(EMAILWIRE.COM, September 21, 2018 ) The global healthcare analytical testing services market is projected to reach USD 5.97 Billion by 2023 from USD 3.43 Billion in 2018, at a CAGR of 11.7%. The shift of focus towards analytical testing of biologics and biosimilars, increasing outsourcing of analytical testing by pharmaceutical companies, increasing acceptance of the QbD approach in pharma research/manufacturing, and adoption of FTE contracts in R&D outsourcing are the major factors driving the growth of the healthcare analytical testing services market.

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The report analyzes the global healthcare analytical testing services market by type, end user, and region. On the basis of type, the bioanalytical testing segment accounted for the largest share of the global healthcare analytical testing servicess market in 2017. The large share of this segment is due to increasing number of drugs in the biopharmaceutical pipeline and the growing biopharmaceutical industry.

The global healthcare analytical testing services market by end user is segmented into pharmaceutical and biopharmaceutical companies, medical device companies and contract research organizations. In 2017, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the market. The large share of this segment can be attributed to the increasing outsourcing of analytical testing services by pharmaceutical and biopharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time required to validate the process and product.

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The rising demand for specialized analytical testing services and growth opportunities in emerging APAC countries are expected to provide further growth opportunities for players operating in the healthcare analytical testing services market. However, pricing pressure faced by market players and shortage of skilled professionals in the healthcare analytical testing services industry are some of the factors limiting the growth of this market during the forecast period.