Healthcare Analytical Testing Services Market Worth 5.97 Billion USD by 2023
20 Mar, 2018, 16:00 GMT
PUNE, India, March 20, 2018 /PRNewswire/ --
According to a new market research report "Healthcare Analytical Testing Services Market by Type (Method Validation, Environmental Monitoring, Bioanalytical Services, Stability, Raw Materials, & Microbial Testing), End User (Pharmaceutical, Medical Device Companies, CRO) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to reach USD 5.97 Billion by 2023 from an estimated USD 3.43 Billion in 2018, at a CAGR of 11.7%. 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.
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"By type, the bioanalytical testing segment accounted for the largest share of the Healthcare Analytical Testing Services Market in 2017."
On the basis of type, the bioanalytical testing segment accounted for the largest share of the global Healthcare Analytical Testing Services Market. The large share of this segment is due to increasing number of drugs in the biopharmaceutical pipeline and the growing biopharmaceutical industry.
"By end user, the pharmaceutical and biopharmaceutical companies segment held the largest market share of the Healthcare Analytical Testing Services Market in 2017."
Based on end user, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the Healthcare Analytical Testing Services Market. The large share of this segment can be attributed to 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.
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"North America dominated the market in 2017."
North America accounted for the largest share of the Healthcare Analytical Testing Services Market in 2017, followed by Europe and Asia Pacific. The presence of a well-established pharmaceutical industry in the region, coupled with the high R&D expenditure, growth in the biosimilars and generics markets, increasing number of analytical testing service providers, and rising outsourcing of analytical testing by biopharmaceutical companies are the major factors responsible for the large share of North America in the global Healthcare Analytical Testing Services Market.
The prominent players in the global Healthcare Analytical Testing Services Market are Eurofins Scientific (Luxembourg), Wuxi PharmaTech (China), and Charles River Laboratories (US) held the major share of the Healthcare Analytical Testing Services Market and will continue to dominate the market between 2018 and 2023. Other major players operating in this market are Almac Group (UK), Exova Group (UK), PPD (US), Source BioScience (UK), Anabiotec (Belgium), Intertek Group (UK), and BioReliance (US).
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