The size of the healthcare analytical testing services market was USD 7,240.1 million in 2023, and it will power at a compound annual growth rate of 11.5% by the end of this decade, to touch a value of USD 15,390.5 million by 2030.
This growth has a lot to do with the growing count of subcontracting actions of analytical testing services by some pharma companies. Furthermore, the rising count of clinical trials that include analytical testing, the growing requirement for drugs and therapeutics, and the increasing importance on biosimilars are other factors pushing the growth of the industry.
The bioanalytical testing services category held a major revenue share, of around 25%, in 2023. This is due to the accessibility of extensive bioanalytical testing services for a wider range of drug types, such as small molecules, biologics, and vaccines, and several drug manufacturers are constantly working to produce more reliable healthcare analytical procedures that are accurate and efficient.
Furthermore, the higher requirement for the newest bioanalytical testing services is observed by contract producers. Apart from that, large firms are reviving their pipelines by investing in research and development departments, and because of the growing difficulty of these testing services, companies are compliant with the norms and rules levied on them.
Therefore, these factors are powering the requirement for healthcare analytical testing services. Likewise, the molecule bioanalytical requirement is on the rise, owing to the growing investments in amino acid production-based molecules and biological drugs.
Furthermore, the use of cell-based assays in bioanalytical testing services is resulting in high requirements for this kind of service. These cell-based assays are widely employed in high-throughput screening due to their competence in offering valuable in-vivo biological info that thus bustles the drug discovery procedure.
North America is the leader of the healthcare analytical testing services market, with manufacturers providing testing instruments along with high-end pharma materials, tech progressions, and collaborations amongst industry players to advance cutting-edge healthcare solutions.
APAC will power at the fastest rate of 12% in the years to come. This growth has a lot to do with the increasing investments by foreign corporations for the development of cutting-edge facilities and associations to increase the reach of their products and services to diverse locations, and enhancements done by governing bodies for varying standards of assessment to line up with the international standards in the region.
It is because of the acceptance of novel techniques all over the world, that the demand for healthcare analytical testing services is on the rise. This trend will continue in the years to come as well.
