This report aims to provide detailed insights into the global healthcare analytical testing services market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Revenue Growth Analysis:
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.
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Key Factors Driving Market Growth:
Factors such as the increased outsourcing of analytical testing services by pharmaceutical companies, rising focus on specialized testing services for biologics and biosimilars, and the growing number of clinical trials are expected to drive the growth of the healthcare analytical testing services market.
By type, the bioanalytical testing services segment is expected to dominate the healthcare analytical testing services market in 2020
Based on type, the analytical testing services has been segmented into bioanalytical testing services, physical characterization services, method development & validation services, raw material testing services, batch-release testing services, stability testing services, microbial testing services, and environmental monitoring services. Within bioanalytical testing services, cell-based assays accounted for the largest share in 2020. The large share of this segment can be attributed to their utility in checking the strength and stability of the therapeutic product through all the phases of the clinical study.
By end user, medical device companies are expected to grow at the highest CAGR in the healthcare analytical testing services market in the forecast period
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 market is estimated to show the highest CAGR in the forecast period, as analytical testing companies are seeing more requests from OEMs for material characterization testing for medical devices and materials. Moreover, demand has grown for the continuous development of expertise in chemical evaluations from these companies.
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North America holds the largest share in the market in 2020, followed by Europe
North America dominates the overall market based on region. This can be attributed to the large number of major pharmaceutical R&D companies and medical device companies headquartered in this region, the rising number of clinical trials being conducted here, and the strong presence of CROs.
Key Players:
The prominent players in the healthcare analytical testing services market include Eurofins Scientific (Luxembourg), LabCorp (US), SGS (Switzerland), Charles River Laboratories (US), WuXi PharmaTech (China), PPD (US), Element Materials Technology (UK), Pace Analytical (US), Intertek (UK), Merck KGAA (Germany), Source BioScience (UK), Almac Group (Ireland), ICON (Ireland), Frontage Labs (US), STERIS PLC (US), PRA Health Sciences (US), Syneos Health (US), Medpace Holdings (US), LGC Limited (UK), and Anacura (Belgium).
Eurofins Scientific (US) was the leader in the global healthcare analytical testing services in 2019. The company has a diversified service portfolio, which includes a wide range of healthcare analytical testing services. The company operates in more than 800 laboratories and has a portfolio of over 200,000 analytical methods. It has displayed a major emphasis on acquisition in the past years.
Healthcare Analytical Testing Services Market: Trends and Opportunities
When it is a wave of digitization in every aspect then why leave the healthcare and life sciences industry behind with digital health technology being the top priority.
However, there are few of the crucial points to cover through digitization in life sciences.Making lives easier and better is the sole purpose of the digital era and utilizing that era to enhance the processes by producing better outcomes in less time is the aim and demand.It is more of a technology disruption that will move over the healthcare and life sciences industry.
Technology is making the aspect of life sciences simple with effacing the previous ways of testing and providing medication and treatment with better solutions.
By adopting digitization the life sciences companies can obtain a great number of patient outcomes that too in a careful and cost-effective manner.
As per the healthcare market research the whole of the market is customer-centric and the era digitization, there is a demand for quality of services and to have control over the services and solutions being provided to the customers.Technology has made the delivery of better customer experience and relationship with digitization in the healthcare and life sciences industry and it is experiencing great turn-of-events.
The data, medication, and details are all online and customers can easily access them as they are personalized.As per statistics, the health information search is the third common search request found on the internet and 77% of the patients are accessing online sources before appointing a treatment with a doctor.
When it is a wave of digitization in every aspect then why leave the healthcare and life sciences industry behind with digital health technology being the top priority.
However, there are few of the crucial points to cover through digitization in life sciences.Making lives easier and better is the sole purpose of the digital era and utilizing that era to enhance the processes by producing better outcomes in less time is the aim and demand.It is more of a technology disruption that will move over the healthcare and life sciences industry.
Technology is making the aspect of life sciences simple with effacing the previous ways of testing and providing medication and treatment with better solutions.
By adopting digitization the life sciences companies can obtain a great number of patient outcomes that too in a careful and cost-effective manner.
As per the healthcare market research the whole of the market is customer-centric and the era digitization, there is a demand for quality of services and to have control over the services and solutions being provided to the customers.Technology has made the delivery of better customer experience and relationship with digitization in the healthcare and life sciences industry and it is experiencing great turn-of-events.
The data, medication, and details are all online and customers can easily access them as they are personalized.As per statistics, the health information search is the third common search request found on the internet and 77% of the patients are accessing online sources before appointing a treatment with a doctor.