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Healthcare Analytical Testing Services Market 2024 - Global Business Growth, Competition Landscape, Size, Industry Drivers, Opportunities And Outlook By 2033
Healthcare Analytical Testing Services Market
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According to The Business Research Company's, The healthcare analytical testing services market size has grown rapidly in recent years. It will grow from $5.72 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to regulatory compliance, drug development and approval, clinical trials expansion, rise aging population, increased chronic diseases.
The healthcare analytical testing services market size is expected to see rapid growth in the next few years. It will grow to $11.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to telemedicine and remote monitoring, drug safety and pharmacovigilance, biopharmaceuticals and biosimilars, emerging markets, regulatory stringency. Major trends in the forecast period include advanced analytical techniques, data security and privacy, personalized medicine testing, ai and machine learning applications, environmental and contaminant testing.
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Market Drivers and Trends:
The increase in cases of chronic diseases is expected to drive the healthcare analytical testing services market going forward. Chronic diseases refer to diseases that persist in humans for more than three months, and these diseases include arthritis, asthma, cancer, diabetes, and so on. Healthcare analytical testing services are essential for the diagnosis and early treatment of millions of patients suffering from chronic diseases. For instance, according to Firstpost, an India-based online news and media website, diabetes cases in India are expected to double to 134 million by 2025. Therefore, increasing cases of chronic diseases are driving the growth of the healthcare analytical testing service market.
Technological advancement is the key trend gaining popularity in the healthcare analytical testing service market. Major market players are creating innovative technologies to sustain their position in the market. For instance, in April 2022, Charles River Laboratories International Inc., a US-based pharmaceutical company that provides clinical analytical and drug discovery services, and Valo Health Inc., a US-based company operating in the drug discovery process, launched the Logica analytical platform. This integrated AI-powered drug testing platform helps to design drug molecules, synthesis capabilities, and DNA-encoded libraries and directly translates biological testing outputs into optimized preclinical results to enhance drug discovery and biological testing.
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Major Key Players of the Market:
Almac Group, ALS Limited, Anacura Life Sciences, Charles River Laboratories International Inc., Danaher Corporation, Element Materials Technology Group, Eurofins Scientific SE, ICON plc, Impact Analytical Testing Lab, Intertek Group plc, Merck KGaA, Pace Analytical Services LLC, PPD Inc., Sartorius AG, SourceBio International plc, Steris Corporation, Syneos Health Inc., Thermo Fisher Scientific Inc., WuXi AppTec, Analytical Bio-Chemistry (ABC) Laboratories, Avance Biosciences, Avista Pharma Solutions, Avomeen Analytical Services, BioPharma Services Inc., Boston Analytical, Exova, Laboratory Corporation, MedPharm Inc., Micro Quality Labs, Microbac Laboratories, Microbac Laboratories Inc., Nelson Laboratories LLC, Pacific Biolabs Inc., PPD Inc.
Healthcare Analytical Testing Services Market 2024 Key Insights:
• The healthcare analytical testing services market size is expected to see rapid growth in the next few years. It will grow to $11.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Rising Chronic Disease Cases Propel Healthcare Analytical Testing Services Market
• Innovative Technology Enhance The Healthcare Analytical Testing Services Market
• North America was the largest region in the healthcare analytical testing services market in 2023
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