The healthcare analytical testing services market is estimated to touch USD 7,240.1 million in 2023, and it will increase to USD 15,390.5 million, with an 11.5% CAGR, by 2030.
The progression of this industry is mainly because of the increasing count of subcontracting activities of analytical testing services by numerous pharmaceutical businesses.
Furthermore, the rising count of clinical trials that comprise analytical testing, the growing focus on biosimilars, and the surging demand for therapeutics & drugs are also boosting the industry growth.
Healthcare analytical testing services are highly employed in different healthcare establishments, including biopharmaceutical, medical device producers, and pharmaceutical, to assist the procedures of drug discovery as well as development.
Additionally, major companies in the industry have a competitive spirit as well as spend a large part of their revenue on these services. They are taking various development tactics, such as collaborations, partnerships, joint ventures, and mergers, to maintain their industry positions as well as offer superior testing service facilities.
The pharmaceutical & biopharmaceutical companies category, based on end user, is leading the healthcare analytical testing services market, with approximately 55% share. This can be ascribed to the rising count of analytical testing services outsourced by these businesses to increase profit margins and focus on their key business competence.
Furthermore, these businesses save time and enlarge their growth by outsourcing analytical testing facilities. Therefore, numerous big as well as small pharmaceutical & biopharmaceutical businesses are coming together with contract research organizations (CROs) to enable analytical testing.
In 2023, the bioanalytical testing services category, based on type, is the major contributor to the industry, with approximately 25% share. This can be because of the availability of various bioanalytical testing services for numerous kinds of drugs, including small molecules, vaccines, and biologics.
Moreover, the stability testing category will propel at a healthy rate in the coming years. This is because of the improvement of active pharmaceutical ingredients, the manufacturing of novel formulations, and novel drug discovery & development.
North America is leading the industry in 2023, with a 50% share. This can be because of the existence of major manufacturers providing high-end pharmaceutical materials and testing tools, coupled with the advancement in technology in this continent.
APAC is likely to propel at approximately 12.0% CAGR during this decade. This is because of the rising expenses in R&D activities by various companies as well as the increasing emphasis on enhancing healthcare infrastructure.
Moreover, the increasing launches of different novel technologies in this region are also assisting the industry expansion.
With the rising focus on the analytical testing of biosimilars and biologics, the healthcare analytical testing services industry will continuously grow in the coming years.
