The [FURL=https://www.industryarc.com/Research/Service-Laboratory-Market-Research-505420?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Global Service Laboratory Market[/FURL] 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.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.
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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
Adoption of cloud computing
Service Laboratory Market Landscape
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.
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