What This Report
This study involved four major activities in estimating the current size of the healthcare analytical testing services market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
[327 Pages Report] 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%.
Major Growth Boosters:
In the current global scenario-where the focus on biologics and biosimilars has risen-it is expected that the benefits of advanced healthcare analytical testing services will ensure their greater adoption. The increasing demand for specialized testing services, the number of clinical trials, and the acceptance of the QbD approach in pharmaceutical research and manufacturing are other factors driving the growth of this market.
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In January 2020, LabCorp’s Drug Development Business launched Preclinical, Clinical, and Post-Approval Cell, and Gene Therapy Development Solutions
In June 2019, Eurofins Scientific acquired Transplant Genomics Inc. (US) to expand its transplantation testing footprint
In May 2019, SGS acquired Chemical Solutions Ltd. (CSL) (US), a testing laboratory specializing in elemental and heavy metal testing for food, nutraceuticals, pharma, and cosmetic products
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global healthcare analytical testing services market?
2. What are the drivers, restraints, opportunities, and challenges in the healthcare analytical testing services Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of healthcare analytical testing services in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
Pharmaceuticals and Biotechnology Industries:
Based on the end user, the market is broadly classified into pharmaceutical & biopharmaceutical companies, medical device companies, and contract research organizations (CROs). Pharmaceutical & biopharmaceutical companies hold the largest share in the market. The largest share of this segment in the market can be attributed to the tremendous amount of analytical testing required to support a product from discovery, development, and clinical trials, through manufacturing and marketing.
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Regional Growth Analysis:
North America held the largest share in the healthcare analytical testing services market in 2019. This dominance of North America in this market is due to the presence of many pharmaceutical and biopharmaceutical companies, high investments and rising focus on the biosimilars & biologics segment, and high allocation to R&D.
The prominent players in the global healthcare analytical testing services market are 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).
What This Report