Chicago, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Healthcare Analytical Testing Services industry is expected to continue to grow in the near future, driven by a rapid increase in the demand for diagnostic tests and the need for more sophisticated and accurate testing services. The increasing prevalence of chronic diseases, such as diabetes and cancer, is also likely to drive demand for these services. Increased government regulation and the implementation of quality control measures are expected to further spur demand for healthcare analytical testing services. Additionally, the development of new technologies, such as next-generation sequencing and the rise of personalized medicine, is expected to provide further impetus for the industry.
Healthcare Analytical Testing Services market in terms of revenue was estimated to be worth $6.5 Billion in 2022 and is poised to reach $11.1 billion by 2027, growing at a CAGR of 11.4% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Growth in the market is driven by analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, and rising number of clinical trials requiring regulatory approvals.
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Healthcare Analytical Testing Services Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $6.5 Billion |
| Estimated Value by 2027 | $11.1 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Adoption of new technologies and techniques |
| Key Market Drivers | Growing focus on analytical testing of biologics & biosimilars |
Notable Healthcare Analytical Testing Services mergers and acquisitions for 2021 – 2022 include:
- Agilent Technologies Inc. Acquires BioTek Instruments Inc. (2021)
- Bio-Rad Laboratories Acquires RainDance Technologies (2021)
- Abbott Acquires Alere Inc. (2021)
- PerkinElmer Acquires Genomics England Limited (2021)
- Thermo Fisher Scientific Acquires Qiagen N.V. (2021)
- LabCorp Acquires Covance Inc. (2021)
- LifeLabs Acquires Dynacare (2021)
- Roche Acquires GenMark Diagnostics (2022)
- Quest Diagnostics Acquires IgeneX (2022)
- Siemens Healthineers Acquires Varian Medical Systems (2022)
Growth Drivers of Healthcare Analytical Testing Services Market from macro to micro.
- Increasing Demand for Accurate Diagnosis: The growing demand for accurate diagnosis of various diseases and conditions has increased the demand for healthcare analytical testing services. This is due to the fact that accurate diagnosis of diseases and medical conditions can lead to timely intervention, thereby improving the overall effectiveness of medical care.
- Growing Prevalence of Chronic Diseases: The prevalence of chronic diseases, such as cancer and diabetes, is on the rise. This has increased the demand for healthcare analytical testing services, as these tests can provide medical professionals with an accurate diagnosis and suitable treatment options.
- Technological Advancements: The healthcare industry has seen tremendous technological advancements over the past few years. These advancements have enabled healthcare analytical testing services to become more accurate, reliable, and cost-effective. This has resulted in a greater demand for these services.
- Growing Investments in Healthcare: Governments and other organizations around the world are making significant investments in healthcare. This has resulted in increased funding for healthcare analytical testing services, thereby driving the growth of the market.
- Growing Awareness about Healthcare: With the increasing awareness about the importance of healthcare, more people are now opting for healthcare analytical testing services. This is due to the fact that these tests can provide accurate and timely diagnoses, thereby improving the overall effectiveness of medical care.
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Hypothetic challenges of Healthcare Analytical Testing Services market in near future:
- Increasing availability of DIY testing solutions: With the proliferation of DIY testing solutions that are becoming increasingly inexpensive and accessible, this could lead to a decrease in demand for healthcare analytical testing services.
- Data privacy and security concerns: With the large amount of data collected by healthcare analytical testing services, there are concerns about the security and privacy of this data.
- Increasing regulations: With more scrutiny and regulations being placed on healthcare analytical testing services, this could lead to higher costs and slower innovation.
- Technological advancements: With the rapid pace of technological advancements, healthcare analytical testing services need to stay up to date in order to remain competitive.
- Global competitive landscape: With the increasing number of healthcare analytical testing services providers, this could lead to a competitive landscape with companies competing for the same customers.
Top 3 use cases of Healthcare Analytical Testing Services market:
- Real-Time Patient Monitoring: Healthcare analytical testing services provide real-time patient monitoring, allowing healthcare providers to track vital signs, such as heart rate, blood pressure, respiratory rate, and more. This type of monitoring offers improved patient care and can help identify medical conditions earlier, reducing the risk of complications.
- Disease Diagnostics: Healthcare analytical testing services are used to diagnose diseases, such as cancer, diabetes, and infectious diseases. These tests can provide valuable information to healthcare providers, helping them to make informed decisions regarding treatment options.
- Population Health Management: Healthcare analytical testing services can be used to track the health of entire populations. This type of testing can provide valuable insights into the health of a population, helping healthcare providers to better understand the needs of their patient population and deliver the most effective treatments.
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