Author: Himanshu Patni
21 November 2022
The Healthcare Analytical Testing Services Market is expected to grow at a steady rate of around 9% owing to the growing outsourcing activities of analytical testing services by various pharmaceutical companies. The market is anticipated to witness an uptick owing to the growing number of contract research organizations, and the growing need for outsourcing healthcare analytical testing services for saving time and overall manufacturing costs. For instance, in Us, the number of businesses in the Contract Research Organizations industry has grown 0.3% per year on average over the five years between 2017 & 2022. Additionally, for faster medication production procedures and improved patient outcomes, many pharmaceutical and biopharmaceutical businesses throughout the world are increasingly opting to outsource analytical testing services which in turn is also driving the healthcare analytical testing services market globally. A surge in drug research activities and technological advancements in the healthcare sector in various countries across the globe are further driving market growth.
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Based on the type, the healthcare analytical testing services market is segmented into bioanalytical testing services, physical characterization services, method development & validation testing services, raw material testing services, batch-release testing service, stability testing, microbial testing services, and environmental monitoring services. The bioanalytical testing services segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe as the utility of this service controls the cost of drug development.
Based on end-user, the market is fragmented into pharmaceutical & biopharmaceutical companies, medical device companies, and clinical research organizations. The pharmaceutical & biopharmaceutical companies segment is expected to grab a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period as these businesses have a sizable need for analytical testing to support the numerous manufacturing and marketing operations, clinical trials, medication discovery, and drug development procedures.
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For a better understanding of the market adoption of the healthcare analytical testing services industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, the presence of a number of top pharmaceutical and biopharmaceutical companies in the region, high investments in the biosimilars & biologics segment, and increasing R&D expenditure.
Some of the major players operating in the market include Eurofins Scientific, Charles River Laboratories, Thermo Fisher Scientific, Merck KGAA, Danaher Corporation, Sartorius AG, Syneos Health, Almac Group, WuXi AppTec Co. Ltd., SGS S.A.
Global Healthcare Analytical Testing Services Market Segmentation
Market Insight, by Type
Market Insight, by End-User
Market Insight, by Region
Top Company Profiles
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