Healthcare Analytical Testing Services Market to Grow USD 5689.8 Million by 2028 at a CAGR of 9.4%| Valuates Reports

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Aug 12, 2022, 13:00 ET

BANGALORE, India, Aug. 12, 2022 /PRNewswire/ -- Healthcare Analytical Testing Services Market is Segmented By Type (Raw Material Analysis, Drug Analysis, Equipment Analysis, Other), By Application (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Other) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Health Category.

Healthcare Analytical Testing Services market is projected to reach USD 5689.8 Million by 2028, from USD 2949.2 Million in 2021, at a CAGR of 9.4% during 2022-2028.

Major factors driving the growth of the Healthcare Analytical Testing Services Market

The rising focus on analytical testing of biosimilars and biologics, and the increasing number of clinical trials will fuel the growth of the market.

The outsourcing of analytical testing by pharmaceutical and medical device companies and the growing need for equipment and raw material analysis will boost the market growth during the forecast period.

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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE ANALYTICAL TESTING SERVICES MARKET

There is growing pressure for decreasing production costs and improving process yield. Analytical testing removes process impurities, degradants, and contaminants in the manufacturing of biosimilars and provides quality, actionable information. Several innovations are being undertaken for analytical techniques. This will foster the growth of the healthcare analytical testing services market in the coming years. For instance, high throughput flow cytometers assimilate data at a greater speed. Together with live cell imaging, it expands the flow of information that is captured for quick decision-making. The assays have higher resolution and are applicable to a wide range of protein molecules.

Analytical services are necessary for medical and product prototypes. Drug analysis is necessary for deciding the stability and release kinetics for appropriate delivery and clinical evaluation. Formulation and process development detects poor physical stability, solubility, and gastric intolerance of a drug. A testing laboratory tests the product before launching it on the market. This will surge the growth of the healthcare analytical testing services market during the forecast period. A testing lab offers many services like batch release testing, packaging materials testing, and process checks to ensure a medication is safe to use.

The rising treatment procedures and a growing number of clinical trials and therapies come with additional testing requirements. Many pharma companies do not have the necessary experience, knowledge, personnel, and instruments to undertake such testing. Hence they are regularly outsourced to contract research and manufacturing companies. Contract labs have specialized knowledge and support hundreds of programs. This will drive the growth of the healthcare analytical testing services market. They make huge investments in hiring specialized staff and instruments for high-level testing processes.

Equipment analysis is necessary for ensuring the safety of medical devices. Optimizing the full functionality of the device is crucial for managing defects, and faults and causing unnecessary harm or expenditure. On the other hand, raw material testing is done extensively to monitor the efficacy, safety, and quality of pharmaceutical products. This is needed to avoid product recalls and faulty goods.

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HEALTHCARE ANALYTICAL TESTING SERVICES MARKET SHARE ANALYSIS

Based on type, the batch release segment under drug analysis will be the most lucrative due to the growing need for these services to ensure the quality and efficacy of pharmaceutical products.

Based on application, the pharmaceutical and biopharmaceutical companies segment will dominate in the healthcare analytical testing services market share due to rising outsourcing of analytical services for boosting profit margins, and avoiding high upfront capital expenditure. This also allows companies to focus on their core competency.

Based on region, North America will witness considerable growth due to the well-established pharmaceutical industry, rising investments into biologics and biosimilar production, and R&D initiatives.

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Key Players

Eurofins Scientific
Labcorp
SGS
Charles River
Wuxi Pharmatech
Pharmaceutical Product Development, LLC (PPD)
Exova
Pace Analytical
Envigo
Intertek
MPI Research
Merck KGaA
Source Bioscience

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