The healthcare analytical testing services market is projected to grow at a CAGR of 11.4%. The global healthcare analytical testing services market size is projected to reach USD 8.4 billion by 2025 from USD 4.9 billion in 2020, at a CAGR of 11.4% during the forecast period. Market growth is attributed to the shift of focus towards the 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 the adoption of FTE contracts in R&D outsourcing.
By type, within the bioanalytical testing services segment, cell-based assay services hold the largest share in the forecast period. Based on type, the healthcare analytical testing services market has been segmented into bioanalytical testing services, physical characterization services, method development & validation services, raw material testing services, and batch-release testing services, among others.Bioanalytical testing services accounted for the largest share of the market in 2019.
Within this segment, the cell-based assay services segment is expected to grow at the highest CAGR. This is due to their ability to provide relevant in vivo biological information in comparison to biochemical assays.
By end user, the medical device companies segment is expected to grow at the fastest rate during the forecast period (2020-2025) Based on End User, the healthcare analytical testing services market has been segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and CROs. The medical device companies segment is expected to grow at the highest CAGR due to increasing demand by OEMs for more services and expertise, an evolving regulatory scenario, technological advancements in medical devices, and the adoption of POC testing.
North America to hold the largest share. North America is expected to account for the largest share of the global healthcare analytical testing services market in 2019.The large share of this region can primarily be attributed to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, high investments in the biosimilars and biologics segment, and increasing R&D expenditure.
On the other hand, the APAC is expected to witness the highest CAGR during the forecast period due to the large number of qualified researchers, low cost of operations in APAC countries, presence of a large treatment-naïve population, retention of participants in clinical trials, and continuously improving regulatory procedures.
The breakdown of primary participants is mentioned below: • By Company Type: Tier 1–30%, Tier 2–45%, and Tier 3–25% • By Designation: C-level–35%, Director Level–25%, and Others–40% • By Region: North America–35%, Europe–30%, the Asia Pacific–15%, Latin America–10%, Middle East & Africa – 10%
Research Coverage: The report analyzes the various healthcare analytical testing services products and their adoption patterns in different industries such as pharmaceutical and biopharmaceutical companies, medical device companies, and CROs.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 regions.
The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Reasons to Buy the Report The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which 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 the service portfolios offered by the top players in the global healthcare analytical testing services market • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the global healthcare analytical testing services market • Market Development: Comprehensive information on lucrative emerging regions, by type and end user. • Market Diversification: Exhaustive information about new products, 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 offered by leading players in the global healthcare analytical testing services market
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