The global market for healthcare analytical testing services was estimated by Future Market Insights to be worth roughly $11.9 billion in 2021. The market is anticipated to grow at a CAGR of 14% over the following ten years, reaching a value of US$ 49.6 billion by the end of 2032.
According to Future Market Insights’ report, Pharmaceutical Testing accounts for the majority of the Healthcare Analytical Testing Services market’s revenue, with a projected CAGR of 13.2% by 2032. The largest market is expected to be the USA, with a market value of US$ 19 billion in 2032. The Healthcare Analytical Testing Services market is primarily driven by the evolving regulatory environment, the need to prevent impractical investments, and the need to minimise or completely eliminate the risk of product recalls.
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Why do manufacturers decide to contract with service providers for their healthcare analytical testing?
Healthcare producers and researchers are outsourcing their analytical testing to testing service providers as a result of the highly regulated and competitive healthcare market. The issue of a company’s potential lack of resources and competence if they decide to carry out their testing internally can be resolved by outsourcing. Moreover, there is a cost-benefit because laboratories can be contacted as and when needed, which reduces fixed capital needs and running costs.
Companies are willing to ensure high-quality testing despite having limited resources because of the nature of their products. In order to shorten the time required for routine examinations, several firms use outsourcing. in the production process for a more efficient and timely rollout of products. Further, the use of reputed agencies lends further credibility to products due to the lower chances of an internal bias.
The combination of these factors is giving a significant boost to the market.
Why are regulatory requirements and the rise in product recalls hurting the?
The cost of a product recall to a manufacturer is typically estimated to be over US$ 600 million, making it a major worry in the healthcare sector. According to estimates, pharmaceutical companies will pay around half of the recall expenses that result from this interruption of operations. Ethics are a major issue because healthcare items are high-risk and sensitive.
How is the market for healthcare analytical testing services being impacted by the testing of extractable and leachable?
Testing for extractable and leachable substances has recently been an increasing issue. Leachables and Extractables, which move from the product under normal and stressful conditions respectively, are particularly dangerous since they can alter the product itself. They are the subject of regulatory concern since they come into contact with pharmaceutical or medical products directly at any point of the production process. As a result, rules call for tests that go beyond what the standard ISO testing covers.
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Country-wise Perspectives
Market research on healthcare analytical testing services in the U.S.
With a CAGR of 12.6% from 2017 to 2021 and a market value of US$ 19 billion by 2032 at a CAGR of 14.5% from 2022 to 2032, the United States is the centre of the world’s demand for medical device testing. According to the risk they present, medical devices in the USA are categorised by the FDA into classes I through III. Testing varies depending on the class, with the higher classes needing far more rigorous examination. The FDA oversees pharmaceuticals as well, with GMPs regulations, or Current Good Manufacturing Practices, serving as the primary regulatory norm.
Healthcare Analytical Testing Services Market Study in the United Kingdom
The United States market for healthcare analytical testing services
Key Segments Covered in Healthcare Analytical Testing Services Industry Survey
By Product Type:
- Medical Device
- Extractable & Leachable
- Material Characterization
- Physical
- Bioburden
- Sterility
- Other Medical Devices
- Pharmaceutical
- Bioanalytical
- Method Development & Validation
- Stability
- Other Services
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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