The global Analytical Testing Services market reached a value of about USD 12.54 billion in 2021. The industry is projected to grow at a CAGR of around 10% in the forecast period of 2022-2027 to reach a value of about USD 22.22 billion by 2027.
The global Analytical Testing Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The need to develop new antibodies against chronic illnesses is driving the market's growth. North America is the highest category spender by region, driving the demand for the Analytical Testing Services industry.
Analytical Testing services allow for the precise and sensitive evaluation of chemical substances or biopharmaceutical products. This service aids with drug development activities ranging from drug discovery to clinical trials to commercial drug usage by individuals. Pharmaceutical, biotechnology, and medical device manufacturers all employ healthcare analytical testing services to help them through the many stages of drug development. The Analytical Testing Services industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the industry due to the existence of a well-established foundation of pharmaceutical and biopharmaceutical businesses, substantial investments in the biosimilars and biologics segment, and growing R&D spending. Furthermore, the number of clinical studies and medication approvals are furthering the market growth. Also, the presence of major pharmaceutical businesses with a specific focus on biosimilars have their headquarters in the nation, thus resulting in the industry's expansion.
The market is being driven by the growing number of pharmaceuticals in the biopharmaceutical sector paired with expansion in the biopharmaceutical industry. Furthermore, an increase in demand for tests required for biosimilar compounds and biologics boosts market growth. It's also used to assess storage conditions and provide label recommendations. Pharmaceutical stability testing guarantees that product quality, safety, and efficacy are maintained over the shelf life, which is a need for acceptance and approval of any pharmaceutical product, further driving the industry's development.
However, the lack of skilled personnel will likely hamper the industry's growth.
The global Analytical Testing Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Analytical Testing Services regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Analytical testing services cover chemical and microbiological tests. The benefits are in high demand across various industries, including biotech, pharmaceutical, environmental, food, and personal care corporations. Analytical services laboratories are used by drug research and development employees to identify chemical compounds' chemical and biological characteristics for future development and enhancement. These services give information on a medication candidate's safety profile and its therapeutic or health impact.
The increased demand for R&D outsourcing is aiding the industry, and the use of Full-Time Equivalent (FTE) agreements has increased. The increased demand for mAbs is a significant element driving growth in the biopharmaceutical analytical testing services market to develop antibodies against illnesses including Ebola, rheumatoid arthritis, and malignancies, further bolstering the industry's expansion. Companies are increasingly outsourcing medical device testing due to the hurdles that manufacturers experience in bringing these products to market. The need to simplify medical device testing, free up internal resources, and assure needed knowledge and process credibility is growing, thus resulting in increased demand. In addition, the shift in focus toward biologics and biosimilars analytical testing, an increase in the number of clinical trials, and rising acceptance of the QbD approach in pharma research and manufacturing are creating growth opportunities.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Due to the presence of so many players in the market, it is fragmented, and providers are using both organic and inorganic expansion tactics to stay competitive. Several foreign and local enterprises that control the bulk of market shares and are well-known make up the researched market. Collaborations, service portfolio expansions, and mergers and acquisitions are the leading industry participants' critical strategic initiatives. To strengthen their market position, companies provide various services, assay validations, and other laboratory solutions.
1. Executive Summary
2. Analytical Testing Services Market Snapshot
2.1. Analytical Testing Services Market Outlook
2.2. Region Overview
2.2.1. North America
2.2.2. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East and Africa
3. Impact of Recent Events
4. Analytical Testing Services Value Chain Analysis
5. Analytical Testing Services Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Analytical Testing Services Cost Structure
9. Analytical Testing Services Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Analytical Testing Services Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Charles River Laboratories International, Inc.,
14.3. Eurofins Scientific Group
14.5. WuXi AppTec Co., Ltd.
The global Analytical Testing Services market size was valued at USD 12.54 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 10%.
The significant demand for outsourcing services is one of the essential drivers of the Analytical Testing Services market growth.
Charles River Laboratories International, Inc., Labcorp, Eurofins Scientific Group, PPD, Inc., and WuXi AppTec Co., Ltd. are some of the major players in the market.
The North American region of the Analytical Testing Services industry holds a significant share in the market.
The global Analytical Testing Services market attained a value of USD 12.54 billion in 2021, driven by the growing number of pharmaceuticals in the biopharmaceutical sector and an expansion in the biopharmaceutical industry. Aided by the increased demand for R&D outsourcing, the use of Full-Time Equivalent (FTE) agreements, increased demand for mAbs, the need to simplify medical device testing, free up internal resources, and assure needed knowledge and process credibility, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 10%. The market is projected to reach USD 22.22 billion by 2027. Some of the leading players in the industry are Charles River Laboratories International, Inc., Labcorp, Eurofins Scientific Group, PPD, Inc., and WuXi AppTec Co., Ltd.
Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.
At Procurement Resource our analysts are selected after they are assessed thoroughly on having required qualities so that they can work effectively and productively and are able to execute projects based on the expectations shared by our clients. Our team is hence, technically exceptional, strategic, pragmatic, well experienced and competent.
We understand the cruciality of high-quality assessments that are important for our clients to take timely decisions and plan strategically. We have been continuously upgrading our tools and resources over the past years to become useful partners for our clientele. Our research methods are supported by most recent technology, our trusted and verified databases that are modified as per the needs help us serve our clients effectively every time and puts them ahead of their competitors.
Our team provides a detailed, high quality and deeply researched evaluations in competitive prices, that are unmatchable, and demonstrates our understanding of our client’s resource composition. These reports support our clientele make important procurement and supply chains choices that further helps them to place themselves ahead of their counterparts. We also offer attractive discounts or rebates on our forth coming reports.
Our vision is to enable our clients with superior quality market assessment and actionable evaluations to assist them with taking timely and right decisions. We are always ready to deliver our clients with maximum results by delivering them with customised suggestions to meet their exact needs within the specified timeline and help them understand the market dynamics in a better way.
Email Delivery Price: $ 999.00
The global Artificial Intelligence market reached a value of about USD 192 Billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 664.86 Billion by 2027.Read More
Email Delivery Price: $ 999.00
The global nutmeg market reached a value of about 130 thousand tonnes in 2021. The industry is further expected to grow at a CAGR of about 6% in the forecast period of 2022-2027 to reach a value of around 180 thousand tonnes by 2027.Read More
Email Delivery Price: $ 999.00
The global HEOR market reached a value of about USD 1364.3 million in 2021. The industry is further expected to grow at a CAGR of about 12.81% in the forecast period of 2022-2027 to reach a value of around USD 2779.2 million by 2027.Read More