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The healthcare analytical testing services market share is expected to increase by USD 11.38 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.62%.
This healthcare analytical testing services market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers healthcare analytical testing services market segmentation by end-user (pharmaceutical and biotechnology companies, medical device companies, and CRO) and geography (North America, Europe, Asia, and ROW). The healthcare analytical testing services market report also offers information on several market vendors, including Almac Group Ltd., Charles River Laboratories International Inc., Envigo, Eurofins Scientific SE, Laboratory Corp. of America Holdings, Merck KGaA, SGS SA, STERIS Plc, Thermo Fisher Scientific Inc., and WuXi AppTec Co. Ltd. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing demand for analytical testing services from the pharmaceutical and biotechnology sector is notably driving the healthcare analytical testing services market growth, although factors such as difficulty in marketing services may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the healthcare analytical testing services industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Healthcare Analytical Testing Services Market Driver
Increasing demand for analytical testing services from the pharmaceutical and biotechnology sector is a major driver fueling the healthcare analytical testing services market growth. The increasing number of deadly diseases such as cancer is creating a growing need for increased production of drugs and the development of new drugs to reduce the burden on existing ones. These factors are increasing the demand for high-quality analytical services from the pharmaceutical and biotechnology companies, as they need to focus more on their core competencies and the scientific aspects of the drugs. For smooth functioning, pharmaceutical and biotechnology companies partner with vendors offering analytical testing services to ensure that the product is not adversely impacted and the manufacturing facilities do not face regulatory compliance issues.regulatory compliance issues. At present, analytical testing is conducted with increased caution to develop contamination-free, safe products and to adhere to regulatory compliance. With the increasing number of biopharmaceuticals being produced, the demand for analytical testing will be high, as manufacturers cannot afford the losses associated with failed products. The need for stability in pharmaceutical products and patient safety has given rise to new techniques that help minimize toxic degradation in products and their loss of efficacy, thereby affecting overall clinical outcomes. As the need for high-quality products will increase, the reliance on quality analytical testing procedures will also increase. As a result, the global healthcare analytical testing services market will experience growth throughout the forecast period.
Key Healthcare Analytical Testing Services Market Trend
Growing focus on promotional activities is a major trend influencing the healthcare analytical testing services market growth. There is a growing trend among vendors to explore alternative marketing strategies for promoting their service portfolios, especially in segments like the Two-photon Laser Scanning Confocal Microscope. The global healthcare analytical services market heavily relies on partnerships with pharmaceutical and biotechnology companies. The nature of these services often makes traditional marketing challenging. In the past, advertising and marketing efforts were limited, leading to a significant lack of awareness among end-users about the benefits of partnering with efficient analytical testing service providers. However, there has been a shift towards promoting these services more actively. Vendors are now adopting alternative methods to reach their target audience and highlight the advantages of advanced technologies like the Two-photon Laser Scanning Confocal Microscope, driving market awareness and growth.
The key vendors in the market are also active on social and digital media platforms, where they post interactive videos and case studies showing how the pharmaceutical companies have benefitted from availing these services. The digital reach of the key vendors in the market has been highlighted below. Therefore, as vendors realize the importance of promoting services through alternate routes such as digital media, the trend of promotion of services and their benefits to various pharmaceutical, biotechnology, and medical device companies are also growing. This trend is expected to positively impact the market and assist in the increasing adoption of these services during the forecast period.
Key Healthcare Analytical Testing Services Market Challenge
Difficulty in marketing services is a major hindrance to the healthcare analytical testing services market growth. Marketing products is a simpler process than marketing services. Vendors can align their products with the market standards, price the product competitively, and state-specific advantages of the product. Although a similar strategy is observed in the services market, the vendors must convince their clients on the basis of statistical evidence. Also, mapping the results of the service is difficult since these results are not immediate and reflect at a later stage. Conversely, with a product, the results can be experienced almost immediately. Both the existing vendors and new entrants face the challenges mentioned above. However, the vendors with a strong presence in the market have better client relations with pharmaceutical and biotechnology companies, which has enabled them to establish an end-user-centric services portfolio for acquiring new clients. However, this is increasingly difficult for new vendors entering the market, as they have little market experience and are unable to position themselves in the market strongly. Therefore, until the services market is standardized, new vendors will struggle to establish a foothold in the market as selling of services will be a challenge, despite their strong technical experience.Impact of drivers and challenges
This healthcare analytical testing services market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the healthcare analytical testing services market as a part of global healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the healthcare analytical testing services market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the healthcare analytical testing services market encompasses successful business strategies deployed by the key vendors. The healthcare analytical testing services market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The healthcare analytical testing services market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the healthcare analytical testing services market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global healthcare technology market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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