- Increasing focus of pharmaceutical manufacturers towards the adoption of quality by design is driving the market.
- Lack of skilled professionals is a major factor that could hamper growth.
- The market in the Asia Pacific is expected to register the highest growth rate regionally.
The Global Healthcare Analytical Testing Services Market was assessed at $3.5 billion in 2019, and growing at a CAGR of 12.70% during the forecast period 2017-2026 according to the market research report, Global Healthcare Analytical Testing Services Market: Size, Opportunity, Share, Trends, Growth, Risks & Forecast 2017-2026.
The study provides an in-depth analysis of the Healthcare Analytical Testing Services Market for the past years, and the forecast period, 2017-2026. It comprises the market dynamics, market size, Healthcare Analytical Testing Services market share, Porters study, latest trends, key segments, and Healthcare Analytical Testing Services company profiles.
Global Healthcare Analytical Testing Services Market: Introduction
Health care analytics refers to analysis related to healthcare by collecting data from mainly four areas of healthcare such as claims and cost data, pharmaceutical and research & development data, clinical data, and patients’ behavior and sentiments data. The primary objective of performing healthcare analytics is to gain insights into hospital management, patient records, costs, and diagnosis in order to systemize the process and obtain required data for development of overall healthcare sector. Moreover, analytical testing plays a critical role in end-to-end process of drug development and manufacturing.
Global Healthcare Analytical Testing Services Market: Dynamics
Increasing focus of pharmaceutical manufacturers towards the adoption of quality by design (QbD) and rising preference for outsourcing analytical testing in order to reduce time and cost of overall process are among some of the major factors expected to drive growth of the global healthcare analytical testing services market.
In addition, increasing number of public and private contracts and agreements for research and development outsourcing is another factor expected to further boost growth of the global healthcare analytical testing services market to a certain extent.
However, lack of skilled professionals is a major factor that could hamper growth of the global healthcare analytical testing services market to some extent.
Increasing investments on R&D initiatives by major players and rising demand for specialized analytical testing services are expected to create revenue opportunities for key players operating in the global market over the forecast period.
Analysis By Segmentation:
Global Healthcare Analytical Testing Services Market: Segment Snapshot
The market report has been segmented on the basis of service type, end user, and region. The service type segment includes bioanalytical testing services (cell-based assays, virology testing, immunogenicity and neutralizing antibody testing, biomarker testing, and pharmacokinetic testing), physical characterization services (laser particle size analysis, thermal analysis, image analysis, and surface area analysis), method development and validation (extractable and leachable method development and validation, process impurity method development and validation, stability indicating method validation, other (cleaning validation method development, analytical standard characterization, and technical consulting)), raw material testing (complete compendial testing, heavy metal testing, container testing, and other (Karl Fischer analysis and wet chemistry analysis)), batch release testing services (dissolution testing, elemental impurity testing, disintegration testing, and other (hardness testing and friability testing)), stability testing (drug substance stability testing, formulation evaluation stability testing, accelerated stability testing, and other (photo stability testing and comparative stability testing)), microbial testing (microbial limit testing, sterility testing, endotoxin testing, and other (preservative efficacy testing and water testing)), and environmental monitoring (air testing and wastewater/ETP testing). The end user segment includes pharmaceutical companies, biotechnology companies, medical device companies, and contract research organizations. The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Service Type: The bioanalytical testing services segment is expected to register highest CAGR of over 12.8% over the forecast period in the global market
By End User: The contract research organizations segment is expected to register highest CAGR of over 12.9% over the forecast period in the global market
By Region: The market in Asia Pacific is expected to register highest CAGR of over 13.3% in the global healthcare analytical testing services market
Global Healthcare Analytical Testing Services Market: Competitive Analysis
The research report on the global healthcare analytical testing services market includes profiles of some of the major companies such as Almac Group Limited, Element Materials Technology Group Limited, Eurofins Scientific SE, PPD Development, LP, Source BioScience plc, Intertek Group plc, Laboratory Corporation of America, Inc., BioReliance Corporation (Merck KGaA), Charles River Laboratories, Inc., and WuXi AppTec, Inc. (WuXi PharmaTech (Cayman) Inc.).
The Global Healthcare Analytical Testing Services Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2018–2027 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global healthcare analytical testing services market for 2017–2027.