North America is the largest regional segment for healthcare analytical testing services owing to the well-established analytical testing services market.
Pune, India -- (SBWIRE) -- 07/05/2016 -- The report "Healthcare Analytical Testing Services Market by Type (Stability, Raw Materials, Method Validation, Microbial, Environmental Monitoring, Bioanalytical Services), by End User (Pharmaceutical Companies, Medical Device Companies) - Global Forecast to 2021", The healthcare analytical testing services market witnessed healthy growth during the last decade and is expected to grow at a CAGR of 11.3% between 2016 and 2021 to reach USD 4.13 Billion by 2021.
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Growth in this market can be attributed to factors such as growing demand for analytical services for biologics and large-molecule drugs, increasing outsourcing of analytical testing by pharmaceutical companies, rising demand from the nutraceutical industry, and increasing acceptance of the QbD (Quality by Design) approach in pharmaceutical research/manufacturing.
The global healthcare analytical testing services market is segmented based on services, samples, end users, and regions. Based on service types, the market is further segmented into bioanalytical testing, physical characterization, method validation, raw material testing, stability testing, batch-release testing, microbial testing, and environmental monitoring services.
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Based on sample types, the market is further segmented into raw materials, in-process samples, finished products, and environmental samples. On the basis of end users, the global healthcare analytical testing services market is segmented into pharmaceutical and biopharmaceutical companies, medical device companies, and contract research organizations. Based on regions, the healthcare analytical testing services market is segmented into Europe, North America, Asia-Pacific, and the Rest of the World.
In 2015, bioanalytical testing services accounted for the largest share of the global healthcare analytical testing services market. However, the batch-release testing segment is expected to witness the highest growth in the next five years.
On the basis of samples, the raw materials segment accounted for the largest share of the global healthcare analytical testing services market. The large share of this market segment is mainly due to factors such as increasing R&D expenditure for drug development and the presence of a large number of molecules in the pipeline.
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In the end-user segment, pharmaceutical and biopharmaceutical companies accounted for the largest share of the healthcare analytical testing services market and are expected to grow at the highest CAGR in next five years. This large share is due to the increased R&D expenditure to develop new drug molecules, growing focus on delivering high-quality products, and rising demand for analytical testing by regulators.
The large share of this regional segment can be attributed to factors such as high quality standards in the pharmaceutical industry, rapid growth in biosimilars and biologics market, and presence of a large pool of analytical testing providers in the region. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to the huge R&D expenditure in drug development, growing pharmaceutical and biopharmaceutical industries in the country, and growing focus of pharmaceutical companies on the market due to the low manufacturing cost advantage in India and China.
Eurofins Scientific SE (Luxembourg), WuXi PharmaTech (Cayman) Inc. (China), SGS (Switzerland), and Charles River Laboratories International Inc. (U.S.) held the major share of the healthcare analytical testing services market and will continue to dominate the market between 2016 and 2021. Other major players operating in this market are PPD Inc. (U.S.), Exova Group Plc. (U.K.), Source BioScience Plc (U.K.), Intertek Group Plc. (U.K.), Medistri SA (Switzerland), Pace Analytical Services Inc. (U.S.), Anabiotec (Belgium), and BioReliance Corporation (U.S.).
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