Healthcare Analytical Testing Services Market to Surpass Valuation of USD 15.55 Billion by 2031 | SkyQuest Technology
The healthcare analytical testing services market is growing due to rising clinical trials, biosimilar focus, increased outsourcing, and the impact of COVID-19.
Westford, USA, Dec. 15, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global healthcare analytical testing services market size will reach a value of USD 15.55 Billion by 2031, with a CAGR of 11.2% during the forecast period (2024-2031). The market’s main driving factors are the number of companies in the pharmaceutical and medical device industries that outsource analytical testing services, increased clinical trials in need of analytical testing, and the rising emphasis on biosimilars. The industry has grown as a result of the COVID-19 pandemic. Additionally, since the pandemic, the market has seen a quick development in medications and treatments for its prevention, which has increased the demand for analytical testing services.
Browse in-depth TOC on the “Healthcare Analytical Testing Services Market”
Pages – 168
Tables – 61
Figures – 70
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Healthcare Analytical Testing Services Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.39 Billion |
| Estimated Value by 2031 | USD 15.55 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Type, End User, and Trends |
| Segments Covered | Type, Gender, Service, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Outsourcing of analytical testing services |
| Key Market Opportunities | Adoption of digital technology |
| Key Market Drivers | Increasing demand for medical testing services |
Pharmaceutical Analytical Testing Services to Hold Significant Growth due to Increasing Regulatory Requirements
The dominance of pharmaceutical analytical testing services in the global healthcare analytical testing services market is driven by increasing regulatory requirements, the rising complexity of drug formulations, and the demand for quality assurance. Those services provide strict compliance, improved drug safety, and support an increasing demand for accurate reliable testing in the pharmaceutical industry, reflecting a promising global healthcare analytical testing services market outlook.
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Pharmaceutical & Biopharmaceutical Companies to Lead Market due to Increasing Demand for Drug Development
Pharmaceutical and biopharmaceutical companies dominate the global healthcare analytical testing services market due to the increasing demand for drug development and manufacturing. This calls for a specific analytical service meant for ensuring safety, efficacy, and compliance with all world standards along the lines of the production process. It is really meant for stringent regulatory compliance, product quality assurance, and testing the biologics during their production, which supports positive global healthcare analytical testing services market trends.
Asia Pacific to Dominate Market due to Advanced Technological Capabilities & Stringent Regulatory Frameworks
North America’s dominance in the global healthcare analytical testing services market is fueled by robust healthcare infrastructure, advanced technological capabilities, and stringent regulatory frameworks. These aspects are the ones driving up a high demand for the proper testing services through which pharmaceutical innovations are done, clinical tests take place, and compliance with regulatory standards is met, securing the place of North America as the leader in the global healthcare analytical testing services market outlook.
Healthcare Analytical Testing Services Market Insight
Drivers:
- Reliable Analytical Testing Services to Ensure Compliance
- Growing Complexity of Drug Formulations
- Growth in Biologics and Biosimilars
Restraints:
- High Cost of Analytical Testing Services
- Achieving Fast Turnaround Times
- Increasing Concerns Around Data Security in Testing Services
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Prominent Players in Healthcare Analytical Testing Services Market
- Eurofins Scientific (Luxembourg)
- Laboratory Corporation of America Holdings (US)
- SGS S.A. (Switzerland)
- Charles River Laboratories (US)
- WuXi AppTec Co. Ltd. (China)
- Element Materials Technology (UK)
- Thermo Fisher Scientific, Inc. (US)
- Pace Analytical Services LLC (US)
- Intertek Group plc (UK)
- IQVIA Inc. (US)
- Merck KGaA (Germany)
- Source BioScience (UK)
- Almac Group (UK)
- ICON Plc (Ireland)
- Frontage Laboratories, Inc. (US)
- STERIS Plc (US)
- Sartorius AG (Germany)
- ALS Life Science (US)
- Syneos Health, INC (US)
- Medpace Holdings, Inc. (US)
Key Questions Answered in Global Healthcare Analytical Testing Services Market Report
- What will be the projected market size of the global healthcare analytical testing services industry by 2031?
- What are the primary factors driving the growth of healthcare analytical testing services?
- Which region is expected to dominate the market, and what factors contribute to its dominance?
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This report provides the following insights:
Analysis of key drivers (Pandemic increased demand for testing services, higher incidences of chronic conditions, emphasis on drug safety & efficacy), restraints (Regulatory delays in approvals, healthcare budget constraints) opportunities (Growth of telemedicine, rise of point-of-care diagnostics) influencing the growth of healthcare analytical testing services market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the healthcare analytical testing services market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the healthcare analytical testing services market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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