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Healthcare Analytical Testing Services Market Worth $12.6 billion | MarketsandMarkets™CHICAGO, April 10, 2024 /PRNewswire/ -- Healthcare Analytical Testing Services Market in terms of revenue was estimated to be worth $7.4 billion in 2024 and is poised to reach $12.6 billion by 2029, growing at a CAGR of 11.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.  The expansion of the healthcare analytical testing services market is driven by growing demand across various industries seeking quality assurance and compliance with regulations. Challenges in refining accurate analytical techniques create openings for service providers, while government efforts foster investment and creativity. These dynamics stimulate market growth worldwide, along with trends like outsourcing driven by cost considerations and advancements in pharmaceuticals. Additionally, venturing into new markets increases the demand for tailored testing, further spurring the requirement for Healthcare Analytical Testing Services. Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=108923833 Browse in-depth TOC on "Healthcare Analytical Testing Services Market" 385 - Tables Healthcare Analytical Testing Services Market Scope:
Cell cell-based assay testing service segment is expected to register the substantial share by type of bioHealthcare Analytical Testing Services in Healthcare Analytical Testing Services market. The Healthcare Analytical Testing Services market is diversified based on the types of services offered, encompassing cell-based assays, virology testing, biomarker testing, immunogenicity and neutralizing antibody testing, pharmacokinetic testing, and various other bio–Healthcare Analytical Testing Services. Among these, cell-based assays emerged as the dominant segment in 2023. This dominance can be attributed to the increasing utilization of cell-based assays in high-throughput screening processes. Unlike biochemical assays, cell-based assays offer the advantage of providing biologically relevant in vivo information, thereby expediting the drug discovery process. This trend underscores the growing importance of cell-based assays in meeting the demands of pharmaceutical and biotechnology companies for efficient and effective analytical testing Pharmaceutical Companies segment holds the highest CAGR by end user in Healthcare Analytical Testing Services market The Healthcare Analytical Testing Services market caters to various end users, including pharmaceutical & biopharmaceutical companies, medical device manufacturers, forensic laboratories, hospitals and clinics, as well as cosmetics and nutraceutical companies. In 2023, pharmaceutical & biopharmaceutical companies emerged as the leading end users, holding the largest market share. This dominance is primarily due to the increasing trend among these companies to outsource their analytical testing needs. By outsourcing, pharmaceutical and biopharmaceutical firms can optimize their resources, streamline operations, and focus more on their core competencies such as research, development, and production. This strategic approach allows them to enhance efficiency, maintain regulatory compliance, and ultimately improve profit margins. As a result, the demand for Healthcare Analytical Testing Services from pharmaceutical and biopharmaceutical companies continues to grow, driving the expansion of this market segment. North America holds a substantial share of Healthcare Analytical Testing Services market during the forecast period. The Healthcare Analytical Testing Services market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America stands out as the largest contributor to market share. This dominance is primarily driven by the burgeoning presence of biopharmaceutical and pharmaceutical companies, particularly in the United States. The US, being a hub for innovation and research in the healthcare sector, attracts significant investments and fosters the development of advanced analytical testing solutions. Furthermore, the region benefits from the presence of well-established market players with extensive expertise and infrastructure. Their robust capabilities and technological advancements contribute significantly to the growth and sophistication of the Healthcare Analytical Testing Services market in North America. Overall, the region's favorable regulatory environment, coupled with its focus on quality assurance and compliance, further solidifies its leading position in the global market landscape. Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=108923833 Healthcare Analytical Testing Services Market Dynamics: Drivers:
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Key Market Players of Healthcare Analytical Testing Services Industry: The prominent players in the global Healthcare Analytical Testing Services market include Eurofins Scientific (Luxembourg), , Thermo Fisher Scientific, Inc. (US), Pace Analytical Services LLC (US), Intertek Group plc (UK), IQVIA Inc. (US), Merck KGaA (Germany), Source BioScience (UK), Almac Group (UK), Laboratory Corporation of America Holdings (US), SGS S.A. (Switzerland), Charles River Laboratories (US), WuXi AppTec Co. Ltd. (China), Element Materials Technology (UK), ICON Plc (Ireland), Frontage Laboratories, Inc. (US), STERIS Plc (US), Sartorius AG (Germany), ALS Life Science (US), Syneos Health, INC (US), Medpace Holdings, Inc. (US), LGC Limited (UK), Parexel International Corporation (US), Celerion (US). Pharmaron (China), and BioAgilytix Labs (US). The break-down of primary participants is as mentioned below:
Recent Developments of Healthcare Analytical Testing Services Industry:
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=108923833 Healthcare Analytical Testing Services Market - Key Benefits of Buying the Report: This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market. This report provides insights on:
Related Reports: Contract Research Organization Services Market - Global Forecasts to 2029 Drug Discovery Services Market - Global Forecasts to 2028 Preimplantation Genetic Testing Market - Global Forecasts to 2028 Efficacy Testing Market - Global Forecasts to 2027 Veterinary Reference Laboratory Market - Global Forecasts to 2027 About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
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