LONDON--(BUSINESS WIRE)--The global healthcare analytical testing services market is expected to grow by USD 3.98 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 14%.
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Read the 120-page report with TOC on "Healthcare Analytical Testing Services Market Analysis Report by End-user (Pharmaceutical and biotechnology companies, Medical device companies, and CRO), Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing demand for analytical testing services from the pharmaceutical and biotechnology sector. In addition, growing acceptance of the QbD approach in research and manufacturing is anticipated to boost the growth of the healthcare analytical testing services market.
The increasing prevalence of diseases such as cancer has created a significant demand for the production and development of new drugs. In addition, the growing focus on improving core competencies and scientific aspects of drugs among pharmaceutical and biotechnology companies have increased the demand for high-quality analytical services. Analytical testing services ensure that the product is not adversely impacted and reduces regulatory compliance issues faced by manufacturing facilities. With the growing number of biopharmaceuticals being produced, the demand for analytical testing will significantly increase during the forecast period. These factors are fueling the growth of the global healthcare analytical testing services market.
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Major Five Healthcare Analytical Testing Services Companies:
Almac Group Ltd.
Almac Group Ltd. operates its business through segments such as Diagnostic Services, API Services & Chemical Development, Pharmaceutical Development, Analytical & Solid State Services, Clinical Services, Clinical Technologies, and Commercial Services. The company offers microbiology testing services, biopharmaceutical testing services, bioanalysis, and pharmacokinetics services.
Charles River Laboratories International Inc.
Charles River Laboratories International Inc. operates its business through segments such as Research models and services, Discovery and safety assessment, and Manufacturing support. The company offers analysis and testing of pharmaceutical formulations such as solutions, suspensions, emulsions, and capsules.
Envigo operates its business through segments such as Research models and Research services. The company offers a wide range of research services for biological products, contract breeding, custom antibody production, and genetic testing.
Eurofins Scientific SE
Eurofins Scientific SE operates its business through segments such as Western Europe, North America, and Rest of the World. The company offers bio analytical testing services such as pharmaceutical and medical device testing.
Laboratory Corp. of America Holdings
Laboratory Corp. of America Holdings operates its business through segments such as LabCorp Diagnostics and Covance Drug Development. The company offers a wide range of laboratory tests and drug development services.
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Healthcare Analytical Testing Services Market End-user Outlook (Revenue, USD bn, 2020-2024)
- Pharmaceutical and biotechnology companies
- Medical device companies
Healthcare Analytical Testing Services Market Geography Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
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Related Reports on Healthcare Include:
Global Biopharmaceutical Analytical Testing Services Market – Global biopharmaceutical analytical testing services market by geography (North America, APAC, Europe, South America, and MEA) and end-users (pharma and biotech companies and CROs).
Global Biotechnology Reagents Market – Global biotechnology reagents market by technology (chromatography, in-vitro diagnostics, polymerase chain reaction, cell culture, and others) and geography (APAC, Europe, North America, and ROW).
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