The global healthcare analytical testing services market is projected to reach USD 5.97 billion by 2023 from USD 3.43 billion in 2018, at a CAGR of 11.7%. The major factors driving the growth of the market are shift of focus towards analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, increasing acceptance of the QbD approach in pharma research/manufacturing, and the adoption of FTE contracts in R&D outsourcing. The rising demand for specialized analytical testing services and rapidly growing APAC market are opportunities for players to capitalize on the healthcare analytical testing services market.
In this report, the market is segmented on the basis of type, end user, and region. On the basis of type, the global healthcare analytical testing services market is segmented into bioanalytical testing, physical characterization, method development and validation, raw material testing, stability testing, batch release testing, microbial testing, and environmental monitoring.
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The batch-release testing segment is expected to register the highest CAGR during the forecast period. The high growth rate of this segment is mainly due to the stringent regulations that require batch-release testing to be conducted for products marketed. In addition, the growing generic pharmaceuticals industry is further expected to drive the growth of this market. In the bioanalytical testing segment the immunogenicity and neutralizing antibody testing services are expected to register the highest growth. The major growth driver includes the rising need to ensure the clinical safety of biopharmaceuticals and the growing complexity of biologics. The dissolution testing services segment is expected to grow at the highest CAGR during the forecast period. Need to improve knowledge of dissolution properties, increasing usage of rapidly dissolving immediate-release solid oral dosage forms and increasing usage in the development and approval of generic solid oral dosage forms are the major factors driving the growth of this market.
Based on end user, the healthcare analytical testing services market is segmented into pharmaceutical & biopharmaceutical companies, medical device companies, and contract research organizations. The pharmaceutical & biopharmaceutical companies segment is the fastest-growing segment in the healthcare analytical testing services market during the forecast period. The growing pressure on drug manufacturers to deliver high-quality products and increasing outsourcing of analytical testing services are the major factors driving the growth of the healthcare analytical testing services market for pharmaceutical & biopharmaceutical companies.
Geographically, the healthcare analytical testing services market in the APAC region is expected to register the highest CAGR during the forecast period. This region is expected to grow at the highest pace during the forecast period, primarily due to the increasing R&D funding, growing number of CROs, and favorable government initiatives to promote pharmaceutical and biopharmaceutical industries in several APAC countries.
