Healthcare Analytical Testing Services Market Size Worth $23.9 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, March 15, 2021 /PRNewswire/ -- The global healthcare analytical testing services market size is expected to reach USD 23.9 billion by 2028 at a CAGR of 9.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing emphasis on biosimilars, increased outsourcing of the aforementioned services by pharmaceutical companies, and rise in the number of clinical trials are some of the key factors expected to drive the global market in the years to come.

Key suggestions from the report:

• The stringent regulation in the medical device & pharmaceutical industry is fueling the adoption of analytical testing services
• The pharmaceutical product type segment led the global market with the largest revenue share of over 57% in 2020
• This growth was owing to high outsourcing of analytical testing by pharmaceutical companies as it requires highly skilled staff and specialized equipment
• North America dominated the global market with the largest revenue share of 42.0% in 2020 owing to the presence of the largest clinical trials market in the U.S.
• Asia Pacific is projected to be the fastest-growing regional market during the forecast period owing to the expansion of the biosimilar market in countries such as India

Read 114 page research report with ToC on "Healthcare Analytical Testing Services Market Size, Share & Trends Analysis Report By Product Type (Medical Device, Pharmaceutical), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/healthcare-analytical-testing-services-market

Biosimilars are FDA-approved treatments and possess highly identical properties to approved biologic drugs. They serve as a low-cost and effective treatment option when compared to biologics, which is anticipated to increase its demand remarkably in the coming years. An article on biosimilars published by Sandoz International GmbH, highlights analytical testing as a key stage in biosimilar development, thus creating demand for such services.

The global COVID-19 pandemic is expected to offer high growth opportunities to the providers of such services. As pharmaceutical companies across the world have started clinical trials for the development of vaccines and drugs for the treatment of COVID-19, the demand for analytical testing has increased. Also, to combat the coronavirus, there is a surge to meet the global needs including medical devices and pharma products that require rigorous testing before delivering the final product to the clients. This is expected to boost the demand for such services.

Grand View Research has segmented the global healthcare analytical testing services market on the basis of product type and region:

• Healthcare Analytical Testing Services Product Type Outlook (Revenue, USD Million, 2016 - 2028)
• Medical Device
• Extractable & Leachable
• Material Characterization
• Physical
• Bioburden
• Sterility
• Other Tests
• Pharmaceutical
• Bioanalytical
• Method Development & Validation
• Stability
• Other Services
• Healthcare Analytical Testing Services Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• India
• Japan
• China
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• MEA
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Healthcare Analytical Testing Services Market

• PPD, Inc.
• ICON plc
• LabCorp
• Charles River Laboratories International, Inc.
• Syneos Health
• SGS SA
• Eurofins Scientific
• Toxikon, Inc.
• Intertek Group

Find more research reports on Medical Devices Industry, by Grand View Research:

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• Sterilization Equipment Market – Global sterilization equipment market size was valued at USD 5.52 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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