According to a new report published by UnivDatos Markets Insights, the Healthcare Analytical Testing Services Market is expected to reach USD 14 billion in 2028 with a CAGR of 9% during 2022-2028. The analysis has been segmented into Type (Bioanalytical Testing Services, Physical Characterization Services, Method Development & Validation Testing Services, Raw Material Testing Services, Batch-Release Testing Service, Stability Testing, Microbial Testing Services, and Environmental Monitoring Services); End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, and Clinical Research Organizations); Region/Country.
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The Healthcare Analytical Testing Services market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare Analytical Testing Services market. The Healthcare Analytical Testing Services market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Healthcare Analytical Testing Services market at the global and regional levels.
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Market Overview
The Healthcare Analytical Testing Service Market is expected to grow at a steady rate of around 9% owing to the growing outsourcing activities of analytical testing services by various pharmaceutical companies. The market is anticipated to witness an uptick owing to the growing number of contract research organizations, and the growing need for outsourcing healthcare analytical testing services for saving time and overall manufacturing costs. For instance, in Us, the number of businesses in the Contract Research Organizations industry has grown 0.3% per year on average over the five years between 2017 & 2022. Additionally, for faster medication production procedures and improved patient outcomes, many pharmaceutical and biopharmaceutical businesses throughout the world are increasingly opting to outsource analytical testing services which in turn is also driving the healthcare analytical testing services market globally. A surge in drug research activities and technological advancements in the healthcare sector in various countries across the globe are further driving market growth.
Some of the major players operating in the market include Eurofins Scientific, Charles River Laboratories, Thermo Fisher Scientific, Merck KGAA, Danaher Corporation, Sartorius AG, Syneos Health, Almac Group, WuXi AppTec Co. Ltd., SGS S.A..
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The healthcare analytical testing services market has been slightly affected during these times owing to the delay in starting various new clinical trials. However, the growth of this market is expected to have a positive impact over the long term.
The global Healthcare Analytical Testing Services market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the type, the healthcare analytical testing services market is segmented into bioanalytical testing services, physical characterization services, method development & validation testing services, raw material testing services, batch-release testing service, stability testing, microbial testing services, and environmental monitoring services. The bioanalytical testing services segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe as the utility of this service controls the cost of drug development.
· Based on end-user, the market is fragmented into pharmaceutical & biopharmaceutical companies, medical device companies, and clinical research organizations. The pharmaceutical & biopharmaceutical companies segment is expected to grab a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period as these businesses have a sizable need for analytical testing to support the numerous manufacturing and marketing operations, clinical trials, medication discovery, and drug development procedures.
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Healthcare Analytical Testing Services Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, the presence of a number of top pharmaceutical and biopharmaceutical companies in the region, high investments in the biosimilars & biologics segment, and increasing R&D expenditure.
The major players targeting the market include
· Eurofins Scientific
· Charles River Laboratories
· Thermo Fisher Scientific
· Merck KGAA
· Danaher Corporation
· Sartorius AG
· Syneos Health
· Almac Group
· WuXi AppTec Co. Ltd.
· SGS S.A
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Healthcare Analytical Testing Services Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Healthcare Analytical Testing Services market?
• Which factors are influencing the Healthcare Analytical Testing Services market over the forecast period?
• What are the global challenges, threats, and risks in the Healthcare Analytical Testing Services market?
• Which factors are propelling and restraining the Healthcare Analytical Testing Services market?
• What are the demanding global regions of the Healthcare Analytical Testing Services market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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