Healthcare Analytical Testing Services Market Growth & Trends
The global healthcare analytical testing services market size is expected to reach USD 23.9 billion by 2028 at a CAGR of 9.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing emphasis on biosimilars, increased outsourcing of the aforementioned services by pharmaceutical companies, and rise in the number of clinical trials are some of the key factors expected to drive the global market in the years to come.
Biosimilars are FDA-approved treatments and possess highly identical properties to approved biologic drugs. They serve as a low-cost and effective treatment option when compared to biologics, which is anticipated to increase its demand remarkably in the coming years. An article on biosimilars published by Sandoz International GmbH, highlights analytical testing as a key stage in biosimilar development, thus creating demand for such services.
The global COVID-19 pandemic is expected to offer high growth opportunities to the providers of such services. As pharmaceutical companies across the world have started clinical trials for the development of vaccines and drugs for the treatment of COVID-19, the demand for analytical testing has increased. Also, to combat the coronavirus, there is a surge to meet the global needs including medical devices and pharma products that require rigorous testing before delivering the final product to the clients. This is expected to boost the demand for such services.
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Healthcare Analytical Testing Services Market Report
Healthcare Analytical Testing Services Market Report Highlights
- The stringent regulation in the medical device & pharmaceutical industry is fueling the adoption of analytical testing services
- The pharmaceutical product type segment led the global market with the largest revenue share of over 57% in 2020
- This growth was owing to high outsourcing of analytical testing by pharmaceutical companies as it requires highly skilled staff and specialized equipment
- North America dominated the global market with the largest revenue share of 42.0% in 2020 owing to the presence of the largest clinical trials market in the U.S.
- Asia Pacific is projected to be the fastest-growing regional market during the forecast period owing to the expansion of the biosimilar market in countries such as India
