LONDON--(BUSINESS WIRE)--The global healthcare analytical testing services market is expected to grow at a CAGR of close to 10% during the period 2017-2021, according to a new market research study by Technavio.
The report presents a comprehensive outline of the global healthcare analytical testing services market by end-user that comprises of pharmaceutical and biotechnology companies, medical device companies, and contract research organizations (CRO). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Market driver: increasing demand for analytical testing services from pharmaceutical and biotechnology sector
There is an increase in the number of deadly diseases such as cancer. This has created a need to increase the production of drugs and develop new drugs to reduce the burden on existing ones. These factors are increasing the demand for high-quality analytical services from the pharmaceutical and biotechnology companies. This is because they need to focus more on their core competencies and the scientific aspects of the drugs. For smooth functioning, pharmaceutical and biotechnology companies partner with vendors offering analytical testing services to ensure that product is not adversely impacted, and the manufacturing facilities do not face regulatory compliance issues.
According to Tasneem Ali, a lead analyst at Technavio for lab equipment research, “There is an increase in the investments in drug development and commercialization along with the demand for low-cost biologics. Thus, the pharmaceutical and biotechnology companies partner with or outsource analytical testing services to vendors that undertake the entire analytical testing process including testing, storage, analysis of residual solvents, and method validation. With the increasing need for high-quality products, the reliance on quality analytical testing procedures will also increase. Consequently, the global healthcare analytical testing services market will experience growth throughout the forecast period.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: increasing outsourcing of analytical testing services
The pharmaceutical and biotechnology companies are trying to reduce the cost and time of the manufacturing process. This has led to the growth of the trend of outsourcing the analytical testing services to CRO. This outsourcing assists the companies in keeping control of the testing procedure, retain proprietary knowledge, and free up resources for R&D. The CRO’s in the market have started offering a wide array of services in response to the growing need for the pharmaceutical companies to free up their resources and save costs. Outsourcing analyses that require a high degree of technical expertise or expensive instrumentation can save a company money by eliminating the need to employ an expert in the field or buy capital-intensive instrumentation.
Market challenge: changing formulations in product design
Over the years, efficient analytical testing methods have been developed for chemical formulations that are commonly used. But, numerous new formulations are being discovered and developed into medicines through extensive research. These new classes of molecules or chemical conjugates are difficult to analyze. Patient-specific cancer vaccines require a different conceptual approach. In this case, some (routine) test methods should test for non-patient-specific manufacturing (batch-to-batch) consistency, while the others should test for patient-specific critical quality attributes. A direct potency test method may not exist, and instead, several surrogate test methods may need to be used to determine potency.
Is your business on track for a successful future? Learn how Technavio can help
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
Key vendors in the market
- Charles River Laboratories
- Eurofins Scientific
- Thermo Fisher Scientific
The global healthcare analytical testing services market is oligopolistic. Only a few key vendors such as Charles River Laboratories, Eurofins Scientific, SGS, and Thermo Fisher Scientific have strong financials, high employee strength, and a wider presence across the globe than the other vendors in the market.
Get a sample copy of the global healthcare analytical testing services market report free of cost
Access Technavio’s continuously growing lab equipment research library and find expert analysis on hundreds of markets.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.