Healthcare Testing Services Market
Healthcare testing services are developed and designed in the laboratories. Healthcare testing in labs are required at almost every stage such as preclinical, clinical, and manufacturing stage during pharmaceutical production and research and development. It is utilized to test raw materials, in order to perform an in process quality control (IPQC) of dosage forms as well as finished products. Healthcare testing include aids in verifying the safety, efficacy, stability, and potency of dosage of a medical product. A healthcare testing laboratory can help in testing the products to make sure that they are safe to use before releasing them into the market. Chemical testing, microbiological testing, toxicology testing, stability testing, and others are some of the services that healthcare testing laboratories provide to ensure the safety of medications and treatment.
Global healthcare testing services market is estimated to be valued at US$ 5430.2 million in 2021 and is expected to exhibit a CAGR of 5.1% over the forecast period (2021-2028).
Figure 1. Global Healthcare Testing Services Market Share (%), By Region, 2021
The increasing government grants for developing testing kits is expected to drive growth of the global healthcare testing services market over the forecast period.
For instance, in March 2020, the Drug Controller General of India (DCGI) granted testing license to Roche Diagnostics India, an in-vitro diagnostic market leader and other 13 private companies for evaluation of the quality of testing kits used in detection of coronavirus (Covid-19).
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 5430.2 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 5.1% | 2028 Value Projection: | US$ 8290.0 Mn |
| Geographies covered: |
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| Companies covered: |
Eurofins Scientific, PPD, Inc., Microbac Laboratories, Inc., ARL Bio Pharma, Inc., Consumer Product Testing Company, Inc., Element Materials Technology Ltd., Intertek Group plc, DYNALABS LLC., ADPEN Laboratories, Inc., Moderna Inc., ZYUS Life Sciences Inc., PCI Pharma Services, Perfectus Biomed, Alcami Corporation Inc., SGS SA, Predictive Laboratories, Lasa Supergenerics Ltd, Roche Diagnostics India, National Jewish Health, and Parexel International Corporation, and Pfizer Inc. |
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Figure 2. Global Healthcare Testing Services Market Share (%), By Service Type, 2021
The increasing research and development activities for the development of healthcare testing services is expected to drive the market growth over the forecast period.
For instance, in March 2020, National Jewish Health, a leading respiratory hospital in Denver, Colorado, developed new diagnostic test for Covid-19 and launched an Acute Respiratory Clinic to provide care for patients suspected of Covid-19 or other acute respiratory illnesses.
The increasing focus on launching novel healthcare testing services by key players is expected to drive the market growth over the forecast period.
For instance, in June 2019, Parexel International Corporation, a U.S.-based biopharmaceutical services provider, launched an improved integrated Functional Service Provider (FSP) outsourcing delivery model at the Drug Information Association (DIA) 2019 Global Annual Meeting held at San Diego, U.S. for offering a wide range of outsourcing solutions from clinical stage to commercialization and drug development services to pharmaceutical and biotechnological companies.
Global Healthcare Testing Services Market – Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic is expected to have a positive impact on healthcare testing services market in this COVID-19 pandemic.
The emergence of new methods for validation and testing of drugs and kits used in Covid-19 detection has led to increasing demand for testing services by pharmaceutical and medical device manufacturers. Due to rising pandemic of Covid-19 infection, demand for diagnostic testing kits and drug development has increased significantly, which has boosted the scope for testing service providers to expand their testing services.
Moreover, market players such as Almac Group, a contract development and manufacturing organization is supporting research of pharmaceutical, biotech, and research institutes by offering and wide range of services such as analytical services, expedited Interactive Response Technology (IRT) support, and clinical trial manufacturing, and other services for COVID-19 treatment.
Global Healthcare Testing Services Market Restraint
Price fluctuation and expensive healthcare testing services are major factors that are expected to hinder the market growth. Moreover, other costs are involved in services that increase with the rising use of technological platforms such as software for testing, use of costly devices, document management, and others. The use of advanced technology enhances the overall process and provides quality data of pharmaceutical, medical devices, and cosmetics. However, it increases the cost of testing services, which in turn is expected to hamper the healthcare testing services market growth.
Key Players
Major players operating in the global healthcare testing services market include Eurofins Scientific, PPD, Inc., Microbac Laboratories, Inc., ARL Bio Pharma, Inc., Consumer Product Testing Company, Inc., Element Materials Technology Ltd., Intertek Group plc, DYNALABS LLC., ADPEN Laboratories, Inc., Moderna Inc., ZYUS Life Sciences Inc., PCI Pharma Services, Perfectus Biomed, Alcami Corporation Inc., SGS SA, Predictive Laboratories, Lasa Supergenerics Ltd, Roche Diagnostics India, National Jewish Health, Pfizer Inc. and Parexel International Corporation
Healthcare testing services are invented, and developed in the laboratories. During pharmaceutical production and research and development, healthcare testing in labs is required at practically every stage including preclinical, clinical, and manufacturing. It is used to test raw materials and to perform an in-process quality control (IPQC) of dosage forms and finished products. Healthcare testing aids in assessing a medical product's safety, efficacy, stability, and dosage potency. Before releasing a product in the market, a healthcare testing laboratory can assist in testing to ensure that it is safe to use. Chemical testing, microbiological testing, toxicological testing, stability testing, and other services are just a few services that healthcare testing laboratories offer to guarantee the safety of medications and treatments.
Market Dynamics
Complex research and development procedures, stringent government regulations regarding product compliance, increasing product approvals by regulatory authorities, and launches of novel services and products are the major factors that are expected to drive the growth of the global healthcare testing services market over the forecast period.
Moreover, increasing number of funding initiatives by government and research organizations to provide funding to pharmaceutical and medical device manufacturing companies in order to develop drugs and diagnostic kits for the treatment of novel coronavirus, increasing research and development activities, and rising number of clinical trials owing to the COVID-19 outbreak are expected to create lucrative opportunities in the market. Many research organizations and government agencies are funding pharmaceutical and medical device manufacturing companies for the development of kits for diagnosis and drugs, and for the treatment of the novel coronavirus.
For instance, in April 2020, Moderna Inc., a clinical-stage biotechnology company, received US$ 483 million funding from the U.S. Biomedical Advanced Research and Development Authority (BARDA) for rapid development of Moderna’s mRNA vaccine candidate (mRNA-1273) against the SARS-CoV-2 coronavirus. The funding will be through Phase II and III clinical trials to United States Food and Drug Administration (FDA) licensure.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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