Healthcare Analytical Testing Services Global Market Report 2024

Healthcare analytical testing services involve the validation of procedures utilized in drug discovery and development, the assessment of finished products, and the detection of microorganisms in biological drugs, suspensions, and emulsions.

The primary types of healthcare analytical testing services encompass 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, and others. Bioanalytical testing services leverage medical devices to provide insights into pharmacokinetics and pharmacodynamics, determining drug and metabolite content in blood and urine for pharmacological and toxicological research. The term 'bioanalytical' specifically refers to the process of detecting metabolites in biological fluids. Various end users of healthcare analytical testing services include pharmaceutical and biopharmaceutical companies, medical device companies, and clinical research organizations. These services play a critical role in ensuring the quality and safety of healthcare products and contribute to advancements in pharmacological and toxicological research.

The healthcare analytical testing services market research report is one of a series of new reports that provides healthcare analytical testing services market statistics, including healthcare analytical testing service industry global market size, regional shares, competitors with a healthcare analytical testing services market share, detailed healthcare analytical testing services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare analytical testing service industry. This healthcare analytical testing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The healthcare analytical testing services market size has grown rapidly in recent years. It will grow from $5.72 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth observed in the historical period can be attributed to several key factors, including a focus on regulatory compliance, advancements in drug development and approval processes, the expansion of clinical trials, the demographic shift towards an aging population, and the escalating prevalence of chronic diseases. These elements collectively played a significant role in driving growth during this historical timeframe.

The healthcare analytical testing services market size is expected to see rapid growth in the next few years. It will grow to $11.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The anticipated growth in the forecast period can be attributed to various key factors, including the increasing adoption of telemedicine and remote monitoring practices, the heightened focus on drug safety and pharmacovigilance, advancements in biopharmaceuticals and biosimilars, the expanding opportunities in emerging markets, and the stringent regulatory landscape. Major trends expected in the forecast period encompass the utilization of advanced analytical techniques, an increased emphasis on data security and privacy, the growth of personalized medicine testing, the integration of AI and machine learning applications, and an elevated focus on environmental and contaminant testing. These factors and trends collectively contribute to the projected growth in the upcoming period.

The healthcare analytical testing services market is poised for growth, primarily driven by the increasing incidence of chronic diseases. Chronic diseases, lasting for more than three months, encompass conditions like arthritis, asthma, cancer, and diabetes. Healthcare analytical testing services play a crucial role in the diagnosis and early treatment of millions of patients suffering from chronic diseases. For example, diabetes cases in India are projected to double to 134 million by 2025, highlighting the growing prevalence of chronic diseases and the consequent demand for analytical testing services. The surge in chronic disease cases is a key factor propelling the expansion of the healthcare analytical testing services market.

The rise in the number of clinical trials is expected to contribute significantly to the growth of the healthcare analytical testing services market. Clinical trials, conducted to evaluate the safety and efficacy of medical treatments or interventions, utilize analytical testing services for drug safety and efficacy assessments, dosing and formulation evaluations, data integrity, and quality control. As of October 2023, the number of registered clinical trials increased globally, with 143,613 studies registered in the U.S. alone and 251,159 studies registered in non-U.S. locations. The substantial growth in clinical trials both within and outside the U.S. underscores the increasing reliance on analytical testing services, thereby driving market growth.

Technological advancement is a prominent trend shaping the healthcare analytical testing services market. Major market players are actively investing in innovative technologies to maintain a competitive edge. In April 2022, Charles River Laboratories International Inc. and Valo Health Inc., both U.S.-based companies operating in drug discovery and analytical services, launched the Logica analytical platform. This platform, powered by artificial intelligence, is designed to assist in drug molecule design, synthesis capabilities, and DNA-encoded libraries. It translates biological testing outputs into optimized preclinical results, enhancing drug discovery and biological testing processes. Technological advancements such as the Logica analytical platform signify a commitment to innovation and are pivotal in sustaining market leadership in the healthcare analytical testing services segment.

Prominent companies in the healthcare analytical testing services market are strategically focusing on innovative services, specifically analytical services for drug developers and manufacturers, to secure a competitive advantage. These analytical services involve comprehensive laboratory testing and analysis to ensure the quality, safety, and efficacy of pharmaceutical products throughout their developmental and production phases. In a notable example, LGM Pharma LLC, a US-based contract development and manufacturing organization, launched a new offering in July 2021, providing analytical testing and stability services to pharmaceutical developers and manufacturers, including compounding pharmacies. This initiative reflects the industry's commitment to delivering advanced analytical solutions that support the quality and integrity of pharmaceutical products.

In December 2021, Laboratory Corporation, a prominent US-based life science company specializing in diagnostic and contract research services, made a strategic move by acquiring Toxikon Corporation for an undisclosed amount. This acquisition is instrumental in expanding Laboratory Corporation's product portfolio, particularly in non-clinical analytical drug development and medical device analytical testing services. Toxikon Corporation, a US-based contract research organization, specializes in nonclinical testing, drug development testing, medical device testing, and toxicology analytical services. The acquisition aligns with Laboratory Corporation's growth strategy and strengthens its capabilities in providing comprehensive analytical testing services to the pharmaceutical and medical device industries.

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.

North America was the largest region in the healthcare analytical testing services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare analytical testing services market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the healthcare analytical testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The healthcare analytical testing services market includes revenues earned by providing services such as environmental monitoring services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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