NOIDA, India, November 21, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Healthcare Analytical Testing Services Market is expected reach $14 billion in 2028 with a CAGR of 9% over the period 2022-2028. Analysis has been segmented into Type (Bioanalytical Testing Services, Physical Characterization Services, Method Development and Validation Testing Services, Raw Material Testing Services, Batch Release Testing Service, stability, microbial testing services and environmental monitoring services); End user (pharmaceutical and biopharmaceutical companies, medical device companies and clinical research organizations); Region/Country.
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The Healthcare Analytical Testing Services Market report has been aggregated by collecting informative data about various dynamics such as market drivers, restraints, and opportunities. This innovative report uses several analyzes to get a clearer view of the Healthcare Analytical Testing Services market. The Healthcare Analytical Testing Services Market report offers a detailed analysis of the latest industry developments and market trending factors that influence market growth. Furthermore, this statistical market research repository examines and estimates the Healthcare Analytical Testing Services Market on a global as well as regional level.
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Market overview
The healthcare analytical testing services market is expected to grow at a steady rate of around 9% owing to the growing analytical testing services outsourcing business by various pharmaceutical companies. The market is predicted to witness a rise owing to the growing number of contract research organizations and growing need to outsource healthcare analytical testing services to save time and reduce overall manufacturing costs. For example, in the United States, the number of companies in the contract research organization sector increased by an average of 0.3% per year over the five years between 2017 and 2022. In addition, for production procedures of faster medications and better patient outcomes, many pharmaceutical and biopharmaceutical companies across the globe are increasingly opting to outsource analytical testing services, which in turn is also driving the global analytical testing services market for Healthcare. An increase in drug research activities and technological advancements in the healthcare sector in various countries across the world are further driving the growth of the market.
Some of the key players operating in the market include Eurofins Scientific, Charles River Laboratories, Thermo Fisher Scientific, Merck KGAA, Danaher Corporation, Sartorius AG, Syneos Health, Almac Group, WuXi AppTec Co. Ltd., SGS SA.
Impact of COVID-19
The recent covid-19 pandemic has turned the world upside down and caused a state of shock in the global economy. The global pandemic has impacted the healthcare industry and transformed the way healthcare is delivered. The healthcare analytical testing services market was slightly affected during this period owing to the delay in starting various new clinical trials. However, the growth of this market should have a positive impact in the long term.
The report on the global Healthcare Analytical Testing Services market is studied extensively with several aspects which would help the stakeholders to make their decisions more carefully.
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Based on Type, the healthcare analytical testing services market is segmented into bioanalytical testing services, physical characterization services, method development and validation services, raw material testing services, batch release, stability testing, microbial testing services and environmental monitoring. services. The bioanalytical testing services segment accounted for a large market share in 2020 and is estimated to grow rapidly over the forecasted period as the utility of this service controls the cost of drug development.
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Based on the end user, the market is fragmented into pharmaceutical and biopharmaceutical companies, medical device companies, and clinical research organizations. The segment of pharmaceutical and biopharmaceutical companies is expected to capture a considerable market share in 2020 and is expected to grow with a lucrative CAGR during the forecast period, as these companies have a high need for analytical tests to support the numerous manufacturing and processing operations. commercialization, clinical trials, drug discovery and drug development procedures.
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Geographical segmentation of the Healthcare Analytical Testing Services Market includes:
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North America (United States, Canadaand Rest of North America)
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Europe (Germany, UK, Spain, Italy, Franceand the rest of Europe)
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Asia Pacific (China, Japan, Indiaand the rest of Asia Pacific)
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Rest of the world
North America is expected to grow at a substantial CAGR during the forecast period. Major factors such as well-established healthcare infrastructure, presence of a number of leading pharmaceutical and biopharmaceutical companies in the region, high investments in biosimilars and biologics segment and increasing R&D expenses.
Key players targeting the market include
Competitive landscape
The degree of competition between major global companies has been worked out by analyzing several key players operating across the globe. The specialized team of research analysts sheds light on various traits such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions by leading companies in the Healthcare Analytical Testing Services Market. Major players have been analyzed using research methodologies to get an overview of the global competition.
Key questions answered through this analytical market research report include:
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What are the latest trends, patterns, and technological advancements within the Healthcare Analytical Testing Services market?
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What factors are influencing the Healthcare Analytical Testing Services Market during the forecast period?
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What are the global challenges, threats and risks in the Healthcare Analytical Testing Services market?
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What factors are driving and restraining the Healthcare Analytical Testing Services Market?
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Which are the demanding global regions of Healthcare Analytical Testing Services Market?
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What will be the size of the global market in the coming years?
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What are the crucial market acquisition strategies and policies applied by global companies?
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Healthcare Analytical Testing Services Market Report cover
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Report attributee |
Details |
|
Year of reference |
2020 |
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Forecast period |
2022-2028 |
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Growth dynamics |
Accelerate at a CAGR of 9% |
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Market size 2028 |
$14 billion |
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Regional analysis |
North America, Europe, APAC, Rest of the World |
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Major contributing region |
North America to dominate the Global Healthcare Analytical Testing Services Market |
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Main countries covered |
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, India |
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Profiled companies |
Eurofins Scientific, Charles River Laboratories, Thermo Fisher Scientific, Merck KGAA, Danaher Corporation, Sartorius AG, Syneos Health, Almac Group, WuXi AppTec Co. Ltd., SGS SA |
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Report scope |
Market trends, drivers and restraints; Revenue estimation and forecasting; segmentation analysis; impact of COVID-19; Analysis of supply and demand; VScompetitive landscape; Company profiling |
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Segments Covered |
By type; By the end user; By region/country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research company and a subsidiary of Universal Data Solutions. We believe in providing information through market intelligence reports, custom business research and primary research. Our research studies are spread across topics across the globe, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis and custom reports that help shape winning business strategies for our clients.
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