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 healthcare analytical testing services market.
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%.
Pharmaceutical & biopharmaceutical companies hold the largest share in the market
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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North America holds the largest share in the healthcare analytical testing services market, by region
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 Asia Pacific market is expected to register the highest growth during the forecast period, primarily due to the lower production costs and growing favorability of the regulatory environment.
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Key Players in Healthcare Analytical Testing Services Market:
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).