The healthcare analytical testing services market is projected to reach USD 11.1 billion by 2027 from USD 6.5 billion in 2022, at a CAGR of 11.4%
Growth in the market is driven by the rising trend of outsourcing of analytical testing by pharmaceutical companies and medical device companies, the growing R&D expenditure are also responsible for driving the market growth.
New York, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare Analytical Testing Services Market by Type - Global Forecast to 2027" - https://www.reportlinker.com/p05365435/?utm_source=GNW
However, the shortage of skilled professionals, rising costs, and intense market competition leading to rising pressure among market players may restrain market growth to a certain extent.
The bioanalytical testing services is expected to register the highest growth during the forecast period
On the basis of type, the healthcare analytical testing services market is segmented into bioanalytical testing, physical characterization, method development & validation, stability testing, batch-release testing, raw material testing, microbial testing, and environmental monitoring services.Bioanalytical testing services segment is expected to register the highest growth during the forecast period.
The high growth of this segment can be attributed to the increasing demand for outsourced analytical testing services during pharmaceutical drug developments phase, and validation services to help pharmaceutical companies achieve regulatory approvals.
The immunogenicity & neutralizing antibody testing segment to register the highest CAGR during the forecast period
Based on type, the bioanalytical testing services market is segmented into cell-based assays, virology testing, biomarker testing, immunogenicity & neutralizing antibody testing, pharmacokinetic testing, and other bioanalytical testing services.Immunogenicity & neutralizing antibody testing segment to register the highest growth during the forecast period.
The growth in this market is attributed to the its importance in drug development and approval process.As, during clinical development, unwanted immune response to protein therapeutics should be carefully monitored.
Consequently, immunogenicity testing is mandatory to obtain regulatory approval and to ensure safety for human use.
The medical device companies segment to register the highest growth during the forecast period
Based on end user, the the healthcare analytical testing services market has been segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and contract research organizations (CROs).The medical device companies segment is expected to grow at the highest CAGR during the forecast period.
The high growth rate of this segment is attributed demand for healthcare analytical testing services among medical device companies for validation testing services that aid with regulatoy approvals for device launch.
APAC is expected to grow at the highest CAGR during the forecast period
The healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.The Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
This high growth rate of this market can be attributed the large number of qualified researchers and the low cost of operations in APAC countries, and the rapid growth in the pharmaceutical and biopharmaceutical industries in the region.
A breakdown of the primary participants for the healthcare analytical testing services market referred to for this report is provided below:
• By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%
• By Designation: C-level–35%, Director Level–25%, and Others–40%
• By Region: North America–45%, Europe–30%, Asia Pacific–20%, Latin America – 3%, Middle East & Africa – 2%
The prominent players in the global healthcare analytical testing services market are Eurofins Scientific (Luxembourg), Laboratory Corporation of America Holdings (US), SGS S.A. (Switzerland), Charles River Laboratories (US), WuXi AppTec Co. Ltd. (China), Element Materials Technology (UK), Thermo Fisher Scientific, Inc. (US), Pace Analytical Services LLC (US), Intertek Group LLC (UK), IQVIA Inc. (US), Merck KGaA (Germany), Source BioScience (UK), Almac Group (UK), ICON Plc (Ireland), Frontage Laboratories, Inc. (US), STERIS Plc (US), Sartorius AG (Germany), ALS Life Science (US), Syneos Health, INC (US), Medpace Holdings, Inc. (US), LGC Limited (Cinven) (UK), Parexel International Corporation (US), Celerion (US). Absorption Systems LLC (US), and BioAgilytix Labs (US).
Research Coverage
The report analyzes the market for various healthcare analytical testing services and their adoption pattern.It aims at estimating the market size and future growth potential of the healthcare analytical testing services and different segments such as by type, end user and region.
The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, services, and recent developments.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the service portfolios offered by the top players in the global healthcare analytical testing services market.
• Service Development/Innovation: Detailed insights on the upcoming trend, and service launches in the global healthcare analytical testing services market.
• Market Development: Comprehensive information on the lucrative emerging regions by type, end users, and region.
• Market Diversification: Exhaustive information about new services, growing geographies, and recent developments in the global healthcare analytical testing services market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and services of leading players in the global healthcare analytical testing services market.
Read the full report: https://www.reportlinker.com/p05365435/?utm_source=GNW
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