the United States accounting for the majority due to its highly developed healthcare and life sciences sector. Compared to other countries, the United States spends twice as much on healthcare. Many biotechnology enterprises, academic centers, research institutes, and pharmaceutical companies in the area rely significantly on laboratory services for testing, development, and research.
Moreover, the region with the quickest rate of growth throughout the projection period was Asia Pacific. Nations are putting policies into place to support innovation, R&D, and the building of healthcare infrastructure.
The service laboratory market is emerging due to the boost in the incidence rate of cancer, diabetes, and other contagious diseases; as the amount of patient pools rises, the demand for laboratory services advances. Also, these services are cost-efficient and create the least interfering method for clinical decision-making.