The global healthcare analytical testing services market size is expected to reach USD 11.9 billion by 2028 at a CAGR of 11.6%, according to a new report by Reports and Data. The global market growth is significantly accelerated by the rising need for outsourcing healthcare analytical testing services, the growing number of contract research organizations, increasing clinical trials being performed worldwide, and the surging adoption of the quality-by-design approach among pharmaceutical companies. Pharmaceutical and biopharmaceutical companies worldwide are outsource healthcare analytical testing services to streamline drug manufacturing processes, ease the end-to-end stages of drug discovery, reduce their capital expenditure, and raise profit margins. Healthcare analytical testing services are also leveraged by these companies to reduce the time required for process validation, facilitate clinical trials and commercial launch of drugs, offer in-depth insights into patient records and hospital management, and improve patient outcomes. The significant rise of the biopharmaceutical sector, augmented focus on employing specialized testing services for biologics and biosimilars, and the growing development of biopharmaceutical drugs and products are further expected to propel the global healthcare analytical testing services market growth in the near future. However, the lack of technical expertise and skills and risks of user data breach associated with healthcare analytical testing services are specific factors expected to restrain the growth of this market in the upcoming years.
Top Companies Profiled in the Report Include: Almac Group, LabCorp, Merck KGAA, Eurofins Scientific, Element Materials Technology, Syneos Health, WuXi PharmaTech, Pace Analytical, Frontage Labs, Medpace Holdings, Intertek, Source BioScience, PRA Health Sciences, STERIS PLC, LGC Limited, and Charles River Laboratories.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
Additionally, the report consists a detailed analysis of the segmentation of the Healthcare Analytical Testing Services market based on product types and end-use/application offered in the Healthcare Analytical Testing Services market.