Healthcare Analytical Testing Services Market by Type (Stability, Raw Materials, Method Validation, Microbial, Environmental Monitoring, Bioanalytical Services), by End User (Pharmaceutical Companies, Medical Device Companies) - Global Forecast to 2021
The global healthcare analytical testing services market is estimated to grow at a CAGR of 11.3% from 2016 to 2021, to reach USD 4.13 billion by 2021 from USD 2.42 billion in 2016. Growth in this market is mainly attributed to the growing demand for analytical services for biologics and large-molecule drugs, increasing outsourcing of analytical testing by pharmaceutical companies, rising demand from the nutraceutical industry, and increasing acceptance of the QbD (Quality by Design) approach in pharmaceutical research/manufacturing. In addition, the high quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, and presence of a large pool of analytical testing providers are further expected to drive the growth of this market. However, the pricing pressure faced by market players and shortage of skilled professionals in the healthcare analytical testing services industry may hinder the growth of this market to a certain extent during the forecast period.
In this report, the healthcare analytical testing services market is segmented on the basis of services, samples, end users, and regions. In 2015, the bioanalytical testing segment accounted for the largest share of the global healthcare analytical testing services market, by type. The large share of this segment can primarily be attributed to the large number of biologic molecules in the pipeline and the growing biopharmaceutical industry. On the basis of samples, the raw materials segment accounted for the largest share of the global healthcare analytical testing services market. In 2015, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global healthcare analytical testing services market, by end user. This large share for pharmaceutical and biopharmaceutical companies is due to the increased R&D expenditure to develop new drug molecules, growing focus on delivering high-quality products, and rising demand for analytical testing by regulators.
Geographically, North America commanded a major share of the healthcare analytical testing services market in 2015. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to the large pool of pharmaceutical and biopharmaceutical companies, government support from both an economic and policy standpoint to drive innovation in life sciences, and rapidly increasing demand for outsourcing of analytical testing.
Some of the prominent players in the healthcare analytical testing services market include Exova Group Plc. (U.K.), Eurofins Scientific SE (Luxembourg), SGS (Switzerland), PPD Inc. (U.S.), WuXi PharmaTech (Cayman) Inc. (China), Charles River Laboratories International Inc. (U.S.), Source BioScience Plc. (U.K.), Anabiotec (Belgium), Intertek Group Plc. (U.K.), Medistri SA (Switzerland), Pace Analytical Services Inc. (U.S.), and BioReliance Corporation (U.S.).
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering greater market shares. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the service portfolios offered by the top players in the healthcare analytical testing services market. The report analyzes the healthcare analytical testing services market by service type, sample type, end user, and region
Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new services launches in the healthcare analytical testing services market
Market Development: Comprehensive information about the lucrative emerging markets by product and region
Market Diversification: Exhaustive information about new services, growing geographies, recent developments, and investments in the healthcare analytical testing services market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and services, and testing capabilities of leading players in the healthcare analytical testing services market