Healthcare Analytical Testing Services Market Worldwide

Healthcare Analytical Testing Services Market Regional Insights

North America held over 53.5% share of the global revenue share in 2023. The region is a host to advanced production hubs that design and produce complex, reliable, and superior quality products. High demand for testing services in healthcare and technical advancements drive the regional market. Favorable regulatory reforms and other transformations in the healthcare industry are predicted to pull biopharmaceutical firms to the U.S. market in conjunction with these factors. Developed infrastructure, expertise labor force, and broad scope for testing services in analysis will drive the business in ensuring the region's supremacy. North America will maintain its position in the global market as the healthcare industry keeps on evolving in many ways with developments.

Asia-Pacific is projected to grow at a higher growth rate during the forecast period owing to rising investments by developed economies in regional analytical services development. Growth emanates from regulatory amendments, besides setting up new facilities. For instance, LabCorp opened a bioanalytical laboratory in Singapore in November 2021, a factor that further illustrates the growth. Increase in demand for health testing services within the region, increase in partnerships, and expansion of services to new locations stimulates growth. While the region continues to invest in its healthcare infrastructure, installs more advanced technologies, and is consequently expected to witness rapid growth, it may eventually challenge the dominance of North America.

FAQs

Healthcare Analytical Testing Services Market size was valued at USD 7.39 Billion in 2023 and is poised to grow from USD 8.22 Billion in 2024 to USD 17.29 Billion by 2032, growing at a CAGR of 11.2% during the forecast period (2025-2032).

The market remains highly dynamic in nature, with almost incessant strategic moves by large firms in the form of alliances, mergers, acquisitions, and facility expansions. For instance, in April 2021, SGS SA completed its purchase of SYNLAB Analytics, a provider of pharmaceutical and food and environmental testing services. The purchase was targeted at expanding the analytical capacity of the company into areas of environmental, food, and pharmaceutical testing, having given access to SGS to over 37 new laboratories. '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)'

The increasing demand for medical testing services drives the market growth. Due to growing aging population and the higher prevalence of chronic conditions, the demand for diagnostic testing and its associated analytical services increased manifold. This has been driven by personalized medicine because it depends heavily on advanced testing and analysis. Increasing investment by health professionals and biopharmaceuticals in analytical testing services has given a lot of momentum to the market. As accurate and reliable diagnostic outcomes have become crucial, further expansion in the use of healthcare testing services is predicted to continue.

Outsourcing of Analytical Testing Services: Outsourcing of analytical testing services is gaining momentum in the healthcare analytical testing services market. Companies within the biotechnology and pharmaceutical industries are increasingly contracting specialist service providers to conduct their analytical testing work. The need to reduce costs, adopt advanced technologies, and focus on core competencies drives this trend. In this way, companies can boost productivity and improve turnaround times by outsourcing their analytical testing services through the resources and capabilities of specialist suppliers. Outsourcing was expected to gain greater popularity given the continuing rise in demand for analytical testing services.