Lab Sample Management & Logistics Market Report Overview
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The global lab sample management & logistics market size was USD 2979.04 million in 2021, as per our research, the market is expected to reach USD 5,526.35 million in 2031, exhibiting a CAGR of 6.2% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with lab sample management & logistics market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Lab sample management & logistics is the term used to describe the entire procedure of choosing, gathering, storing, and retrieving a variety of samples in the laboratories of the medical, and other related biological and chemical sectors. The market for lab sample management & logistics is created primarily to support the completion of research pertaining to the samples obtained with the pertinent information on the stated sample. Due to the existence of this industry, lab sample management & logistics are also dependent on the reliability and calibre of the research being conducted using samples in the laboratories. Lab sample management & logistics are also key components of the field of medical, biological, and chemical handling of samples for the means of secure transportation from one location to another.
There are many factors associated with the healthcare and research and development industries that have contributed to the growth of the lab sample management & logistics market. The market is booming primarily as a result of the expanding research and development efforts being conducted to test new goods, develop new formulae, and many other similar things. The lab sample management & logistics market growth is expanding as a result of the enormous success of the pharmaceutical industry. The market for lab sample management & logistics is anticipated to expand even more as a result of the upcoming technological developments in the industry.
COVID-19 Impact: Increased Demand Pushed Market Expansion
Due to the COVID-19 pandemic, the world economy has experienced a severe collapse since the start of the year 2020. The world's routine operations were slowed down by the sudden surge of the contagious virus. Due to the abrupt outbreak and the ensuing shutdown, the markets experienced a significant drop. The worldwide and national logistics operations came to an end as a result of the strict lockdown regulations imposed by the various governments throughout the world. The discovery of more vaccinations and medications to combat the COVID-19 pandemic, however, pushed the market for lab sample management & logistics to grow to a large extent. The samples of newly created drugs and vaccines and the transportation of such samples to other labs also contributed to the market's expansion for lab sample management & logistics.
Latest Trends
"New Innovations In The Field Exacerbates Market Demand"
Due to the expanding activities in the market's technological improvement, the market for lab sample management & logistics has been expanding. The market has recently come under the limelight since the COVID-19 virus scare, which has had a significant impact on the sector's success.
Lab Sample Management & Logistics Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into lab sample management and lab sample logistics. Among both of the segments, lab sample management will lead the market by type from 2021 through 2031.
- By Application Analysis
Based on application, the market can be divided into the medical industry, biological industry, chemistry industry, and others. The medical industry segment is anticipated to rise during the forecast period by application.
Driving Factors
"Development Of The Healthcare Industry Augments Market Development"
Market growth for lab sample management & logistics is being driven by the healthcare sector's quick development. This market is becoming increasingly popular as a result of increased awareness and technological advancements in the healthcare industry. Due to the rise in diseases and chronic illnesses across all medical specialties, the pharmaceutical market is one of the fastest-growing industries in the healthcare industry. The market for lab sample management & logistics, which primarily aids patients in better combating chronic diseases such as cancer, is a major source of inspiration for new developments in the existing pharmaceuticals.
"Growing Reliability Of Transportation Industry Boosts Market"
Another element that is promoting the industry's expansion is the market leader in lab sample management & logistics. One of the key elements of any globally successful market is transportation and logistics, which contributes to the expansion of market income on a global scale as well as the distribution of market items across geographies to boost market popularity. Due to the fact that the lab samples contain a variety of substances and formulations that could greatly help the general public.
Restraining Factors
"Increased Competition Among Players Hampers Market Value"
With one exception, the market is expanding in all directions, but the success of the market is being harmed by the intensifying competition among its major competitors. Consumers have a wide range of options to pick from for their lab sample handling requirements, whether it's for medical or industrial purposes, which severely restrains the market's growth for lab sample management & logistics. Consumers are becoming more and more dissatisfied with the market value due to the growing number of major players providing services for the storage and transportation of samples and their data, and the same major competitors are also expanding their range of cheap pricing alternatives. The mishandling of the samples as a result of their daily ongoing use is another element that has been impeding progress.
Lab Sample Management & Logistics Market Regional Insights
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"North America Champions Due To High Demand In The R&D Sector"
The region of North America champions among all the other regions in having the major lab sample management & logistics market shares. The region is experiencing tremendous success as a result of the territory's strong healthcare industry, expanding pharmaceutical industry, and particularly booming operations in the research and development sector that are fueling the market for lab sample management & logistics in the area. The market's explosive growth in North America is also due to the industry's increasing digitization.
The majority of market shares for the management and logistics of lab samples are held by Europe, which is next in line. This can be attributed to the market's increasing technological breakthroughs in the European region; the region's improvements in pharmaceutical laboratories are the main driver of the market's growth.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Q2 Solutions (U.S.)
- Yourway (U.S.)
- Intertek (United Kingdom)
- CSM (India)
- LabConnect (U.S.)
- Eurofins (Luxemburg)
- Parexel (U.S.)
- Navigate BioPharma (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2979.04 Million in 2021 |
Market Size Value By |
US$ 5526.35 Million by 2031 |
Growth Rate |
CAGR of 6.2% from 2021 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global lab sample management & logistics market expected to touch by 2031?
The global lab sample management & logistics market is expected to touch USD 5,526.35 million in 2031.
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What CAGR is the lab sample management & logistics market expected to exhibit during 2021-2031?
The lab sample management & logistics market is expected to exhibit a CAGR of 6.2% over 2021-2031.
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Which are the driving factors of the lab sample management & logistics market?
Development of the healthcare industry and the growing reliability of the transportation market are two of the primary factors pushing the growth of the lab sample management & logistics market.
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Which are the top companies operating in the lab sample management & logistics market?
Some of the top companies in the lab sample management & logistics market include: Q2 Solutions (U.S.), Yourway (U.S.), Intertek (United Kingdom), CSM (India), and LabConnect (U.S.)
