Healthcare Analytical Testing Services Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 Market

The global healthcare analytical testing services market has witnessed growth due to increase in demand for outsourcing in R&D. Healthcare analytical testing services are broadly used by pharmaceutical, biotechnology and medical device manufacturing industries to assist through the different stages of  drug development. This service delivers support in operations of drug development that are started from the discovery through clinical trials till the commercial use of drugs by the people.

The main intention of carrying out the healthcare analytics is to get proper awareness and information about patient records, management of hospitals, and diagnosis of diseases in view to design the process and to get data for the growth of the healthcare sector. Moreover, analytical testing has a major role in the end-to-end process of manufacturing and drug development process. Considering these factors, COVID-19 is expected to have a significant impact on the healthcare analytical testing services market.

COVID-19 scenario analysis 

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Technological progress, cost containment and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate market growth in future. Considering these factors, COVID-19 is expected to have a significant impact on the health analytical testing services market.

Top Impacting factors:

• There was an increase in the implementation of Full Time Equivalent (FTE)agreements in outsourcing and R&D process. It is expected to be the most important factor boosting the growth of the healthcare analytical testing services market. Moreover, the increase in demand from pharmaceutical, biotechnology and other such companies providing healthcare analytical service sowing to rise in demand for tests that are needed for biosimilar compounds and biologics, are the factors that fuel the growth of the healthcare analytical testing market.
• The scarcity of trained and scientifically able professionals may act as a restraining factor of the healthcare analytical testing services market.
• Moreover, the  increase in demand of bio analytical testing is high due to the extending figure of drugs in the biopharmaceutical sector and increase in biopharmaceutical industry across the globe, which is expected to boost the global healthcare analytical testing services market.
• Increase in analytical testing service outsourcing by biopharmaceutical and pharmaceutical companies for raising the profit margins, reducing the time which is required to validate the product and process and  to avoid high capital expenditure are also forecasted to fuel the global healthcare analytical testing services market.

New Product Launches and Business Strategies:

• In January 2020, LabCorp’s Drug Development Business launched preclinical, clinical, and post-approval cell, and gene therapy development solutions.
• In June 2019, Eurofins Scientific obtained Transplant Genomics Inc. (U.S.) to expand its transplantation testing footprint.
• In May 2019, SGS acquired Chemical Solutions Ltd. (CSL) (U.S.), a testing laboratory specializing in elemental and heavy metal testing for food, nutraceuticals, pharma, and cosmetic products.
• In December 2019, Frontage Labs established partnership with J&J Corporate Services, Inc. (U.S.) to increase its hold in Canada and west coast of North America.
• In March 2018, Charles River Laboratories added 2,800 sq. ft. of clean rooms for GMP microbial and mammalian cell banking.

Key benefits of the report:

• This study presents the analytical depiction of the global healthcare analytical testing services market along with the current trends and future estimations to determine the investments.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the healthcare analytical testing services market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the healthcare analytical testing services market. 
• The report provides a detailed healthcare analytical testing services market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Healthcare Analytical Testing Services market report:

• Who are the leading market players active in healthcare analytical testing services industry?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?
• What segments and region will drive the market growth & why?

 Healthcare Analytical Testing Services Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights