The rising need to outsource analytical testing services for decreased manufacturing costs and augmented operational efficiency is a key market growth driver
Market Size – USD 5.2 billion in 2020, Market Growth – at a CAGR of 11.6%, Market Trends – The growing adoption of QbD approach for pharmaceutical R&D.
The global Healthcare Analytical Testing Services Market size is expected to reach USD 11.9 billion by 2028 at a CAGR of 11.6%, according to a new report by Reports and Data. The global market growth is significantly accelerated by the rising need for outsourcing healthcare analytical testing services, the growing number of contract research organizations, increasing clinical trials being performed worldwide, and the surging adoption of the quality-by-design approach among pharmaceutical companies. Pharmaceutical and biopharmaceutical companies worldwide are outsource healthcare analytical testing services to streamline drug manufacturing processes, ease the end-to-end stages of drug discovery, reduce their capital expenditure, and raise profit margins. Healthcare analytical testing services are also leveraged by these companies to reduce the time required for process validation, facilitate clinical trials and commercial launch of drugs, offer in-depth insights into patient records and hospital management, and improve patient outcomes. The significant rise of the biopharmaceutical sector, augmented focus on employing specialized testing services for biologics and biosimilars, and the growing development of biopharmaceutical drugs and products are further expected to propel the global healthcare analytical testing services market growth in the near future. However, the lack of technical expertise and skills and risks of user data breach associated with healthcare analytical testing services are specific factors expected to restrain the growth of this market in the upcoming years.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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The report essentially evaluates the significant presence of the global Healthcare Analytical Testing Services market across the world’s major regions. The global Healthcare Analytical Testing Services market has been categorized into several key geographical regions. North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are the leading Healthcare Analytical Testing Services market regions. In this section of the report, the authors have examined the market share, market size, revenue contribution, sales network, distribution channels, and numerous other aspects of each geographical segment.
Reports and Data’s latest report sums up the significant changes in the global business sector that followed the COVID-19 outbreak. The pandemic has also had an enormous impact on the global Healthcare Analytical Testing Services market, disrupting the market dynamics and trends. The global health crisis has gravely affected the Healthcare Analytical Testing Services industry, disrupting the global supply chains and bringing about volatility in prices and product demand. However, industry experts believe that the global Healthcare Analytical Testing Services market will regain traction in the post-COVID scenario. The report further offers a preliminary and a future assessment of the pandemic’s impact on this lucrative business space.
Key findings of the report:
Based on type, the batch-release testing segment is poised to record the highest CAGR over the estimated timeframe. The dissolution testing services sub-segment is therefore expected to emerge as the most dominant, with the largest market share.
Of the various end-users, the pharmaceutical & biopharmaceutical companies segment is projected to account for the largest market share over the forecast period. The growth of this segment is mainly attributed to the growing demand for healthcare analytical testing services among these companies to facilitate clinical trials, drug discovery, and drug development processes.
The North America region is predicted to dominate the global healthcare analytical testing services market over the estimated period in terms of revenue. The region is home to several leading pharmaceutical companies, which is a key factor propelling the market growth in this region. Increased investments in healthcare research & development programs further bolsters the North America market growth.
The global healthcare analytical testing services market comprises several key players, including Almac Group, LabCorp, Merck KGAA, Eurofins Scientific, Element Materials Technology, Syneos Health, WuXi PharmaTech, Pace Analytical, Frontage Labs, Medpace Holdings, Intertek, Source BioScience, PRA Health Sciences, STERIS PLC, LGC Limited, and Charles River Laboratories.
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For the purpose of this study, the global Healthcare Analytical Testing Services market has been segmented on the basis of disease type, application, distribution channel, and region:
By Type (Revenue, USD Billion; 2018-2028)
Bioanalytical Testing Services
Method Development & Validation Services
Physical Characterization Services
Batch-release Testing Services
Raw Material Testing Services
Environmental Monitoring Services
Microbial Testing Services
By End-user (Revenue, USD Billion; 2018-2028)
Pharmaceutical & Biopharmaceutical Companies
Contract Research Organizations
Medical Device Companies
Table Of Contents:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Material Type Outlook
2.3. Application Outlook
2.4. Regional Insights
Chapter 3. Healthcare Analytical Testing Services Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis – Porter’s Five Forces
188.8.131.52. Supplier Power
184.108.40.206. Buyer Power
220.127.116.11. Substitution Threat
18.104.22.168. Threat from New Entrant
22.214.171.124. Competitive Rivalry
3.6. Roadmap Healthcare Analytical Testing Services Market
3.7. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Consumer Calorie Perception
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
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