Healthcare Analytical Testing Services Market To Generate $15,390.5 Million Revenue by 2030
- Published: November 2023
The healthcare analytical testing services market size is expected to advance at a CAGR of 11.5% during 2024–2030, to reach USD 15,390.5 million by 2030. This can be ascribed to the shifting concentration over the analytical testing of biosimilars and biologics, the surging number of clinical trials, the performance of stability testing before approval, and the rising outsourcing of healthcare analytical testing by pharma & medical devices firms.
Additionally, the increasing number of drug R&D activities, technological advancements in diagnostics, and the growing acceptance of quality-by-design approaches in pharmaceutical research and manufacturing will help the market expansion over the forecast period.
Rising Number of Clinical Trials Having Positive Impact on the Market
There is a surge in the number of clinical trials across the world for the past few years. This is due to the rising demand for innovative solutions in the medical sector and technological advancement happening at a steady rate. In order to cater to the high need for healthcare analytical testing services, market players are focusing on new applications and developing innovative testing services, by raising their research funding.
Moreover, clinical trials provide an elaborative insight for the identification of effective and efficient novel diagnostic and treatment modalities that are required to lower the high burden of various communicable and non-communicable conditions. For instance, in 2021, the total number of clinical trials carried out in the U.S. stood at 157,618. In addition to that, as per the European Union Clinical Trials Register, 43,233 clinical trials with a EudraCT protocol were displayed, among which 7,153 were clinical trials steered with subjects less than 18 years old and 18,700 older pediatric trials. Hence, the rise in the number of clinical trial studies is fostering the demand for healthcare analytical testing services.
Stability Testing Is Expected To Exhibit Healthy Growth Rate
The stability testing category is progressing at a healthy growth rate during the forecast period. This can be due to the development of active pharmaceutical ingredients, novel drug developments & discovery, and the manufacturing of new formulations. The use of stability testing is vital to evaluate a drug’s capability to maintain properties during its shelf life. Also, stability testing is performed to analyze the physical, chemical, therapeutic, microbiological, and toxicity aspects of any product to check the degradation for avoiding any health hazard.
Additionally, for knowing the dosage form of any pharmaceutical product development, shelf life is an important parameter; wherein, healthcare analytical testing services come into play and are utilized to fix the label instructions and storage conditions. Stability testing makes sure the maintenance of product safety, quality, and efficiency throughout the shelf life, considered an essential criterion for the approval and acceptance of any drug.
Geographically, the Asia-Pacific market is expected to grow at a CAGR of about 12.0% during the forecast period. This can be attributed to the increasing investments in research and development activities by industry players, the rising focus on improving healthcare infrastructure, the growing strict regulatory demands by authorities, and the launching of various new technologies in the region.
For instance, in March 2022, WuXi Advanced Therapies (WuXi ATU) introduced Tetracycline-Enabled Self-Silencing Adenovirus (TESSA) technology. It is integrated with intricate testing abilities and aims to offer a scalable process for producing gene therapies, hastening the manufacture of therapeutic DNA needed to treat patients.
The most-significant healthcare analytical testing services market players are Eurofins Scientific, Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Syneos Health, Intertek Group plc, Sartorius AG, ALS Ltd, Pace Analytical Services LLC, WuXi AppTec Co. Ltd., and ICON PLC.