According to the report, the global demand for healthcare analytical testing services market was valued at approximately USD 3.39 billion in 2018 and is expected to generate revenue of around USD 7.29 billion by end of 2025, growing at a CAGR of around 11.56% between 2019 and 2025.
New York, NY, July 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Healthcare Analytical Testing Services Market: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2025”. According to the report, the global healthcare analytical testing services market was valued at approximately USD 3.39 billion in 2018 and is expected to generate revenue of around USD 7.29 billion by end of 2025, growing at a CAGR of around 11.56% between 2019 and 2025.
The report covers forecast and analysis for the ophthalmic ultrasound imaging systems market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The study includes drivers and restraints for the healthcare analytical testing services market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the healthcare analytical testing services market on a global level.
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Worldwide demand for healthcare analytical testing services is growing at a rapid pace. Global demand for healthcare analytical testing services is expected to be driven by increasing demand by pharmaceutical companies, companies providing healthcare analytical services, a large number of services outsourced by biopharmaceutical companies, and high demand of tests required for biosimilar compounds and biologics. The growth in the implementation of FTE contracts in R&D and outsourcing is expected to be the major factor attributing to the growth of healthcare analytical testing services market. However, the lack of trained and technically sound professionals may act as a restraint for healthcare analytical testing services market growth. Emerging countries are expected to bring new growth avenues for healthcare analytical testing services manufacturers.
Based on type, the market is segmented into raw materials, method validation, bioanalytical services, microbial testing, environmental monitoring, and stability. Among the type segment, bioanalytical testing held the largest market share in 2018 due to the growth of the pharmaceutical industry and a large number of drugs produced regularly.
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The medical device companies, pharmaceutical industries, and CRO are the various end users in this market. Pharmaceutical industries are the major end-user segment which dominated the market in terms of revenue in 2018 owing to the large patient pool and intense outsourcing of analytical testing services done to reduce costs and time.
North America dominated the global healthcare analytical testing services market. North America region is projected to continue its dominance in the forecast period with progress mostly focused in the U.S. market. The rising number of companies heavily investing in outsourcing of services of analytical testing, the growing number of biopharmaceutical companies in the market, the rising health expenditure by patients, and high disposable income of people has resulted in the growth of the American market. Europe was the second largest healthcare analytical testing services market in 2018 globally. The growth of the pharmaceutical industry, the high emphasis placed on R&D, a large number of companies providing analytical testing services, advanced technologies in the generics and biosimilars market are the major factors driving the demand for healthcare analytical testing services in Europe. Asia Pacific is estimated to be growing at the highest CAGR over the forecast period. This high growth is attributable to the rising health expenditure, increased government spendings for healthcare analytics and infrastructure, and the growing demand of biotechnological companies emerging in this sector.
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Some of the key players in healthcare analytical testing services market include PPD, Almac Group, Wuxi PharmaTech, Anabiotec, Intertek Group, Exova Group, Anabiotec, Labcorp, Source BioScience, and Charles River Laboratories among others.
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Global Healthcare Analytical Testing Services Market: Type Segment Analysis
Global Healthcare Analytical Testing Services Market: End-User Segment Analysis
Global Healthcare Analytical Testing Services Market: Regional Segment Analysis
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