New York, March 08, 2021 (GLOBE NEWSWIRE) -- The surging focus of pharmaceutical and biopharmaceutical companies on the outsourcing of analytical testing services fuels the global market growth
Market Size – USD 5.2 billion in 2020, Market Growth – at a CAGR of 11.6%, Market Trends – The rising number of clinical trials worldwide
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 rising focus of pharmaceutical and biopharmaceutical companies on outsourcing healthcare analytical testing services, the emergence of contract research organizations (CROs), and the increasing adoption of the quality-by-design (QbD) approach are among the pivotal factors accountable for the growth of the global healthcare analytical testing services market.
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Analytical testing services play a significant role in the healthcare industry as they help simplify the drug manufacturing processes, enhance patient outcomes, reduce the process validation time, and decrease the overall manufacturing expenditure. These services facilitate the end-to-end stages of drug discovery and drug development. These services also help streamline the clinical trials of various drugs and facilitate their commercial launch. Moreover, healthcare analytical testing services provide deep insights into drug manufacturing processes, disease diagnosis, patient records, and hospital management. The market growth is further stimulated by the rapidly booming biopharmaceutical industry, rising adoption of specialized testing services for the development of biologics and biosimilars, and the surging number of clinical trials. However, some unfavorable factors, such as the lack of technical expertise among many healthcare professionals and data security risks associated with the use of healthcare analytical testing services, are expected to impede the market growth.
Healthcare Analytical Testing Services Market, By Type (Bioanalytical testing services, method development & validation services, raw material testing services, physical characterization services, stability testing, batch-release testing services, environmental monitoring services, microbial testing services), By End-user (Pharmaceutical & biopharmaceutical companies, medical device companies, contract research organizations), and By Region, Forecast to 2028; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/healthcare-analytical-testing-services-market
Key Highlights of the Report:
- Based on type, the batch-release testing segment is estimated to register the fastest growth rate over the projected period. Besides, the dissolution testing services sub-segment under the batch-release testing services segment is expected to lead the market with the highest revenue share. The batch-release testing services ensure the product complies with each of the regulatory specifications and that the highest-quality products are released for distribution and sales.
- The pharmaceutical & biopharmaceutical companies end-user segment is poised to emerge as the leading market segment in the coming years, with the largest market share. The rising adoption of analytical testing services by these companies for drug discovery & development processes and clinical trials is a key driving factor for this segment.
- The healthcare analytical testing services market in North America is set to emerge as the leading regional market over the forecast timeframe, accounting for the highest revenue share. The presence of leading pharmaceutical companies in North America and higher R&D investments in the healthcare sector boost the region’s market growth.
Key market players in the global healthcare analytical testing services market.
- Merck KGAA
- Almac Group
- Eurofins Scientific
- Element Materials Technology
- LabCorp, Syneos Health
- Medpace Holdings
- WuXi PharmaTech
- Frontage Labs
- Charles River Laboratories
- Pace Analytical
- Intertek
- Source BioScience
- PRA Health Sciences
- STERIS PLC
- LGC Limited
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For the purpose of this report, the global healthcare analytical testing services market has been segmented based on type, end-user, and region:
By Type (Revenue, USD Billion; 2018-2028)
- Bioanalytical Testing Services
- Immunogenicity & Neutralizing Antibody Testing
- Cell-based Assays
- Virology Testing
- Pharmacokinetic Testing
- Biomarker Testing
- Others
- Method Development & Validation Services
- Extractable & Leachable Method Development & Validation
- Stability-indicating Method Validation
- Process Impurity Method Development & Validation
- Analytical Standard Characterization
- Cleaning Validation
- Technical Consulting
- Others
- Physical Characterization Services
- Laser Particle Size Analysis
- Thermal Analysis
- Surface Area Analysis
- Image Analysis
- Others
- Batch-release Testing Services
- Dissolution Testing
- Disintegration Testing
- Elemental Impurity Testing
- Hardness Testing
- Friability Testing
- Others
- Raw Material Testing Services
- Complete Compendia Testing
- Heavy Metal Testing
- Container Testing
- Karl Fischer Analysis
- Wet Chemistry Analysis
- Other Raw Material Testing Services
- Environmental Monitoring Services
- Air Testing
- Wastewater/ETP Testing
- Others
- Microbial Testing Services
- Microbial Limit Testing
- Preservative Efficacy Testing
- Endotoxin Testing
- Sterility Testing
- Water Testing
- Others
- Stability Testing
- Formulation Evaluation Stability Testing
- Accelerated Stability Testing
- Drug Substance Stability Testing
- Photostability Testing
- Comparative Stability Testing
- Others
By End-user (Revenue, USD Billion; 2018-2028)
- Pharmaceutical & Biopharmaceutical Companies
- Contract Research Organizations
- Medical Device Companies
By Region (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of the Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa
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