A new research report titled; ‘Global Healthcare Analytical Testing Services Market Research Report’ has been added to the vast repository of research reports by MarketsandMarkets™ INC. The report presents the current landscape and the growth prospects of the Global Healthcare Analytical Testing Services Market during the forecast period, along with the market dynamics such as the growth drivers, restraints, challenges, threats, and the potential growth opportunities. In terms of revenue, the healthcare analytical testing services market is projected to reach USD 11.1 billion by 2027 from USD 6.5 billion in 2022, at a CAGR of 11.4% during the forecast period.
Growth in the market is driven by the growing production and development of pharmaceuticals, biopharmaceuticals, and biologics, as well as the increasing number of clinical trials.
The research report focuses on the leading competitors of the global Healthcare Analytical Testing Services market and provides information such as the company overview, product portfolio, key developments, price, cost, value, volume, revenue, capacity, production, and contact information. Upstream raw materials and equipment and downstream demand analysis have also been carried out in this report. The report also analyses the current development trends and patterns, as well as the distribution and marketing channel. In the last section of this report, the feasibility of the new investment projects is evaluated, and overall research conclusions are offered.
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Thorough analysis about the market status, industry competition pattern, benefits and shortcomings of the enterprise software, industry development trends during the forecast period, local and industrial layout characteristics, micro and macroeconomic policies, as well as the industrial policy, has also been mentioned in this market research report. With the arrivals of newer market products, M&A, and service extensions, the competitive landscape in the market will intensify further. Strategic alliances are being formed to manufacture and market products more vigorously and efficiently.
The market is competitive and less fragmented. At the top with a large number of leading market players based in developed countries or serve specific end-users or regions rather than offering all services enlisted under healthcare analytical testing. Prominent players in the healthcare analytical testing services market include Eurofins Scientific (Luxembourg), LabCorp (US), SGS (Switzerland), Charles River Laboratories (US), and WuXi AppTec (China). Companies in the healthcare analytical testing services market have adopted strategies such as partnerships, agreements, acquisitions, service launches as well as expansions to enhance their presence in the healthcare analytical testing services market.
Eurofins Scientific (US) is a leading player in the healthcare analytical testing services market and accounted for the largest share of the market in 2021. Eurofins offers bioanalytical solutions ranging from preclinical non-GLP to IND-enabling toxicity studies to multi-national Phase III clinical trials. In June 2022, Eurofins acquired majority stakes in Ajal Laboratories (Saudi Arabia) to expand its food and pharmaceutical products testing portfolio in the Kingdom of Saudi Arabia.
LabCorp (US) is one of the prominent players in the healthcare analytical testing services market. Through its integrated network of primary and specialist laboratories across the US, it provides a comprehensive menu of frequently requested core testing and specialty testing services The company has focused on inorganic growth strategies such as expansions to increase its market share. For instance, in November 2021, LabCorp announced the expansion of its global offerings and its footprint in the Asia Pacific region with the opening of a new and integrated bioanalytical laboratory in Singapore.
WuxiApp Tech (China) WuXi AppTec primarily provides laboratory and manufacturing outsourcing services to pharmaceutical, biopharmaceutical, and medical device companies. The company has a comprehensive discovery and development services portfolio. The company actively focuses on expansions to improve its capabilities and capacity in the global market. WuXi also focuses on various other growth strategies, such as mergers & acquisitions, collaborations, agreements, and service launches.
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In a realistic scenario, it could be assumed that the effect of COVID-19 on the healthcare analytical testing services market has been positive and possibly long-term. In this scenario, the markedly positive impact on the healthcare analytical testing services market due to COVID-19 related vaccine and drug development in 2020 and 2021 would subside slowly in the coming years. Thereafter, the market growth is likely to stabilize and grow steadily, similar to the pre-pandemic scenario.