North America holds the highest market share, by region, in the forecast period.
Northbrook, IL -- (SBWIRE) -- 04/01/2022 -- According to the new market research report "Healthcare Analytical Testing Services Market by Type (Method Development & Validation, Cell-based Assays, Stability Testing, Heavy Metal Testing, Thermal Analysis, Cleaning Validation), End User (Pharmaceutical Companies, CROs) - Global Forecast to 2026", published by MarketsandMarkets™, is projected to reach USD 9.8 billion by 2026 from USD 5.6 billion in 2021, at a CAGR of 11.9%.
Growth Driver: Increasing outsourcing of analytical testing by pharmaceutical companies and medical device companies;
Outsourcing analytical testing helps pharmaceutical companies mitigate risks by avoiding large investments in purchasing analytical equipment and maintaining manpower, especially when development efforts are in the early stages. The availability of specialized analytical testing service providers with key capabilities to provide optimum results rapidly has led to increasing consideration among pharmaceutical companies to outsource testing services to third-party service providers.
Medical device testing is also increasingly being outsourced by companies due to challenges faced by manufacturers to bring these devices to the market. There is a rising requirement to streamline medical device testing, ease internal resources and ensure necessary expertise and process credibility. This has led to productive partnerships between medical device manufacturers and healthcare analytical testing services companies, especially in the face of a changing regulatory landscape and disruptions caused by the current pandemic scenario.
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The Growth in the market is driven by analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, and rising number of clinical trials.
In this report the global healthcare analytical testing services market is segmented by type, end user, and region.
Based on type, the market is segmented into bioanalytical testing, physical characterization, method development & validation, stability testing, batch-release testing, raw material testing, microbial testing, and environmental monitoring services.
The bioanalytical testing segment holds the highest market share, by type, in the healthcare analytical testing services market, in the forecast period.
In 2020, the bioanalytical testing segment accounted for the largest share of the market. The large share of this segment can be attributed to large share of this segment is mainly attributed to the increasing number of drugs in the biopharmaceutical pipeline and the growing biopharmaceutical industry.
The batch-release testing segment is expected to grow at the highest CAGR, by type, in the forecast period.
The batch-release testing segment is expected to grow at the highest CAGR in the forecast period. The highest growth of this segment can be attributed to necessity of these services to ensure the quality of pharmaceuticals and biopharmaceuticals before release for sale, supply, or export.
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The healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is expected to hold the highest market share, by region, in the forecast period. The high share of this market is due to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, high investments in the biosimilars & biologics segment, and increasing R&D expenditure.
Prominent players in the healthcare analytical testing services market include Eurofins Scientific (Luxembourg), Laboratory Corporation of America Holdings (US), SGS S.A. (Switzerland), Charles River Laboratories (US), WuXi AppTec Co. Ltd. (China), PPD, Inc. (US), Element Materials Technology (UK), Thermo Fisher Scientific (US), Pace Analytical Services, LLC. (US), Intertek Group LLC. (UK), Merck KGaA (Germany), Danaher Corporation (US), 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 (US), Medpace Holdings, Inc. (US), Cinven (LGC Limited) (UK), Anacura (Belgium), Impact Analytical (US), & CD BioSciences (US).
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