Healthcare Analytical Testing Services Market Size, Share, Industry Trends and Forecast to 2030

Healthcare Analytical Testing Services Market Size & CAGR in 2021

The global healthcare analytical testing services market is projected to have a growth rate of 5.27% CAGR from 2021 to 2028. This growth is expected to result in the market expanding by USD 5.6 billion by the end of the forecast period. The increasing demand for quality and safety testing in the healthcare industry is a significant factor driving this growth.

COVID-19 Impact on Healthcare Analytical Testing Services Market

The outbreak of the COVID-19 pandemic had a significant impact on the healthcare analytical testing services market. With the increased focus on testing and monitoring during the pandemic, the demand for analytical testing services surged. Laboratories and testing facilities were overwhelmed with the need for COVID-19 testing, leading to a temporary shift in priorities.

While the pandemic initially disrupted the market, it also created opportunities for growth and innovation. Many healthcare analytical testing service providers expanded their capabilities to include COVID-19 testing, contributing to the overall market growth. Additionally, the heightened awareness of the importance of testing and monitoring in healthcare settings is expected to drive continued growth in the market post-pandemic.

Healthcare Analytical Testing Services Dynamics

The healthcare analytical testing services market is driven by the increasing need for quality assurance and regulatory compliance in the healthcare industry. With stringent regulations and guidelines in place, healthcare companies rely on analytical testing services to ensure the safety and efficacy of their products.

Advancements in technology, such as automation and robotics, have also played a significant role in the growth of the market. These technologies enable faster and more accurate testing processes, leading to improved efficiency and reduced costs for healthcare companies.

On the other hand, challenges such as the high cost of analytical testing services and the shortage of skilled professionals in the field pose barriers to market growth. Addressing these challenges will be crucial for the continued expansion of the healthcare analytical testing services market.

Segments and Related Analysis

By Service Type

- Bioanalytical Testing

- Physical Characterization

- Method Development & Validation

- Raw Material Testing

By End User

- Pharmaceutical Companies

- Biotechnology Companies

- Contract Research Organizations

- Academic & Research Institutes

By Region Analysis

The global healthcare analytical testing services market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America currently holds the largest market share due to the presence of a well-established healthcare industry and stringent regulatory standards.

Europe is also a significant market for healthcare analytical testing services, driven by the high demand for quality testing in pharmaceutical and biotechnology companies. The Asia Pacific region is expected to witness the fastest growth during the forecast period, owing to the increasing investments in healthcare infrastructure and rising awareness about the importance of analytical testing services.

Latin America and Middle East & Africa are emerging markets for healthcare analytical testing services, with growing opportunities for market expansion due to the increasing focus on improving healthcare quality and safety standards in these regions.

Key Market Players and Competitive Landscape

Some of the key players in the global healthcare analytical testing services market include Eurofins Scientific, SGS SA, Charles River Laboratories, Intertek Group, and PPD Inc. These companies are actively engaged in strategic initiatives such as mergers, acquisitions, and collaborations to strengthen their market position.

The competitive landscape of the healthcare analytical testing services market is characterized by intense competition, with players focusing on expanding their service offerings and enhancing their technological capabilities to meet the evolving needs of the healthcare industry.

Recent Happenings in Healthcare Analytical Testing Services Market

- In June 2021, Eurofins Scientific acquired Boston Heart Diagnostics, a leading provider of cardiovascular diagnostic testing services, to expand its presence in the healthcare analytical testing services market.

- In August 2021, Charles River Laboratories announced the acquisition of Cognate BioServices, a cell and gene therapy contract development and manufacturing organization, to enhance its capabilities in providing analytical testing services for cell and gene therapies.

- In November 2021, SGS SA launched a new analytical testing laboratory in Shanghai, China, to cater to the increasing demand for quality testing services in the Asia Pacific region.

- In January 2022, Intertek Group announced the expansion of its analytical testing services portfolio to include advanced testing methodologies for pharmaceutical and biotechnology companies.

These recent developments underscore the dynamic nature of the healthcare analytical testing services market, with companies continuously innovating and expanding their capabilities to meet the evolving needs of the healthcare industry.