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Healthcare Analytical Testing Services Market Worth 5.97 Billion USD by 2023

MarketsandMarkets
Posted on: 20 Mar 18
Healthcare Analytical Testing Services Market Worth 5.97 Billion USD by 2023

PR Newswire

PUNE, India, March 20, 2018

PUNE, India, March 20, 2018 /PRNewswire/ --

According to a new market research report "Healthcare Analytical Testing Services Market by Type (Method Validation, Environmental Monitoring, Bioanalytical Services, Stability, Raw Materials, & Microbial Testing), End User (Pharmaceutical, Medical Device Companies, CRO) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 5.97 Billion by 2023 from an estimated USD 3.43 Billion in 2018, at a CAGR of 11.7%. The shift of focus towards analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, increasing acceptance of the QbD approach in pharma research/manufacturing, and adoption of FTE contracts in R&D outsourcing are the major factors driving the growth of the Healthcare Analytical Testing Services Market.

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Browse 286 market data Tables and 36 Figures spread through 296 Pages and in-depth TOC on "Healthcare Analytical Testing Services Market"

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" By type, the bioanalytical testing segment accounted for the largest share of the Healthcare Analytical Testing Services Market in 2017."

On the basis of type, the bioanalytical testing segment accounted for the largest share of the global Healthcare Analytical Testing Services Market. The large share of this segment is due to increasing number of drugs in the biopharmaceutical pipeline and the growing biopharmaceutical industry.

" By end user, the pharmaceutical and biopharmaceutical companies segment held the largest market share of the Healthcare Analytical Testing Services Market in 2017."

Based on end user, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the Healthcare Analytical Testing Services Market. The large share of this segment can be attributed to increasing outsourcing of analytical testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time required to validate the process and product.

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" North America dominated the market in 2017. " 

North America accounted for the largest share of the Healthcare Analytical Testing Services Market in 2017, followed by Europe and Asia Pacific. The presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, growth in the biosimilars and generics markets, increasing number of analytical testing service providers, and rising outsourcing of analytical testing by biopharmaceutical companies are the major factors responsible for the large share of North America in the global Healthcare Analytical Testing Services Market.

The prominent players in the global Healthcare Analytical Testing Services Market are Eurofins Scientific (Luxembourg), Wuxi PharmaTech (China), and Charles River Laboratories (US) held the major share of the Healthcare Analytical Testing Services Market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market are Almac Group (UK), Exova Group (UK), PPD (US), Source BioScience (UK), Anabiotec (Belgium), Intertek Group (UK), and BioReliance (US).

Know more about the Healthcare Analytical Testing Services Market: 

https://www.marketsandmarkets.com/Market-Reports/healthcare-analytical-testing-services-market-108923833.html

About MarketsandMarkets™  

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


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SOURCE MarketsandMarkets

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Last updated on: 20/03/2018

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