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Healthcare Analytical Testing Services Market Size, Healthcare Analytical Testing Services Market Share, Healthcare Analytical Testing Services Market Growth, Healthcare Analytical Testing Services Market Trends, Healthcare Analytical Testing Services Market Updates, Healthcare Analytical Testing Services Market Forecast
The global Healthcare Analytical Testing Services market gathered revenue around USD 11.02 Billion in 2020 and market is set to grow USD 5.0 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 15.3% during the prediction period 2021 to 2027.
Overview of Healthcare Analytical Testing Services Market Study
Healthcare Analytical Testing Services market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The shift in focus towards the analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies and medical device companies, an increasing number of clinical trials, and the rising acceptance of the QbD approach in pharma research and manufacturing are the major factors driving the growth of the healthcare analytical testing services market.
Healthcare analytical testing services Market DynamicsDriver: Increasing outsourcing of analytical testing by pharmaceutical companies and medical device companiesOutsourcing 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.
Restraint: Shortage of skilled professionalsHealthcare analytical testing service providers face challenges in attracting and retaining highly skilled professionals. These companies compete with pharmaceutical, biotechnology, medical device, contract research companies, and academic and research institutions for qualified and experienced scientists. To compete effectively, companies are required to offer higher compensation and other benefits, which may affect the financial condition and results of operations, especially for small-scale analytical testing providers.
Another factor responsible for the dearth of skilled professionals in this field is the growth of the pharma industry towards novel molecular constructs and modes of action. This requires that staff be continually trained, with healthcare analytical testing companies working together with pharmaceutical companies and CROs to develop suitable industry training programs.
Opportunity: Emerging marketsEmerging markets present significant growth opportunities for providers of healthcare analytical testing services—particularly India and China. Governments in both countries are extensively emphasizing the development of life science infrastructure by undertaking several projects and initiatives to encourage pharma and biopharma companies to develop and manufacture drugs for various infectious and chronic diseases.
Challenge: Specific requirements of innovative formulations and medical devicesThe diversity of CMC requirements for biopharmaceutical IND and the development of novel drug delivery systems pose various challenges and require various analytical methods for testing new drug molecules. Moreover, innovative medical devices such as disposable inhalation devices and non-invasive glucometers require unique analytical testing to comply with the regulatory requirements of the FDA and EMA. Thus, rapidly changing testing requirements form a key challenge faced by analytical testing service providers globally.
Moreover, smaller and larger pharmaceutical companies have different requirements from bioanalytical outsourcing. Smaller pharma companies rely on healthcare analytical testing companies for all aspects of method development, validation, and study support. This indicates that these companies require support for a large portion of their early-phase discovery studies. These projects are often critical for project progression with more aggressive timelines for the delivery of analytical data. These factors increase the pressure on healthcare analytical testing companies to cater to a greater variety of needs to suit their customers, thereby posing a challenge to the growth of the overall market.
The bioanalytical testing services segment holds the highest market share, by type, in the Healthcare analytical testing services marketBased on type, bioanalytical testing, physical characterization, method development & validation, stability testing, batch-release testing, raw material testing, microbial testing, and environmental monitoring services. In 2020, the bioanalytical testing services segment accounted for the largest share of the market. The large share of this segment can be attributed to their utility in controlling the cost of drug development by effectively evaluating the therapeutic entity throughout the drug development cycle. The time constraints and the exorbitant costs of drug discovery and development in biopharmaceutical research are driving the market for bioanalytical testing services.
The batch-release testing segment is projected to grow at the highest CAGR in the healthcare analytical testing services market, by type, in the forecast period.Based on type, bioanalytical testing, physical characterization, method development & validation, stability testing, batch-release testing, raw material testing, microbial testing, and environmental monitoring services. Batch-release testing segment is growing at the highest CAGR, by type, in the by type segment. The high growth of this segment can be attributed to the to utility of these services in ensuring the quality of pharmaceuticals and biopharmaceuticals before release for sale, supply, or export.
The pharmaceutical & biopharmaceutical companies to hold the highest market share, by end user, in the forecast periodBased on the end user, the healthcare analytical testing services market has been segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and contract research organizations (CROs). The large share of this segment is attributed to the increasing outsourcing of analytical testing services by these companies to boost profit margins, avoid high capital expenditure, and focus on their core business competencies.
North America holds the largest share in the Healthcare analytical testing services market, by region, in the forecast periodThe Healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America accounted for the largest share in the Healthcare analytical testing services market in 2020. The large share of this regional segment can be attributed to The large share of this region can primarily be attributed to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, high investments in biosimilars & biologics segment, and increasing R&D expenditure.
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COVID-19 Impact on Healthcare Analytical Testing Services Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Healthcare Analytical Testing Services market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Healthcare Analytical Testing Services market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare Analytical Testing Services market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Healthcare Analytical Testing Services market include:
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).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By End User
Why Buy this Report?
The purpose of Nova one advisor’s Healthcare Analytical Testing Services market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
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