Healthcare Analytical Testing Services Market: Increasing Analytical Testing Rate of Biosimilar and Biologics to Drive the Market
Global Healthcare Analytical Testing Services Market: Overview
The global healthcare analytical testing services market has gathered pace in its growth due to the enormous demand for research and development outsourcing. Healthcare analytical testing services are extensively used by biopharmaceutical, pharmaceutical, and medical device manufacturers to support throughout the stages of their drug development. This service provides support in the process of drug development started from discovery through clinical development or clinical trials to commercial use.
An upcoming report on the global healthcare analytical testing services by Transparency Market Research promises to be a crucial source of information for stakeholders looking to strengthen their foothold in the market. The report would enable them to gain proper insight into the growth drivers and restraints. The exhaustive information in the report would unravel the opportunities and pitfalls in the market. The report runs through multiple standpoints such as trends, competitive landscape, product, application, and regional segments to understand if the global healthcare analytical testing services market holds out solid promise.
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Global Healthcare Analytical Testing Services Market: Key Trends
Increasing analytical testing rate of biosimilar and biologics, rising outsourcing of analytical testing by several pharmaceutical companies, and growing acceptance of Quality by design (QbD) approach in pharma manufacturing are believed to be driving the global healthcare analytical testing services market. QbD helps various pharmaceutical companies in adopting data-driven, systemic strategies in order to deliver quality outcomes. Many biotechnology and pharmaceutical companies are opting for outsourcing analytical testing services for reducing the time and cost of the manufacturing process. Thus, rising adoption of FTE contracts in research and development outsourcing also expected to boost the global healthcare analytical testing services market.
Furthermore, the demand for bioanalytical testing is rising due to the growing number of drugs in biopharmaceutical pipeline, and rising biopharmaceutical industry across the world, which in turn is also expected to fuel the global healthcare analytical testing services market. Apart from all these, rising analytical testing service outsourcing by biopharmaceutical companies for boosting their profit margins, reducing the required time for validating the product and process, and avoiding high capital expenditure are also projected to propel the global healthcare analytical testing services market.
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Global Healthcare Analytical Testing Services Market: Regional Outlook
Region wise, North America is expected to lead the global healthcare analytical testing services market as the region has witnessed rapid industrialization. Rapid establishment of pharmaceutical industry, rising number of analytical testing service providers, growing generics and biosimilar market could also be responsible for fueling the healthcare analytical testing services market in the region. Other prominent regions in the healthcare analytical testing services market are APAC, Europe, and the Middle East and Africa. Increasing outsourcing by biopharmaceutical companies are expected to boost the healthcare analytical testing services market in these regions.
Global Healthcare Analytical Testing Services Market: Competitive Dynamics
Some of the prominent players operating in the global healthcare analytical testing services market are Wuxi PharmaTech, PPD, Intertek Group, Anabiotec, Charles River Laboratories, Exova Group, and Almac Group. The upcoming report studies their product portfolios, key strategies, and sales and revenues in the near term.
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