Healthcare Analytical Testing Services Market by Type (Method Validation, Environmental Monitoring, Bioanalytical Services, Stability, Raw Materials, & Microbial Testing), End User (Pharmaceutical, Medical Device Companies, CRO) - Global Forecast to 2023
“The global healthcare analytical testing services market projected to grow at a CAGR of 11.7%.”
The healthcare analytical testing services market is expected to reach USD 5.97 billion by 2023 from an estimated USD 3.43 billion in 2018, at a CAGR of 11.7%. The shift of focus towards analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, increasing acceptance of the QbD approach in pharma research/manufacturing, and adoption of FTE contracts in R&D outsourcing are the major factors driving the growth of the healthcare analytical testing services market. However, factors such as the pricing pressure faced by market players and shortage of skilled professionals in the healthcare analytical testing services industry are limiting the adoption of healthcare analytical testing services up to some extent during the forecast period.
“The batch-release testing segment is expected to register the highest CAGR during the forecast period.”
On the basis of type, the healthcare analytical testing services market is segmented into bioanalytical testing, physical characterization, method development and validation, raw material testing, stability testing, batch release testing, microbial testing, and environmental monitoring. The batch-release testing segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment is mainly due to the stringent regulations that require batch-release testing to be conducted for products marketed. In addition, the growing generic pharmaceuticals industry is further expected to drive the growth of this market.
“Pharmaceutical & biopharmaceutical companies segment expected to grow at the highest CAGR during 2018 to 2023.”
Based on end user, the healthcare analytical testing services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies and contract research organizations. The pharmaceutical & biopharmaceutical companies segment is the fastest-growing end-user segment in the healthcare analytical testing services market during the forecast period. The growing pressure on drug manufacturers to deliver high-quality products and increasing outsourcing of analytical testing services are the major factors driving the growth of the healthcare analytical testing services market for pharmaceutical & biopharmaceutical companies.
“APAC is projected to witness the highest growth during the forecast period.”
North America held the largest share of the global healthcare analytical testing services market in 2017. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, due to the increasing R&D funding, growing number of CROs, and favorable government initiatives to promote pharmaceutical and biopharmaceutical industries in several APAC countries.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–28%, Tier 2–43% and Tier 3–29%
• By Designation – C-level–14%, Director Level–43%, Others–43%
• By Region – North America–43%, Europe–14%, Asia Pacific–29%, Rest of World–14%
The prominent players in the global healthcare analytical testing services market are Eurofins Scientific (Luxembourg), Charles River Laboratories (US), Almac Group (UK), Exova Group (UK), PPD (US), Source BioScience (UK), Anabiotec (Belgium), Intertek Group (UK), Wuxi PharmaTech (China), and BioReliance (US).
The report analyzes the various healthcare analytical testing services and their adoption pattern. It aims at estimating the market size and future growth potential of the global healthcare analytical testing services market for 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, product offerings, recent developments, and key market strategies.
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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 the market.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global healthcare analytical testing services market. The report analyzes the global healthcare analytical testing services market by type, end user, and region
• Service Development/Innovation: Detailed insights on upcoming trends and service launches in the global healthcare analytical testing services market
• Market Development: Comprehensive information on the lucrative emerging regions by type, end user, 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, and services of leading players in the global healthcare analytical testing services market