Healthcare Analytical Testing Services Market

The Healthcare analytical testing services Market is projected to reach a valuation of USD 7.4 billion in 2024, with an anticipated surge to USD 12.6 billion by 2029, exhibiting a CAGR of 11.2% throughout the forecast period. Growth in the Healthcare analytical testing services Market is mainly driven by factors such as Growing pharmaceutical and biopharmaceutical R & D activities, stringent regulatory requirements, rising number of clinical trials, growing focus on biosimilars and biologics and rising acceptance of QbD approach in pharma research and manufacturing. However, lack of skilled professionals and rising costs and market competition can negatively affect growth of the market during the forecast period.

The prominent players in the global healthcare analytical testing services market include Eurofins Scientific (Luxembourg), Laboratory Corporation of America Holdings (US), SGS S.A. (Switzerland), Charles River Laboratories (US), WuXi AppTec Co. Ltd. (China), Element Materials Technology (UK), 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), 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).

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These companies adopted strategies such as product launches, partnerships, collaborations, and acquisitions to strengthen their market presence in Healthcare analytical testing services market.

Eurofins has established itself as a leading provider capable of delivering exceptional results globally, effectively serving clients across the entire value chain. Through its expansive network, the company not only outpaces competitors but also achieves significant economies of scale, benefiting both itself and its clients and thereby enhancing shareholder value. With the completion of its laboratory network in Europe and North America, Eurofins now stands as a market leader, equipped with scale and scientific expertise to offer improved, quicker, and more cost-efficient services to its clientele. While continuing its growth in North America and Europe, the company concentrates on expanding and refining its contract laboratory network in the Asia Pacific region. Additionally, Eurofins' Biopharmaceutical Product Testing (BPT) entities operate the largest network of independent harmonized bio/pharmaceutical GMP product testing laboratories, serving leading pharmaceutical, biopharmaceutical, and medical device companies worldwide. These labs offer comprehensive services, spanning from starting materials to finished product and package testing, with a range of methodologies under GMP authorization, ISO 17025 accreditation, and ISO 9000 certification. Moreover, analyses adhere to standards set by the European & British Pharmacopeia (EP and BP) and Chinese Pharmacopeia (ChP).

WuXi AppTec holds second position in the market for Healthcare analytical testing services Market, during 2023. WuXi AppTec primarily offers laboratory and manufacturing outsourcing solutions to pharmaceutical, biopharmaceutical, and medical device firms, boasting a diverse portfolio of discovery and development services. It maintains a robust customer base, particularly in China, the US, Germany, Iceland, Israel, and Korea. To sustain its leadership and expand its market share, the company prioritizes meeting and exceeding customer expectations by ensuring service quality and adapting swiftly to changing conditions. Strategically, WuXi focuses on global expansions to enhance its capabilities and capacity, alongside employing growth tactics like mergers, collaborations, agreements, and service launches. For instance, WuXi STA acquired the Bristol-Myers Squibb manufacturing facility in Couvet, Switzerland, while WuXi ATU established a new facility in Philadelphia, tripling its testing capacity to better serve its global clientele. These initiatives reinforce the company's commitment to delivering distinctive, high-quality services.

Charles River is a one of the global leader in offering comprehensive drug discovery, non-clinical development, and safety testing solutions. With profound expertise in identifying clinical candidates and conducting safety assessment studies for various compound types, including pharmaceuticals, chemicals, vaccines, consumer products, and more, the company operates multiple facilities across the US, Canada, and Europe. In 2022, its Drug Discovery and Safety Assessment (DSA) segment accounted for 61.6% of total revenue and employed about 13,200 individuals, including 1,800 science professionals with advanced degrees. Similarly, the manufacturing segment contributed 19.8% to total revenue in 2022, employing 3,000 individuals, including approximately 400 science professionals with advanced degrees.

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