(MoneyNewsWire.Net, August 21, 2021 ) 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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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. For instance, in June 2018, Eurofins Scientific acquired two wholly owned subsidiaries of VTT Technical Research Centre of Finland Ltd. to enhance its environment-testing segment. Similarly, in June 2019, Eurofins Scientific acquired Transplant Genomics Inc. (US) to expand its transplantation testing footprint.
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.
Mr. Aashish Mehra