Healthcare Analytical Testing Services Market Worth USD 5.97 Billion Driven by Pharmaceutical Industry

Pune, India, 2020-Apr-23 — /EPR Network/ —

The shift of focus towards 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 adoption of FTE contracts in R&D outsourcing are the major factors driving the growth of the healthcare analytical testing services market.

The global healthcare analytical testing services market is projected to reach USD 5.97 Billion by 2023 from USD 3.43 Billion in 2018, at a CAGR of 11.7%.

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On the basis of type, the bioanalytical testing segment accounted for the largest share of the global healthcare analytical testing servicess market in 2017. The large share of this segment is due to increasing number of drugs in the biopharmaceutical pipeline and the growing biopharmaceutical industry.

End User:

The global healthcare analytical testing services market by end user is segmented into pharmaceutical and biopharmaceutical companies, medical device companies and contract research organizations. In 2017, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing outsourcing of analytical testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time required to validate the process and product.

Regional Analysis:

Geographically, the global healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the healthcare analytical testing services market, followed by Europe and Asia Pacific. The presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, growth in the Biosimilars and generics markets, increasing number of analytical testing service providers, and rising outsourcing of analytical testing by biopharmaceutical companies are the major factors driving the growth of the healthcare analytical testing services market in North America.

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The prominent players in the global healthcare analytical testing services market are Eurofins Scientific (Luxembourg), Wuxi PharmaTech (China), Charles River Laboratories (US), Almac Group (UK), Exova Group (UK), PPD (US), Source BioScience (UK), Anabiotec (Belgium), Intertek Group (UK), and BioReliance (US).