Global Healthcare Analytical Testing Services market outlook 2024, Forecast To 2033

The healthcare analytical testing services market has witnessed rapid growth, expanding from $5.72 billion in 2023 to $6.59 billion in 2024, with a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period is linked to regulatory compliance, drug development and approval, the expansion of clinical trials, the rise in the aging population, and increased prevalence of chronic diseases. Expected to experience rapid growth in the next few years, the market is projected to reach $11.29 billion in 2028, with a CAGR of 14.4%. The forecasted growth is attributed to telemedicine and remote monitoring, drug safety and pharmacovigilance, advancements in biopharmaceuticals and biosimilars, the emergence of new markets, and regulatory stringency. Major trends in the forecast period include the adoption of advanced analytical techniques, ensuring data security and privacy, personalized medicine testing, applications of AI and machine learning, and environmental and contaminant testing.