US$ 3.5 Bn in 2019 | Healthcare Analytical Testing Services Market Reckoned Double Digit CAGR Of 12.7% By 2028
New York City, NY: Sept 10, 2019 – Published via (Wired Release) – Healthcare analytical testing services are mostly adopted by pharmaceutical companies, biopharmaceutical companies, and medical equipment or device manufacturers to gain support in end-to-end stages of drug development. This analytical testing service offers important support in the overall drug development process that is from start of discovery of drug, through end of clinical trials and launch of drugs for commercial use.
The first five-year cumulative revenue (2018–2022) is projected to be more than US$ 20 Bn, which is expected to increase relatively over the latter part of the five-year forecast period. The global healthcare analytical testing services market is expected to value at more than US$ 3.5 Bn in 2019, and is expected to register a CAGR of 12.7%.
Global Healthcare Analytical Testing Services Market: Market Dynamics
Major factors driving growth of the global healthcare analytical testing services market is due to high demand and need for outsourcing of research & development activities.
In addition, rising cost of analytical testing of biosimilar or biologics, rising trend of outsourcing analytical testing services by various companies in healthcare sector in order to reduce time and cost required for overall manufacturing process, and growing adoption of QbD (Quality by design) approach by pharmaceutical manufacturing companies as it supports the them to deliver outcomes with high quality and accuracy are other major factors expected to drive growth of the global market.
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Growing biopharmaceutical industry, coupled with rising number of biopharmaceutical drugs in pipeline is resulting in high demand for bioanalytical testing services, which in turn is expected to fuel growth of the global healthcare analytical testing services market in the years to come.
Global Healthcare Analytical Testing Services Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global healthcare analytical testing services market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global healthcare analytical testing services market is expected to register a CAGR of 12.7% during the forecast period.
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Global Healthcare Analytical Testing Services Market: Segmental Snapshot
By Service Type: The bioanalytical testing services segment is expected to register highest CAGR of over 12.8% over the forecast period in the global market
By End User: The contract research organizations segment is expected to register highest CAGR of over 12.9% over the forecast period in the global market
By Region: The market in Asia Pacific is expected to register highest CAGR of over 13.3% in the global healthcare analytical testing services market
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Global Healthcare Analytical Testing Services Market: Competitive Analysis
The research report on the global healthcare analytical testing services market includes profiles of some of the major companies such as Almac Group Limited, Element Materials Technology Group Limited, Eurofins Scientific SE, PPD Development, LP, Source BioScience plc, Intertek Group plc, Laboratory Corporation of America, Inc., BioReliance Corporation (Merck KGaA), Charles River Laboratories, Inc., and WuXi AppTec, Inc. (WuXi PharmaTech (Cayman) Inc.).
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