According to Acumen Research & Consulting, The Global Healthcare Analytical Testing Services Market is expected to grow at a CAGR of around 9.4% from 2020 to 2027 and reach the market value of over US$ 20.7 Bn by 2027.
Analytical testing services are the techniques that are used to identify a variety of characteristics and chemical makeup of a particular sample. The advancements in healthcare analytical testing for quantitation of elemental impurities in prescription and non-prescription human drug products are rising, specifically using plasma spectrometry, ICP-MS or ICP-OES, to screen and/or accurately quantitate the presence of any elemental impurities of interest.
The global healthcare analytical testing services market is segmented on the basis of type, end-user, and geography. On the basis of type, the market is bifurcated across bioanalytical testing services, physical characterization services, method development & validation services, raw material testing services, batch-release testing services, stability testing, microbial testing services, and environmental monitoring services. Additionally, the end-user segment of the market is studied across pharmaceutical & biopharmaceutical companies, contract research organizations, and medical device companies.
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Based on the end-user, pharmaceutical & biopharmaceutical companies segment is leading the market with maximum revenue share (%) in terms of revenue. The increasing investment in analytical services by the pharmaceutical & biopharmaceutical companies is additionally supporting the regional market value. The strategic developments by the companies in order to expand their share in the foreign market as well as to develop and increase usage of more reliable drugs is further boosting the segmental market value.
Covid-19 impact on the market
The coronavirus has disrupted global operations due to nationwide lockdowns. Whereas, the analytics testing service segment has gain growth due to increasing testing services for the development of coronavirus medication.
North America held the maximum revenue share in the global healthcare analytical testing services market and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economies of the region including the US and Canada are the major revenue contributors. The presence of major players in the region coupled with their continuous efforts for the development of advanced research methodologies for the development of advanced solutions is additionally contributing to the regional market value.
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Asia Pacific along with its emerging economies projected to exhibit the fastest growth during the forecast period from 2020 to 2027. The developing healthcare infrastructure and rising focus of major manufacturers in the regional market due to the availability of abundant opportunities in near future are further bolstering the regional market value.
Some of the leading competitors are Charles River Laboratories International, Inc., Eurofins Scientific, ICON plc, Intertek Group, LabCorp, Pace Analytical Services, LLC, PPD, Inc., SGS SA, Syneos Health, and Toxikon, Inc. The major players are involved in strategic developments like mergers & acquisitions, new product launch, and partnerships & collaborations.
Some of the key observations regarding the healthcare analytical testing services industry include:
- In 2020, Emergent BioSolutions signed a CDMO agreement with AstraZeneca’s vaccine candidate for COVID-19. Under the agreement, Emergent BioSolutions is likely to provide analytical testing services to AstraZeneca. This strategic collaboration is intended to provide growth to both organizations.
- Alcami Corporation offers value-added risk assessment screenings using scientifically sound methods for the analysis of excipients, APIs, and drug products as well.
- Frontage Laboratories, Inc. has acquired Ocean Ridge Biosciences in 2021. With this acquisition, the company has expanded its Genomics Services section. Moreover, the comprehensive services of Frontage include drug metabolism and pharmacokinetics, analytical testing and formulation development, bioanalysis, preclinical and clinical trial material manufacturing, preclinical safety and toxicology assessment, and early phase clinical studies.
- In 2021, LumaCyte, a leader in advanced label-free single-cell analytics has announced the addition of Jim Robinson to its Scientific Advisory Board (SAB). The company’s CEO and CSO said that they offer a highly advanced analytics platform that provides real-time viral infectivity monitoring along with the unique ability to improve vaccine production coupled with the extend product shelf life through precise viral titer and accurate measurements.
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About Acumen Research:
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With a team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures us to deliver a combination of industry knowledge along with global and country-level expertise.