Healthcare Analytical Testing Services Market

SKU: DMHOS2683 | Last Updated On: Dec 14 2022 | Available Formats

>Healthcare Analytical Testing Services Market is expected to reach a high CAGR of 13.2% during the forecast period 2022-2029:

Healthcare Analytical Testing Services Market is segmented By Test Type (Bioanalytical Testing Services, Method Development & Validation, Stability Testing, Drug Substances, Others), By End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Contract Research Organizations), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Healthcare Analytical Testing Services Market was valued at USD 5,750.60 million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 13.2% during the forecast period (2022-2029).

Healthcare analytical testing services are widely used by pharmaceutical, biopharmaceutical, and medical device manufacturers that support throughout the stages of their drug development. These services provide support in the process of drug development started from discovery through clinical development or clinical trials to commercial use. The primary objective of performing healthcare analytics is to gain insights into patient records, costs, hospital management, and diagnosis to systemize the process and obtain required data for the development of the overall healthcare sector. Furthermore, analytical testing plays a critical role in the end-to-end process of drug development and manufacturing. This service provides support in the process of drug development started from discovery through clinical development or clinical trials to commercial use.

As per DataM Intelligence, Healthcare Analytical Testing Services Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Healthcare Analytical Testing Services Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Healthcare Analytical Testing Services Market in the United States and Canada produces the utmost share. Whereas the European Healthcare Analytical Testing Services Market is projected to continue its presence globally during the period of 2022- 2029.

Healthcare Analytical Testing Services Market

Metrics

Details

Market CAGR

13.2%

Segments Covered

By Test Type, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Healthcare Analytical Testing Services Market Dynamics

The market is driven is the demand for research and development outsourcing. Healthcare analytical testing services are extensively used by biopharmaceutical, pharmaceutical, and medical device manufacturers to support throughout the stages of their drug development.

Increasing analytical testing rate of biosimilar and biologics, rising outsourcing of analytical testing by several pharmaceutical companies, and growing acceptance of the Quality by design (QbD) approach in pharma manufacturing are believed to be driving the global healthcare analytical testing services market. QbD helps various pharmaceutical companies in adopting data-driven, systemic strategies to deliver quality outcomes. Many biotechnology and pharmaceutical companies are opting for outsourcing analytical testing services for reducing the time and cost of the manufacturing process. Thus, the rising adoption of FTE contracts in research and development outsourcing is also expected to boost the global healthcare analytical testing services market.

Furthermore, the demand for bioanalytical testing is rising due to the growing number of drugs in the biopharmaceutical pipeline, and the rising biopharmaceutical industry across the world, which in turn is also expected to fuel the global healthcare analytical testing services market. Apart from all these, rising analytical testing service outsourcing by biopharmaceutical companies for boosting their profit margins, reducing the required time for validating the product and process, and avoiding high capital expenditure is also projected to propel the global healthcare analytical testing services market.

According to the International Journal of Environmental Research and Public Health’s published study, around 40 medications are recalled per year in the United States and South Korea. This emerges the need for testing the products and ensuring safety. Medicines are intended for a better outcome in humans and animals. However, poor quality of medicines would not only affect adversely the health of the patients but also the fund systems. Therefore, to ensure the safety and efficacy of the drugs analytical testing holds an important role.

However, data insecurity is the main factor that hinders the growth of the market in the forecast period

Moreover, the COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by the WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This led to disruption, limitation, challenges, and changes in each sector of every industry. Similarly, the healthcare analytical testing services industry was also impacted by the pandemic. 

Healthcare Analytical Testing Services Market Segmentation:

The global healthcare analytical testing services market is segmented based on test type by bioanalytical testing services, method development & validation, stability testing, drug substances, and others. The stability testing segment held the largest market share. Stability testing is done to evaluate the capability of the drug to retain its properties throughout its shelf-life.

 The stability testing is done based on five parameters, chemical, physical, microbiological, therapeutic, and toxicity. The degradation with respect to any of these parameters can lead to health hazards. According to the study published by the Journal of Industrial Microbiology & Biotechnology, almost 300 biopharmaceuticals have been patented in the last three decades. Furthermore, according to the World Health Organization, in 2021, the number of registered trials was around 671,228 in worldwide. and around 70% in the Western Pacific and Americas region. Hence, these factors are expected to impact positively on the market growth in this segment.

