Healthcare Analytical Testing Services Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Healthcare Analytical Testing Services Market is expected to grow at a significant rate of around 9% during the forecast period. The analytical testing of bulk drug materials, intermediates, finished pharmaceutical products, drug formulations, contaminants and degradation products, as well as biological samples containing the medications and their metabolites, is crucial in the field of pharmaceutical research. Thus, a rise in research and the development of new drugs, biosimilars, combination products, and other innovative medicines is creating the demand for different specific types of tests which in turn is driving the healthcare analytical testing services market globally. Furthermore, an increasing predominance of the analytical testing rate of biosimilar and biologics, a significant rise in the number of clinical trials and growing adoption of the quality-by-design approach in pharmaceutical research and manufacturing are some of the prominent factors contributing to the growth of the market.

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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, bioanalytical testing services category to witness higher CAGR during the forecast period”

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.

“Amongst end-user, the pharmaceutical & biopharmaceutical companies to hold a significant share in the market in 2020”

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.

“North America to hold a significant share in the market”

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global healthcare analytical testing services market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Healthcare Analytical Testing Services Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global healthcare analytical testing services market were the three major steps undertaken to create and analyze the adoption of healthcare analytical testing services in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global healthcare analytical testing services market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the healthcare analytical testing services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the healthcare analytical testing services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the healthcare analytical testing services market. Further, we conducted factor analysis using dependent and independent variables such as various type, and end-user of healthcare analytical testing services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the healthcare analytical testing services market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global healthcare analytical testing services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the healthcare analytical testing services market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global healthcare analytical testing services market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global healthcare analytical testing services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and end-user in the global healthcare analytical testing services market.

The main objective of the Global Healthcare Analytical Testing Services Market Study

The current & future market trends of the global healthcare analytical testing services market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the healthcare analytical testing services market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and end-user.
• Define and analysis of the regulatory framework for the healthcare analytical testing services
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the healthcare analytical testing services market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the healthcare analytical testing services market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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