Category : Healthcare and Pharmaceuticals | Published at : April-2021 | Delivery Format : PDF | Status: Published | Pages : 190
The market for healthcare analytical testing services is expected to grow at a CAGR of around 9.4% from 2020 to 2027 and expected to reach the market value of around US$ 20.7 Bn by 2027.
Healthcare Analytical Testing Services provide study or analysis with the help of scientific procedures and governed by a written protocol specifying the materials to be analyzed, the techniques, equipment, and methods used in the analysis, method of mixing and sub-sampling, method of preservation of samples and extracts, analytical sensitivity, the quality assurance/quality control measures, and the documentation necessary to allow another party to repeat the study or analysis. These are used in the healthcare sector for reverse engineering or failure analysis, and identifying contaminants or stains on products.
Market Dynamics
The increasing demand for specialized testing services, the number of clinical trials, and the acceptance of the pharmaceutical Quality by Design (QbD) approach for systematic research and manufacturing are driving the market growth. The increasing outsourcing of analytical testing by pharmaceutical and biotech companies along with the exponential increase in market value is additionally bolstering the market value. The pharmaceutical companies are investing more in the development and approval of biosimilars because biosimilars serve as a cheaper treatment option as compared to biologics is additionally bolstering the market value. The demand for analytical testing services is also gaining growth in the medical devices and combination drugs due to their complexity in usage.
On the other side, the shortage of skilled professionals is expected to restrict the growth over the forecast period from 2020 to 2027.
Segment Instance of Global Healthcare Analytical Testing Services Market
Pharmaceutical & Biopharmaceutical Companies accounted for the maximum revenue
Based on end-user, pharmaceutical & biopharmaceutical companies dominated the global healthcare analytical testing services market with maximum revenue share (%) in 2019. The healthcare analytical testing services market is gaining growth in the pharmaceutical & biopharmaceutical companies due to the requirement of a tremendous amount of analytical testing to support a product from discovery, development, and clinical trials, through manufacturing and marketing.
North America accounted for the maximum revenue share in the global market
In 2019, North America leads the healthcare analytical testing services market due to its advance and well-established healthcare sector. The major economy of the region including the US and Canada are major revenue contributors. The region is also recognized for medical tourism, which is another factor bolstering the regional market value.
Asia Pacific expected to experience maximum growth in the forecast period
Asia Pacific is projected to experience the fastest growth over the forecast period from 2020 to 2027. The emerging economies are supporting the maximum growth of the region. The continuously developing healthcare sector of the region along with the increasing investments in the research and development activities associated with the new and complex devices and drugs are boosting the regional market value. The increasing number of expansions plans of regional as well as major global players in the region due to the presence of major opportunities in further bolstering the regional market value.
Key Market Players
The players profiled in the report include Charles River Laboratories International, Inc., Eurofins Scientific, ICON plc, Intertek Group, LabCorp, Pace Analytical Services, LLC, PPD, Inc., SGS SA, Syneos Health, and Toxikon, Inc. The major players are continuously making possible efforts for the expansion of their market share. Many of them are involved in mergers & acquisitions and partnerships and collaborations as a part of their strategic developments.
Market Segmentation
Market By Type
Bioanalytical Testing Services
Physical Characterization Services
Method Development & Validation Services
Raw Material Testing Services
Batch-release Testing Services
Stability Testing
Microbial Testing Services
Environmental Monitoring Services
Market By End-user
Pharmaceutical & Biopharmaceutical Companies
Contract Research Organizations
Medical Device Companies
Market By Geography
North America
• U.S.
• Canada
Europe
• U.K.
• Germany
• France
• Spain
• Rest of Europe
Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa
• GCC
• South Africa
• Rest of Middle East & Africa
Frequently Asked Questions
The market for healthcare analytical testing services is expected to reach a market value of around US$ 20.7 Bn by 2027.
The healthcare analytical testing services market is expected to grow at a CAGR of around 9.4% from 2020 to 2027.
Pharmaceutical & Biopharmaceutical Companies is the leading segment by end-user in the healthcare analytical testing services market
The increasing demand for specialized testing services, acceptance of the pharmaceutical Quality by Design (QbD) approach for systematic research and manufacturing, increasing outsourcing of analytical testing by pharmaceutical and biotech companies, pharmaceutical companies are investing more in the development and approval of biosimilars are some of the factors driving the market growth.
Charles River Laboratories International, Inc., Eurofins Scientific, ICON plc, Intertek Group, LabCorp, Pace Analytical Services, LLC, PPD, Inc., SGS SA, Syneos Health, and Toxikon, Inc. are some of the prominent players in the healthcare analytical testing services market
North America held the highest market share in the healthcare analytical testing services market
Asia Pacific is expected to be the fastest growing market over the forecast period