The bioanalytical testing services segment is expected to have positive market growth in the forecast period. Bioanalytical tests are used in drug discovery, drug development, and the commercialization of drugs. In recent years, the increased focus of biopharmaceutical companies on contract research development services has created opportunities in the bioanalytical testing services market. The increasing frequency of outsourcing research and development activities by many biopharmaceutical companies to focus on their core competencies is expected to propel the expansion of the global bioanalytical testing services market during the forecast period. Moreover, the cost-effectiveness of outsourcing compared to in-house analysis is likely to further drive the market.

Bioanalytical testing services support the development of drugs in various geographies and for various therapeutic areas. Bioanalytical testing enables the quantitative determination of drugs in biological substances such as blood, serum, plasma, or urine.  All these tests are conducted in pathological labs or diagnostic centers and research laboratories. It is conducted when a drug is being developed and helps in the commercialization of the drug sales. Pharmaceutical and biopharmaceutical companies are the leading end-user in bioanalytical testing services. This factor will drive the growth of the market in the forecast period.

Further, the market is also classified based on end-user as pharmaceutical & biopharmaceutical companies, medical device companies, contract research organizations. The medical device companies’ segment is held the largest market share. Medical devices are electronic devices that are implanted within the body to monitor the patients’ medical condition. These are most widely used nowadays to improve the medical outcome of patients. As there is an increasing demand for medical devices due to the rising prevalence of chronic diseases, hence various companies are shifting their focus on research and development and outsourcing of medical devices.  Therefore, the medical device companies are launching new devices in the market. This factor will drive the growth of the market in the forecast period. 

Healthcare Analytical Testing Services Market Geographical Presentation

By region, the healthcare analytical testing services market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global healthcare analytical testing services market and is expected to grow at the highest CAGR during the forecast period due to the presence of a large number of key players operating in the healthcare analytical testing services market.

According to the clinical trials end March 2021, around 426,942 studies were registered with locations in all 50 States and in 221 countries. Furthermore, in 2021, approximately 50 novel drugs were approved as per the data of the FDA's Center for Drug Evaluation and Research (CDER).

According to the Research and Development in the Pharmaceutical Industry, in 2019, the R&D expenditure by biopharmaceutical companies was around 83 billion USD in the United States. Thus, the increasing number of clinical trials and the number of approved drugs is expected to boost up the demand for pharmaceutical analytical testing market growth in the region.

The Asia-Pacific region is expected to have the third-largest share due to creasing R&D in this region and increasing adoption of new technology in healthcare analytical testing. Furthermore, owing to the increasing prevalence of chronic diseases the demand for the service is also rising. These factors stimulate market growth over the forecasted period in the region.

Healthcare Analytical Testing Services Market Competitive Landscape:

The healthcare analytical testing services market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition Laboratory Testing Inc., Eurofins Scientific, SGS SA, Toxikon Inc., Pace Analytical Services, Intertek Pharmaceutical Services, Boston Analytical, West Pharmaceutical Services Inc. and Steris are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to expand their presence and meet the rising demand for the healthcare analytical testing services market across the globe. For instance,

On 8th June 2022, SGS SA launched a new microbiology laboratory in Arizona, United States. The laboratory builds in 12,000 square feet; this facility will focus on efficacy testing for hand sanitizers and antibacterial hand soaps.

On 12th January 2021, SGS acquired the lab facilities of ISL, a laboratory that provides analytical services for pharmaceutical products.

On 9th February 2022, Eurofins Scientific acquired Genetic Testing Service JSC, a pioneer in genetic testing in Vietnam. The acquisition will further boost Eurofins’ expansion in Asia and complement its global clinical diagnostics laboratories focused on specialized and advanced genetic testing.

Frequently Asked Questions

What is the Projected CAGR value of the Healthcare Analytical Testing Services Market?

Healthcare Analytical Testing Services Market is expected to grow at a CAGR of 13.2% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Healthcare Analytical Testing Services Market during 2022-2029

Which is the fastest growing region in the Healthcare Analytical Testing Services Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period

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