What is the Historical Analysis of the Healthcare Analytical Testing Services Market Size?
The healthcare analytical testing services market has seen considerable growth due to a variety of factors.
• In recent years, there has been significant growth in the size of the healthcare analytical testing services market. It is projected to expand from $6.63 billion in 2024 to $7.62 billion in 2025, representing a compound annual growth rate (CAGR) of 14.9%.
The expansion during the historical period can be linked to factors such as regulatory compliance, drug development and approval, increased clinical trials, a growing elderly population, and a rise in chronic diseases.
What is the Forecasted Growth of the Healthcare Analytical Testing Services Market Size?
The healthcare analytical testing services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for healthcare analytical testing services is projected to expand significantly, reaching a valuation of $13.04 billion in 2029 with a compound annual growth rate (CAGR) of 14.4%.
Factors contributing to this expected growth over the forecast period include the rise of telemedicine and remote monitoring, an increased focus on drug safety and pharmacovigilance, development in biopharmaceuticals and biosimilars, the growing potential of emerging markets, and stringent regulatory standards. The period is also likely to see trends such as advanced analytical methodologies, heightened data security and privacy measures, a surge in personalized medicine testing, applications of AI and machine learning, and increased environmental and contaminant testing.
What Are The Key Drivers Fueling Growth In The Healthcare Analytical Testing Services Market?
The rise in chronic disease occurrence is anticipated to propel the healthcare analytical testing services market in the future. Chronic diseases are conditions that last in individuals for more than three months, with examples such as arthritis, asthma, cancer, diabetes, and others. Analytical testing services in healthcare are crucial for diagnosing and commencing early treatment for countless patients living with chronic diseases. For instance, Firstpost, an online news and media platform in India, predicts that by 2025, the number of diabetes cases in India will likely double to 134 million. Thus, the escalating prevalence of chronic diseases is fueling the expansion of the healthcare analytical testing service market.
What Are The Principal Market Segments In The Global Healthcare Analytical Testing Services Industry?
The healthcare analytical testing services market covered in this report is segmented –
1) By Type: Bioanalytical Testing Services, Physical Characterization Services, Method Development And Validation Testing Services, Raw Material Testing Services, Batch-Release Testing Services, Stability Testing, Microbial Testing Services, Other Types
2) By End User: Pharmaceutical And Biopharmaceutical Companies, Medical Device Companies, Contract Research Organizations
Subsegments:
1) By Bioanalytical Testing Services: Pharmacokinetics Testing, Biomarker Analysis
2) By Physical Characterization Services: Particle Size Analysis, Surface Area Analysis
3) By Method Development and Validation Testing Services: Analytical Method Development, Method Validation
4) By Raw Material Testing Services: Identity Testing, Purity Testing,
5) By Batch-Release Testing Services: Quality Control Testing, Compliance Testing, Stability Testing
6) By Stability Testing: Accelerated Stability Testing, Long-Term Stability Testing
7) By Microbial Testing Services: Sterility Testing, Endotoxin Testing
8) By Other Types: Residual Solvent Testing, Extractables And Leachable Testing
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Which Emerging Market Trends Are Altering The Healthcare Analytical Testing Services Sector?
The escalating progression of technology is the most prominent trend currently being observed in the healthcare analytical testing service market. Top market participants are concocting cutting-edge technologies to maintain their market standing. For instance, Charles River Laboratories International Inc., an American pharmaceutical firm offering clinical analytical and drug discovery services, and Valo Health Inc., another American company active in the drug discovery process, rolled out the Logica analytical platform in April 2022. This unified AI-driven drug testing platform assists in the creation of drug molecules, synthesis capacities, and DNA-encoded libraries, and seamlessly converts biological testing data into improved preclinical outcomes, thereby boosting drug discovery and biological testing.
Who Are the Key Players in the Healthcare Analytical Testing Services Market?
Major companies operating in the healthcare analytical testing services market include:
• Almac Group
• ALS Limited
• Anacura Life Sciences
• Charles River Laboratories International Inc.
• Danaher Corporation
• Element Materials Technology Group
• Eurofins Scientific SE
• ICON plc
• Impact Analytical Testing Lab
• Intertek Group plc
• Merck KGaA
• Pace Analytical Services LLC
• PPD Inc.
• Sartorius AG
• SourceBio International plc
• Steris Corporation
• Syneos Health Inc.
• Thermo Fisher Scientific Inc.
• WuXi AppTec
• Analytical Bio-Chemistry (ABC) Laboratories
• Avance Biosciences
• Avista Pharma Solutions
• Avomeen Analytical Services
• BioPharma Services Inc.
• Boston Analytical
• Exova
• Laboratory Corporation
• MedPharm Inc.
• Micro Quality Labs
• Microbac Laboratories
• Microbac Laboratories Inc.
• Nelson Laboratories LLC
• Pacific Biolabs Inc.
• PPD Inc.
What are the Regional Insights into the Healthcare Analytical Testing Services Market?
North America was the largest region in the healthcare analytical testing services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare analytical testing services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
