Reports And Data

The global healthcare analytical testing services market size is expected to reach USD 11.9 billion by 2028 at a CAGR of 11.6%

NEW YORK CITY, NY, UNITED STATES, August 11, 2022 /EINPresswire.com/ -- The global healthcare analytical testing services market size is expected to reach USD 11.9 billion by 2028 at a CAGR of 11.6%, according to a new report by Reports and Data. The global market growth is significantly accelerated by the rising need for outsourcing healthcare analytical testing services, the growing number of contract research organizations, increasing clinical trials being performed worldwide, and the surging adoption of the quality-by-design approach among pharmaceutical companies.

Pharmaceutical and biopharmaceutical companies worldwide are outsource healthcare analytical testing services to streamline drug manufacturing processes, ease the end-to-end stages of drug discovery, reduce their capital expenditure, and raise profit margins. Healthcare analytical testing services are also leveraged by these companies to reduce the time required for process validation, facilitate clinical trials and commercial launch of drugs, offer in-depth insights into patient records and hospital management, and improve patient outcomes.

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The significant rise of the biopharmaceutical sector, augmented focus on employing specialized testing services for biologics and biosimilars, and the growing development of biopharmaceutical drugs and products are further expected to propel the global healthcare analytical testing services market growth in the near future. However, the lack of technical expertise and skills and risks of user data breach associated with healthcare analytical testing services are specific factors expected to restrain the growth of this market in the upcoming years.

Key Highlights of the Report:

Based on type, the batch-release testing segment is poised to record the highest CAGR over the estimated timeframe. The dissolution testing services sub-segment is therefore expected to emerge as the most dominant, with the largest market share.

Of the various end-users, the pharmaceutical & biopharmaceutical companies segment is projected to account for the largest market share over the forecast period. The growth of this segment is mainly attributed to the growing demand for healthcare analytical testing services among these companies to facilitate clinical trials, drug discovery, and drug development processes.

The North American region is predicted to dominate the global healthcare analytical testing services market over the estimated period in terms of revenue.

The region is home to several leading pharmaceutical companies, which is a key factor propelling the market growth in this region. Increased investments in healthcare research & development programs further bolsters the North American market growth.

Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Healthcare Analytical Testing Services market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.

Leading companies operating in the market are:

Almac Group, LabCorp, Merck KGAA, Eurofins Scientific, Element Materials Technology, Syneos Health, WuXi PharmaTech, Pace Analytical, Frontage Labs, Medpace Holdings, Intertek, Source BioScience, PRA Health Sciences, STERIS PLC, LGC Limited, and Charles River Laboratories.

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

Healthcare Analytical Testing Services Market Segmentation:

By Type (Revenue, USD Billion; 2018-2028)

Bioanalytical Testing Services
Method Development & Validation Services
Physical Characterization Services
Batch-release Testing Services
Raw Material Testing Services
Environmental Monitoring Services
Microbial Testing Services
Stability Testing

By End-user (Revenue, USD Billion; 2018-2028)

Pharmaceutical & Biopharmaceutical Companies
Contract Research Organizations
Medical Device Companies

Regional Outlook:

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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About Reports and Data

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Nikhil Morankar
Reports and Data
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