Healthcare Analytical Testing Services Market

The global healthcare analytical testing services market size was valued at USD 12.41 billion in 2021 and is projected to reach USD 23.95 billion by 2028, expanding at a CAGR of 9.5% during the forecast period, 2021-2028. The growth of the market is attributed to the rising number of clinical trials and increasing demand of biosimilar drugs.

Get Free Sample Report

Healthcare analytical testing services are mostly used by medical device manufacturing, pharmaceutical, and biotechnology industries to assist through the every stages of drug discovery and development. This service offers support in operations of drug development that are initiated from the drug discovery through clinical trials until the commercial use of drug by the consumers. The key purpose of carrying out the healthcare analytics is to get proper awareness and data about diagnosis of diseases, administration of hospitals, and patient records. The information get through this data analytics service is used to design the process and to get data for the growth of the healthcare sector. These services also offer their benefits in biosimilar drug development by determining the physicochemical characterization, which detect the sameness of the reference molecule with developed biosimilar drug.

The COVID-19 pandemic had significant impact on the market. During the pandemic, the lockdown imposed by government bodies across the globe resulted in suspended enrolment in most ongoing clinical studies and delays in starting new clinical trials by leading market players in the pharmaceutical industry, which hampered the demand of these services. However, the demand for COVID-19 testing, treatment, and vaccine development has risen, which increased the demand for healthcare analytical testing services.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing outsourcing of analytical testing by biotech and pharmaceutical companies is one of the key factors driving the market growth.
• Growing demand for analytical testing of medical and pharmaceutical devices owing to their complexities is projected to boost the market during the forecast period.
• Lack of experienced and skilled professionals acts as a major challenge that can restrict the market growth in the coming years.
• High cost associated with analytical testing services is expected to hamper the market growth during the projected timeline.
• Rising number of service providers in emerging economies is anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the global healthcare analytical testing services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Outsourcing drives the pharmaceutical analytical testing services segment

Based on product types, the market is bifurcated into pharmaceutical analytical testing services and medical devices analytical testing services. The pharmaceutical analytical testing services segment is further divided into stability testing, bioanalytical testing, method development & validation, and other testing services. The medical devices analytical testing services segment is sub-classified as sterility testing, physical testing, extractable & leachable, bioburden testing, material characterization, and other tests. The pharmaceutical analytical testing services segment is estimated to expand at robust growth rate during the forecast period due to the increased outsourcing of analytical testing by pharmaceutical companies. However, the medical devices analytical testing services segment is anticipated to expand at a substantial CAGR during the forecast period owing to the rising regulatory pressure for more detailed chemical analysis of medical devices.

North America to constitute a key market share

In terms of region, the global healthcare analytical testing services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the increased demand of analytical testing services as several pharmaceutical companies are present in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the growing healthcare expenditure and rising government funding for drug discovery and development in the region. Moreover, expansion of biosimilar drugs market is driving the regional growth further.

Get Free Sample Report

Segments

• Pharmaceutical Analytical Testing Services
  • Stability Testing
  • Bioanalytical Testing
  • Method Development & Validation
  • Other Testing Services
• Medical Devices Analytical Testing Services
  • Sterility Testing
  • Physical Testing
  • Extractable & Leachable
  • Bioburden Testing
  • Material Characterization
  • Other Tests

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• ICON plc
• Charles River Laboratories International, Inc.
• SGS SA
• Toxikon, Inc.
• Pace Analytical Services, LLC
• PPD, Inc.
• LabCorp
• Syneos Health
• Eurofins Scientific
• Intertek Group plc

Competitive Landscape

Key players competing in the global healthcare analytical testing services market are ICON plc; Charles River Laboratories International, Inc.; SGS SA; Toxikon, Inc.; Pace Analytical Services, LLC; PPD, Inc.; LabCorp; Syneos Health; Eurofins Scientific; and Intertek Group plc. Companies are focusing on providing assay validations, various types of services, and other laboratory solutions to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in January 2020, LabCorp a US based clinical laboratory’s Covance, a drug development business, launched preclinical, clinical, and post-approval gene and cell therapy development solutions. In August 2020, PPD, Inc. a US based contract research organization signed a three year contract with Pfizer, Inc. a US based Pharmaceutical and Biotechnology Corporation. The contract was to provide services to advance Pfizer’s drug development group. PPD is projected to provide laboratory services and clinical development to Pfizer, supporting its drug development initiatives across various therapeutic regions.