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(IT-NEWSWIRE.COM, March 17, 2020 ) Healthcare analytical testing services are used by pharmaceutical, biopharmaceutical, and medical device manufacturers for providing support to all stages of the drug development process, from discovery through preclinical & clinical development to commercial manufacture.
The shift of focus towards analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, increasing acceptance of the QbD approach in pharma research/manufacturing, and adoption of FTE contracts in R&D outsourcing are the major factors driving the growth of the healthcare analytical testing services market.
The healthcare analytical testing services market is expected to reach USD 5.97 Billion by 2023 from USD 3.09 Billion in 2017, at a CAGR of 11.7%.
Global Market Opportunities:
1. Rising Demand for Specialized Analytical Testing Services
2. Growth Opportunities in Emerging Asia Pacific Countries
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End Users of Healthcare Analytical Testing Services:
1. Pharmaceutical & Biopharmaceutical Companies
2. Medical Device Companies
3. Contract Research Organizations
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing outsourcing of analytical testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time required to validate the process and product.
Types of Healthcare Analytical Testing Services:
1. Bioanalytical Testing
2. Method Development & Validation
3. Raw Material Testing
4. Batch-Release Testing
5. Stability Testing
6. Microbial Testing
7. Environmental Monitoring
Geographical Growth and Demand of Healthcare Analytical Services Industry:
Geographically, the global healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, North America accounted for the largest share of the healthcare analytical testing services market, followed by Europe and Asia Pacific.
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The rising demand for specialized analytical testing services and growth opportunities in emerging APAC countries are expected to provide further growth opportunities for players operating in the healthcare analytical testing services market. However, pricing pressure faced by market players and shortage of skilled professionals in the healthcare analytical testing services industry are some of the factors limiting the growth of this market during the forecast period.
Key Players in Global Industry:
The prominent players in the global healthcare analytical testing services market are Eurofins Scientific (Luxembourg), Wuxi PharmaTech (China), Charles River Laboratories (US), Almac Group (UK), Exova Group (UK), PPD (US), Source BioScience (UK), Anabiotec (Belgium), Intertek Group (UK), and BioReliance (US).
MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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