The $12.6 Bn Healthcare Analytical Testing Services

Healthcare analytical testing services Industry is projected to reach a valuation of USD 7.4 bn in 2024, exhibiting a CAGR of 11.2%

The Healthcare analytical testing services Market is projected to reach a valuation of USD 7.4 billion in 2024, with an anticipated surge to USD 12.6 billion by 2029, exhibiting a CAGR of 11.2% throughout the forecast period. There are noticeable investments in research and development (R&D) in pharma and biopharma industry to expand manufacturing capacities in response to the escalating demand for drugs. The healthcare analytical testing services market is growing due to increasing demand for solutions, challenges in developing proper techniques, and government initiatives to bolster testing capabilities. However, lack of skilled professionals and rising cost and competition will affect market growth negatively during the forecast period.

Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=108923833

The healthcare analytical testing services market is segmented based on the end users it serves, which include pharmaceutical and biopharmaceutical companies, medical device manufacturers, forensic labs, hospitals and clinics, and cosmetic and nutraceutical producers. Among these segments, pharmaceutical companies stood out as the largest contributors to the market in 2023. This prominence can be attributed to the increasing reliance of these companies on outsourcing healthcare analytical testing services. By outsourcing such services, pharmaceutical and biopharmaceutical companies can optimize their profit margins and focus more effectively on their core competencies, such as drug discovery and development. This strategic shift allows them to leverage the specialized expertise and resources of analytical testing service providers, thereby driving growth in the market.

Based on type, the healthcare analytical testing services market encompasses various segments such as bioanalytical testing, physical characterization, method development and validation, stability testing, batch-release testing, raw material testing, microbial testing, genomic services, and environmental monitoring services. In 2023, the biohealthcare analytical testing services segment emerged as the dominant contributor to the market. This segment’s significant share can be attributed to its offering of comprehensive bioanalytical testing solutions catering to a diverse array of drug types available in the market, spanning vaccines, small molecules, biologics, and more. The breadth of services provided within this segment addresses the multifaceted needs of pharmaceutical, biopharmaceutical, and medical device companies, thus driving its prominence in the market landscape.

North America has taken the forefront in the healthcare analytical testing services market, boasting the largest share among the segmented regions. This prominence is fueled by several factors contributing to the region’s robust growth. Firstly, In the US, a pivotal player in the region, there has been a considerable surge in the pharmaceutical and biopharmaceutical companies, thereby driving the demand for healthcare analytical testing services. Furthermore, the presence of well-established market players within the US market further strengthens North America’s position, as these entities contribute to the market’s overall growth and innovation. Additionally, the region benefits from advanced healthcare infrastructure and regulatory frameworks conducive to the expansion of healthcare analytical testing services, reinforcing its leading status in the market.

Major Players:

Eurofins Scientific (Luxembourg), Laboratory Corporation of America Holdings (US), SGS S.A. (Switzerland), Charles River Laboratories (US), WuXi AppTec Co. Ltd. (China), Element Materials Technology (UK), Thermo Fisher Scientific, Inc. (US), Pace Analytical Services LLC (US), Intertek Group plc (UK), IQVIA Inc. (US), Merck KGaA (Germany), Source BioScience (UK), Almac Group (UK), ICON Plc (Ireland), Frontage Laboratories, Inc. (US), STERIS Plc (US), Sartorius AG (Germany), ALS Life Science (US), Syneos Health, INC (US), Medpace Holdings, Inc. (US), LGC Limited (UK), Parexel International Corporation (US), Celerion (US). Pharmaron (China), and BioAgilytix Labs (US).