Global Healthcare Testing Services Market, by Service Type (Chemical Testing, Microbiological Testing, Toxicology Testing, Stability Testing, and Others), by Product Type (Anti-viral Drugs, HIV Drugs, Fertility Drugs, Anti-diabetic Drugs, Respiratory Drugs, Anticoagulants, Medical Devices, Pharmaceutical Packaging, and Others), by Development Stage (Preclinical, Clinical, and Manufacturing), by End User (Pharmaceutical Industry, Contract Research Organization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
Several pharmaceutical service providers are engaged in gaining license for expanding their testing services and to offer better products and healthcare testing services in the global healthcare testing services market is expected to drive the market growth over the forecast period.
For instance, in February 2020, ZYUS Life Sciences Inc., a Canada-based biotechnology company, received analytical testing license and research license from Health Canada, which further enables the development, production, clinical studies, and sales of medical cannabinoid-based formulation for offering advanced therapy for patients. With the license, the company’s laboratory is authorized to perform in-house analytical testing on cannabis and its derivative products.
Global Healthcare Testing Services Market – Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. According to the Coronavirus (COVID-19), Weekly Epidemiological Update by the World Health Organization, over 262,178,403 cases and 5,215,745 deaths due to Coronavirus (COVID-19) were reported up till November 30, 2021, across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe and is also expected to have significant impact on the demand and supply in the global healthcare testing services market, owing to reduced access to services during the COVID-19 outbreak and nationwide lockdown. Since the outbreak of COVID-19 epidemic, prevention and treatment services for non-communicable diseases have been severely interrupted. Several people requiring treatment for ailments such as cancer, cardiovascular disease, and diabetes have been unable to access the health services and medications.
Browse 34 Market Data Tables and 28 Figures spread through 164 Pages and in-depth TOC on “Healthcare Testing Market”- Global Forecast to 2028, by Service Type (Chemical Testing, Microbiological Testing, Toxicology Testing, Stability Testing, and Others), by Product Type (Anti-viral Drugs, HIV Drugs, Fertility Drugs, Anti-diabetic Drugs, Respiratory Drugs, Anticoagulants, Medical Devices, Pharmaceutical Packaging, and Others), by Development Stage (Preclinical, Clinical, and Manufacturing), by End User (Pharmaceutical Industry, Contract Research Organization, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Healthcare Testing Services Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/healthcare-testing-services-market-4844
Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market.
For instance, in February 2020, PCI Pharma Services (PCI), a provider of clinical and commercial supply chain solutions to pharmaceutical as well as biopharmaceutical customers, acquired Canada-based Bellwyck Pharma Services, a provider of primary and secondary packaging and labeling for clinical trials. The acquisition added four Good Manufacturing Practices (GMP) compliant facilities to the PCI group.
Key Takeaways of the Global Healthcare Testing Services Market:
- The global healthcare testing services market is expected to exhibit a CAGR of 5.1% over the forecast period, owing to rising research and development activities. For instance, on April 6, 2020, the University of North Carolina at Chapel Hill Gillings School of Global Public Health developed EIDD-2801 drug, which reduced severe lung damage in mice infected with coronavirus and now they are planning to use it for human trials.
- Among product type, anti-viral drugs segment is expected to account for largest market share during the forecast period, owing to ongoing clinical trial to develop novel antiviral drug candidate. For instance, In November 2021, Pfizer Inc., an American multinational pharmaceutical and biotechnology corporation declared that company’s novel investigational COVID-19 oral antiviral candidate PAXLOVID found to significantly reduce risk of death or hospitalization by 89% as per Phase 2/3 EPIC-HR study interim analysis.
- Key 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, and Parexel International Corporation, and Pfizer Inc.
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