Global Healthcare Analytical Testing Services Market - 2023-2030

Global Healthcare Analytical Testing Services Market - 2023-2030

The Global Healthcare Analytical Testing Services Market reached US$ 6.4 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 14.7 billion by 2030. The global Healthcare Analytical Testing Services Market is expected to exhibit a CAGR of 11.1% during the forecast period (2023-2030).

Healthcare analytical testing services help safeguard patient safety by conducting tests to identify potential risks and ensure the quality and efficacy of medical devices, pharmaceuticals, and other healthcare products. These tests help identify contaminants, verify product integrity, and detect any harmful substances that could pose a threat to patients.

Testing services contribute to evaluating the effectiveness of different treatment modalities. Clinical trials and studies rely on analytical testing to measure treatment outcomes, assess drug concentrations in the body, and evaluate biomarkers of disease progression or treatment response.

Market Dynamics

Rising Trend of Outsourcing Laboratory Testing Services Will Drive The Market Growth

Companies are growing their market share by providing a variety of services and solutions as a result of the rising trend of outsourcing laboratory testing services. Major players are also concentrating on other strategies, including mergers, acquisitions, and other advances.

For instance, in August 2021, to increase the scope of its testing offerings in Japan, Eurofins Scientific entered into a contract with Noritsu Koki Co. Ltd to purchase GeneTech Inc., a major participant in genetic analysis in Japan.The market is expected to increase rapidly since the bioanalytical testing service is crucial. Therefore, prominent players' expanding strategies contribute to the growth of the market.

Increasing Prevalence Of Infectious Diseases Will Drive The Market Growth

The increasing prevalence of infectious diseases like dengue, HIV and others will drive the market growth. For instance, according to WHO, the dengue virus (DENV), which infects mosquitoes that bite people, causes the viral infection known as dengue. Approximately half of the world's population is now at risk for dengue, with 100-500 million infections thought to occur annually. Dengue is a tropical and subtropical disease that primarily affects urban and semi-urban settings. Although it must be analyzed in laboratories since infectious diseases are on the rise, the market for healthcare analytical testing services will expand in the next years.

Data Insecurity Will Hamper The Market Growth.

Addressing data insecurity in healthcare analytical testing services requires a multi-faceted approach involving robust cybersecurity measures, regular security assessments, employee training, and compliance with relevant regulations. It is crucial for healthcare organizations to invest in the protection of patient data and stay vigilant in the face of evolving cyber threats. Thus above factors restrict the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on healthcare analytical testing services. It led to increased testing demand, accelerated the adoption of new testing methods and technologies, strained laboratory resources, and reshaped priorities. Despite the challenges, the pandemic also spurred innovation and collaboration, driving advancements in testing methodologies and the integration of automation and AI into healthcare analytical testing services.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the global Healthcare Analytical Testing Services market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global Healthcare Analytical Testing Servicesmarket growth over the forecast period.

Artificial Intelligence Impact Analysis

AI-powered algorithms can analyze medical images, such as X-rays, CT scans, and MRIs, with remarkable precision. Deep learning algorithms can detect anomalies, lesions, and patterns that might be difficult for human experts to identify. This assists radiologists in making accurate diagnoses, reducing errors, and improving patient outcomes. AI offers significant advantages in healthcare analytical testing services, ranging from data analysis and interpretation to predictive analytics, image analysis, genomic analysis, drug discovery, quality control, and workflow optimization.

Segment Analysis

The global healthcare analytical testing servicesmarket is segmented based on test type, end user and region.

Pharmaceutical & Biopharmaceutical Companies from End user Segment Accounts for 38.3% of Market Share.

The strategies of the key players will dominate the segment’s growth. For instance, on October 24, 2022, as part of its $97 million expansion, Thermo Fisher added a clinical research facility.

The business establishes a bioanalytical lab in the US, adding 59,000 square feet of additional space to the facility overall, making it ""one of the largest laboratories of its kind."" The new bioanalytical facility is part of a $97 million (€99 million) total investment that Thermo Fisher will make at the Richmond, Virginia, location. The lab will be utilized to offer laboratory services in the drug development process, the company claims. As a result, market growth will be dominated by key players' company expansion and collaboration.

Geographical Analysis

Asia Pacific Accounted for Approximately 25.4% of the Market Share

Due to increased investments made in improving regional analytical services by businesses from developed economies, changes made to evaluation standards by regulatory bodies to bring them into line with international standards, and the creation of new facilities and alliances to expand the reach of their offerings to different regions in the region.

For instance, on May 19, 2021, Leading global life sciences company announced the addition of bioanalytical services in Singapore to its drug development offering in the Asia-Pacific region. And Singapore is a significant region for bolstering Labcorp's vast global presence because it provides clients of the company with a complementary site to support their bioanalytical research, both domestically and internationally.

Additionally, August 04, 2021, TetraQ has been acquired by Agilex Biolabs as part of its APAC expansion plans. Agilex Biolabs specialises in the bioanalysis of biologics and small compounds for PK, immunogenicity, biomarker, and immunological pharmacodynamics assessments. With its knowledgeable workforce and decades of experience in regulated bioanalytical services, TetraQ complements the work of Agilex Biolabs in Australia and the APAC region. Thus, the aforementioned variables predominate market growth.

Competitive Landscape

The major global players in the healthcare analytical testing services market include Pharmaceutical Product Development, LLC (PPD), Eurofins Scientific, SGS SA, Toxikon Inc., Pace Analytical Services, Intertek Pharmaceutical Services, Boston Analytical, West Pharmaceutical Services Inc., Steris, Charles River Laboratories and among others.

Why Purchase the Report?
• To visualize the global healthcare analytical testing services market segmentation based on test type, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Healthcare Analytical Testing Services market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global Healthcare Analytical Testing Services market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies