Global Healthcare Analytical Testing Services Market - 2020-2027
発行: DataM Intelligence
Healthcare analytical testing services are widely used by pharmaceutical, biopharmaceutical, and medical device manufacturers that support throughout the stages of their drug development. These services provide support in the process of drug development started from discovery through clinical development or clinical trials to commercial use. The primary objective of performing healthcare analytics is to gain insights into patient records, costs, hospital management, and diagnosis in order to systemize the process and obtain required data for the development of the overall healthcare sector. Furthermore, analytical testing plays a critical role in the end-to-end process of drug development and manufacturing.
This service provides support in the process of drug development started from discovery through clinical development or clinical trials to commercial use.
The market is driven is the demand for research and development outsourcing. Healthcare analytical testing services are extensively used by biopharmaceutical, pharmaceutical, and medical device manufacturers to support throughout the stages of their drug development.
Increasing analytical testing rate of biosimilar and biologics, rising outsourcing of analytical testing by several pharmaceutical companies, and growing acceptance of Quality by design (QbD) approach in pharma manufacturing are believed to be driving the global healthcare analytical testing services market. QbD helps various pharmaceutical companies in adopting data-driven, systemic strategies in order to deliver quality outcomes. Many biotechnology and pharmaceutical companies are opting for outsourcing analytical testing services for reducing the time and cost of the manufacturing process. Thus, rising adoption of FTE contracts in research and development outsourcing also expected to boost the global healthcare analytical testing services market.
Furthermore, the demand for bioanalytical testing is rising due to the growing number of drugs in biopharmaceutical pipeline, and rising biopharmaceutical industry across the world, which in turn is also expected to fuel the global healthcare analytical testing services market. Apart from all these, rising analytical testing service outsourcing by biopharmaceutical companies for boosting their profit margins, reducing the required time for validating the product and process, and avoiding high capital expenditure are also projected to propel the global healthcare analytical testing services market.
According to the International Journal of Environmental Research and Public Health's published study, around 40 medications are recalled per year in the United States and South Korea. This emerges the need for testing the products and ensure safety. Medicines are intended for better outcome in humans and animals. However, poor quality of medicines would not only affect adversely on the health of the patients but also on the fund systems. Therefore, to ensure safety and efficacy of the drugs analytical testing holds an important role.
However, data insecurity is the main factor which hinder the growth of the market in the forecast period
Moreover, COVID-19 pandemic has also affected the market adversely. For instance, after COVID-19 was declared as a pandemic by the WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This led to disruption, limitation, challenges, and changes in each sector of every industry. Similarly, the healthcare analytical testing services industry was also impacted by the pandemic.
The global healthcare analytical testing services market is segmented based on test type by bioanalytical testing services, method development & validation, stability testing, drug substances and others. The stability testing segment held the largest market share. Stability testing is done to evaluate the capability of the drug to retain its properties throughout its shelf-life.
The stability testing is done on the basis of five parameters, chemical, physical, microbiological, therapeutic and toxicity. The degradation with respect to any of these parameters can lead to health hazards. According to the study published by Journal of Industrial Microbiology & Biotechnology, almost 300 biopharmaceuticals have been patented in the last three decades. Furthermore, according to the World Health Organization, in 2019, the number of registered trials were around 92% in South East Asia and around 66% in the Eastern Mediterranean region. Hence, these factors are expected to impact positively on the market growth in this segment.
The bioanalytical testing services segment is expected to have positive market growth in the forecast period. Bioanalytical tests are used in drug discovery, drug development, and in the commercialization of drugs. In recent years, increased focus of biopharmaceutical companies on contract research development services has created opportunities in the bioanalytical testing services market. Increasing frequency of outsourcing research and development activities by many biopharmaceutical companies in order to focus on their core competencies are expected to propel the expansion of the global bioanalytical testing services market during the forecast period. Moreover, cost-effectiveness of outsourcing compared to in-house analysis is likely to further drive the market.
Bioanalytical testing services supports development of drugs in various geographies and for various different therapeutic areas. Bioanalytical testing enables quantitative determination of drugs in biological substances such as blood, serum, plasma, or urine. All these tests are conducted in pathological labs or diagnostic centers and in research laboratories. It is conducted when a drug is being developed, and helps in the commercialization of the drug sells. Pharmaceutical and biopharmaceutical companies are the leading end-user in bioanalytical testing services. This factor will drive the growth of the market in the forecast period.
Further, the market is also classified based on end-user as pharmaceutical & biopharmaceutical companies, medical device companies, contract research organizations. The medical device companies segment is held the largest market share. Medical devices are electronic devices that are implanted within the body to monitor the patients' medical condition. These are most widely used nowadays in order to improve the medical outcome of patients. As there is an increasing demand for medical devices due to the rising prevalence of chronic diseases, hence various companies are shifting their focus on research and development and outsourcing of medical devices. Therefore the medical device companies are launching new devices in the market. This factor will drive the growth of the market in the forecast period.
By region, the healthcare analytical testing services market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global healthcare analytical testing services market and is expected to grow at the highest CAGR during the forecast period due to presence of large number of key players operating in the healthcare analytical testing services market.
According to the clinical trials in 2019, around 293,321 studies were registered during the start of the year and around 32,523 at the end of year. Furthermore, in 2019, approximately 48 novel drugs were approved as per the data of the FDA's Center for Drug Evaluation and Research (CDER).
According to the Pharmaceutical Research & Manufacturers of America, in 2018, the R&D expenditure by biopharmaceutical companies were around 79.6 billion USD in the United States. Thus, the increasing number of clinical trials and number of approved drugs is expected to boost up the demand of pharmaceutical analytical testing market growth in the region.
The Asia-Pacific region is expected to have third-largest share due to creasing R&D in this region, and increasing adoption of new technology in healthcare analytical testing. Furthermore, the Owing to the increasing prevalence of chronic diseases the demand for the service is also rising. These factors stimulate market growth over the forecasted period in the region.
The healthcare analytical testing services market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition Laboratory Testing Inc., Eurofins Scientific, SGS SA, Toxikon Inc., Pace Analytical Services, Intertek Pharmaceutical Services, Boston Analytical, West Pharmaceutical Services Inc. and Steris are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.
The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to expand their presence and meet the rising demand for the healthcare analytical testing services market across the globe. For instance,