Global Healthcare Analytical Testing Services Market projected to grow at a CAGR of 11.4% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Healthcare Analytical Testing Services Market by Type (Stability Testing, Microbial Testing Services, Method Development & Validation Services, Bioanalytical Testing Services, Environmental Monitoring Services, Physical Characterization Services, Raw Material Testing Services, Batch-Release Testing Services), End-User (Contract Research Organizations, Medical Device Companies, Pharmaceutical & Biopharmaceutical Companies), Regions, and Global Forecast 2020-2027.
The global healthcare analytical testing services market is expected to grow from USD 4.40 billion in 2019 to USD 10.42 billion by 2027, at a CAGR of 11.4% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for healthcare analytical testing services and is expected to grow at the highest CAGR of during the forecast period. This is thanks to the easing of regulations, rising health expenditure, and lower production costs. However, the Nоrth Аmеrіса region іѕ estimated tо be the largest market share іn tеrmѕ оf rеvеnuе, followed by Europe in the 2nd place. The North American market’s dominance is due to factors like rising health expenditure, rising research and development activities, an increasing number of clinical trials, and due to presence of key biopharmaceutical & pharmaceutical companies in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global healthcare analytical testing services market are Merck KGAA, Syneos Health, WuXi PharmaTech, SGS, Frontage Labs, Eurofins Scientific, Anacura, Charles River Laboratories, Pace Analytical, ICON, Intertek, and Element Materials Technology, among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global healthcare analytical testing services market.
For instance, SGS North America acquired Chemical Solutions Ltd. (now known as SGS Chemical Solutions Laboratories Inc.), in May 2019. It is a research laboratory dealing in heavy metal & elemental testing for pharmaceuticals, nutraceuticals, cosmetics, and food items.
On the basis of type, the global healthcare analytical testing services market has been segmented into stability testing, microbial testing services, method development & validation services, bioanalytical testing services, environmental monitoring services, physical characterization services, raw material testing services, and batch-release testing services. The batch-release testing segment is forecasted to grow at the highest growth rate, and the bioanalytical testing services segment is said to hold the majority market share during the projected period. On the basis of end-user, the global healthcare analytical testing services market has been segmented into contract research organizations, medical device companies, and pharmaceutical & biopharmaceutical companies. The medical device companies segment is forecasted to grow at the highest growth rate, and the pharmaceutical & biopharmaceutical companies segment is said to hold the majority market share during the projected period.
About the report:
The global healthcare analytical testing services market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire