Healthcare Analytical Testing Services Market Size to Increase by $ 11.38 Bn Between 2021-2025 | North America to Occupy 46% of Global Market Share | Technavio

NEW YORK, Oct. 5, 2021 /PRNewswire/ — The global healthcare analytical testing services market is expected to witness an incremental…

NEW YORK, Oct. 5, 2021 /PRNewswire/ — The global healthcare analytical testing services market is expected to witness an incremental growth of USD 11.38 billion, registering a CAGR of almost 6% during 2021-2025. According to the report, the market is expected to see a 6.50% year-over-year growth in 2021 despite the continued spread of the COVID-19 pandemic.

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By end-user, the pharmaceutical and biotechnology companies segment is expected to create maximum demand in the healthcare analytical testing services market. Technological advances and increased adoption of healthcare analytical services by pharmaceutical and biotechnology companies will be crucial in driving the growth of the segment during the forecast period.

In terms of geography, North America is expected to present significant opportunities for market players. The growth of the analytical testing services market in North America can be attributed to the increasing number of research activities in the field of biotechnology.

Healthcare Analytical Testing Services Market: Major Growth Drivers

The healthcare analytical testing services market report concludes the following factors as major growth drivers during the forecast period:

  • Increasing demand for analytical testing services from the pharmaceutical and biotechnology sector
  • Growing acceptance of the QbD approach in research and manufacturing

Also, the need to adhere to regulatory compliance is expected to emerge as a major trend in the market during the forecast period. Every pharmaceutical product undergoes several analytical tests at each stage such as drug discovery, development, and clinical trials. Regulatory requirements of organizations such as the US FDA, EMA, and the CFDA can only be met with high-quality analytical testing. The US FDA and the EMA both require pharmaceutical manufacturers to achieve high standards of analytical testing by providing timely guidelines. In the EU, even if the pharmaceutical product is manufactured outside the EU and is imported, it still needs to undergo complete analytical testing. Similarly, the CFDA has tightened its GMP requirements. With the growing stringency of regulations regarding drug manufacture, the need for analytical testing services in the healthcare industry will increase during the forecast period.

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Healthcare Analytical Testing Services Market: Key Vendor Offerings

Almac Group Ltd.: The company offers comprehensive and flexible analytical solutions to accelerate the development and approval of biologics.

Charles River Laboratories International Inc.: The company offers global testing and manufacturing services to support clients throughout the biologic development cycle.

Envigo: The company offers high throughput molecular technologies analytical testing services in a format that can easily integrate into laboratories.

Eurofins Scientific SE: The company offers medical device testing with regulatory compliance expertise and experienced GMP/GLP/ISO 17025 testing to ensure rapid turnaround times with the highest level of service.

Laboratory Corp. of America Holdings: The company offers a variety of drug-free workplace and employee health and wellness testing programs and customizable pre- and post-hire employee screening programs that assist in optimizing workforce productivity.

Reasons to Buy Healthcare Analytical Testing Services Market Report:

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will assist healthcare analytical testing services market growth during the next five years
  • Estimation of the healthcare analytical testing services market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the healthcare analytical testing services market across North America, Europe, Asia, and ROW
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of healthcare analytical testing services market vendors

Related Reports:

Global Biopharmaceutical Analytical Testing Services Market – Global biopharmaceutical analytical testing services market is segmented by geography (North America, APAC, Europe, South America, and MEA) and end-users (pharma and biotech companies and CROs).

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Global Laboratory Analytical Instruments and Consumables Market – Global laboratory analytical instruments and consumables market is segmented by application (element analysis, separation analysis, and molecular analysis) and geography (North America, Europe, Asia, and ROW).

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Healthcare Analytical Testing Services Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of almost 6%

Market growth 2021-2025

$ 11.38 billion

Market structure

Fragmented

YoY growth (%)

6.50

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 46%

Key consumer countries

US, Switzerland, Germany, UK, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Almac Group Ltd., Charles River Laboratories International Inc., Envigo, Eurofins Scientific SE, Laboratory Corp. of America Holdings, Merck KGaA, SGS SA, STERIS Plc, Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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