- Focus on analytical testing of biologics & biosimilars.
- Emerging markets.
- Increasing number of clinical trials.
In the current global scenario-where the focus on biologics and biosimilars has risen-it is expected that the benefits of advanced healthcare analytical testing services will ensure their greater adoption. The increasing demand for specialized testing services, the number of clinical trials, and the acceptance of the QbD approach in pharmaceutical research and manufacturing are other factors driving the growth of healthcare analytical testing services market.
Pharmaceuticals and Biotechnology Sector to Dominate The Industry:
Pharmaceutical & biopharmaceutical companies hold the largest share in the market. The largest share of this segment in the market can be attributed to the tremendous amount of analytical testing required to support a product from discovery, development, and clinical trials, through manufacturing and marketing.
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The batch-release testing segment is projected to grow at the highest CAGR during the forecast period. Within the batch-release testing services segment, the dissolution testing services market is projected to grow at the highest growth rate during the forecast period.North America to Dominate the Healthcare Analytical Testing Services Market:
North America held the largest share in the healthcare analytical testing services market in 2019. This dominance of North America in this market is due to the presence of many pharmaceutical and biopharmaceutical companies, high investments and rising focus on the biosimilars & biologics segment, and high allocation to R&D. The Asia Pacific market is expected to register the highest growth during the forecast period, primarily due to the lower production costs and growing favorability of the regulatory environment.
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Key Players in Healthcare Analytical Testing Services Market:
The prominent players in the global healthcare analytical testing services market are Eurofins Scientific (Luxembourg), LabCorp (US), SGS (Switzerland), Charles River Laboratories (US), WuXi PharmaTech (CHINA), PPD (US), Element Materials Technology (UK), Pace Analytical (US), Intertek (UK), Merck KGAA (Germany), Source BioScience (UK), Almac Group (Ireland), ICON (Ireland), Frontage Labs (US), STERIS PLC (US), PRA Health Sciences (US), Syneos Health (US), Medpace Holdings (US), LGC Limited (UK), and Anacura (Belgium).
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