Analytical Laboratory Services Market to Observe Prominent CAGR Growth of 14.7% by 2029
Global Analytical Laboratory Services Market research report involves major parameters namely market analysis, market definition, market segmentation, key developments in the market, competitive analysis, and research methodology. Depending on client’s requirements, massive business, product and market related information is brought together via this report that eventually helps businesses create better strategies. The report has across-the-board and comprehensive market insights which are based on business intelligence. No stone is left unturned while researching and analysing data to prepare market research report like this one and the others. The persuasive Global Analytical Laboratory Services Market report helps unearth the general market conditions, existing trends and tendencies.
The analytical laboratory services market offers a variety of analytical services, including physical characterization, product validation, raw material testing, batch release testing, bioanalytical testing, and others. Pharmaceutical, biopharmaceutical, and medical device companies all use these services extensively in the healthcare industry. These services offer a trustworthy source for precision, excellence, and effectiveness. They have uses in oncology, neurology, infectious diseases, cardiology, and other disciplines. With the increase in government initiatives to improve analytical testing capabilities and the rising number of drug approvals and clinical trials, the market for analytical laboratory services worldwide is expanding. A growing number of macromolecules and biosimilars are also being developed and used for a variety of therapeutic purposes, and governments are spending more money to establish new laboratories.
Data Bridge Market Research analyses that the global analytical laboratory services market is expected to reach USD 15,746.84 million by 2029, at a CAGR of 14.7% during the forecast period. The bioanalytical testing segment accounts for the largest offering segment in the global analytical laboratory services market.
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Growing focus on precision medicine is expected to drive the market’s growth rate
The growing focus on precision medicine has led to an increased demand for advanced analytical laboratory services. Precision medicine aims to provide personalized treatment options based on an individual’s genetic makeup. Analytical laboratory services play a crucial role in this field by conducting molecular diagnostics and genetic testing. These services analyze genetic and biomarker data to identify specific genetic variations, guide treatment decisions, and improve patient outcomes through tailored therapies, driving the demand for these specialized services.
Market Development
- In 2021, Beacon Discovery, a leading contract research organization (CRO) for drug discovery, was acquired, according to Eurofins Scientific. As a result, the company will have greater access to contract research and generate more revenue.
- In 2021, Announcing the acquisition of the top European environmental, food, and health sciences testing and tribology services provider, SGS SA changed the name of SYNLAB Analytics and Services to SGS Analytics. By assisting businesses to comply with ever-increasing regulations designed to ensure food, pharmaceutical, and environmental safety, the acquisition will continue growth and innovation.
- In 2020, WuXi AppTec announced that they had expanded their business to Philadelphia, offering end-to-end contract services for the cell and gene therapies industry. The expansion of the facility will triple the analytical laboratories services and CRO and contribute to the company’s revenue
- In 2019, BioAgilytix Labs announced that it has acquired Cambridge Biomedical, a CRO based in Boston, MA. This acquisition done by the company has strengthened its service portfolio leading to increased sales and demand in future
Some of the major companies providing analytical laboratory services in the global analytical laboratory services market are Charles River Laboratories, Medpace, Wuxi AppTec, Eurofins Scientific, Q2 Solutions (a subsidiary of IQVIA), SGS SA, SOLVIAS AG, Covance (a subsidiary of Laboratory Corporation of America Holdings), Intertek Group plc, Pharmaceutical Research Associates Inc., Syneos Health, ICON plc, Frontage labs, Laboratory Corporation of American Holdings, TOXIKON, PRA Health Sciences, Bioscreen testing services, VxP Pharma, Inc., PPD Inc. (a subsidiary of Thermo Fisher Scientific Inc.), ALS Limited, Shanghai Medicilon inc., Evotec SE, BioAgilytix Labs and Pace Analytical Services, LLC among others.
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Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:
Drivers
- Growing expenditure on drugs and medical devices
The rise of pharmaceutical and biotechnological industries will increase the market for these analytical services as they are dependent on drug markets to provide services such as pharmacokinetic testing and other batch testing and microbial testing. Therefore, it is expected to act as a driver for the growth of the global analytical laboratory services market in the forecast period.
- Government initiatives to strengthen analytical testing capabilities
Government funding and initiative to expand the analytical services will help the market grow and increase the market players in the forecast period. This is expected to increase the market size and act as a driver for the growth of the global analytical laboratory services market in the forecast period.
- Increasing number of drug approvals and clinical trials
The market players give the analytical testing process under contract research. Furthermore, the increasing biopharmaceutical industry with increased drug production and research for novel products is expected to act as a driver for the growth of the global analytical laboratory services market in the forecast period.
In 2022, bioanalytical testing segment is expected to dominate the test type segment of analytical laboratory services market
In 2022, bioanalytical testing segment is expected to dominate the market owing to diversified areas of expertise, which enables the development of drugs in various geographies and for different therapeutic areas with a CAGR of 15.0 %in the forecast period of 2022 to 2029
- On the basis of service type, global analytical laboratory services market is segmented into hospital-based laboratories, stand-alone laboratories, and clinics-based laboratories. Stand-alone laboratories segment is expected to dominate the market with a CAGR of 14.5% in the forecast period of 2022 to 2029 due to the high turnaround number of patients’ tests, majorly for complex and severe disease conditions that are relatively more cost-intensive.
- On the basis of method type, the global analytical laboratory services market is segmented into cell-based assays, virology testing, method serology, immunogenicity, biomarker testing, and pharmacokinetic testing. Biomarker testing segment is expected to dominate the market with a CAGR of 14.7% in the forecast period of 2022 to 2029 due to the advantages of biomarkers in drug development, rise in adoption of early toxicity testing, and increase in genome mapping programs.
- On the basis of application, the global analytical laboratory services market is segmented into oncology, neurology, infectious diseases, gastroenterology, cardiology, and other applications. Infectious disease segment is expected to dominate the market with a CAGR of 14.5% in the forecast period of 2022 to 2029 due to the growing prevalence of targeted disease, rising health awareness, and escalating consumption of the anti-microbial direct-acting drug.
- On the basis of technology, the global analytical laboratory services market is segmented into mass spectroscopy, immunochemistry, UPLC technology, turbulent flow technology, and others. Mass spectroscopy segment is expected to dominate the market with a CAGR of 15.1% in the forecast period of 2022 to 2029 due to the capacity to study numerous molecules regardless of whether they form the same structural family or not and highlight the specific metabolites of a disease.
In 2022, mass spectroscopy segment is expected to dominate the global analytical laboratory services market
In 2022, mass spectroscopy segment is expected to dominate the market owing to the capacity to study numerous molecules regardless of whether they form the same structural family or not and highlight the specific metabolites of a disease with a CAGR of 15.1% in the forecast period of 2022 to 2029 due to
- On the basis of end user channel, the global analytical laboratory services market is segmented into pharmaceutical and biopharmaceutical industries, contract development and manufacturing organizations, contract research organizations, and others. Pharmaceutical and biopharmaceutical companies segment is expected to dominate the market with a CAGR of 15.3% in the forecast period of 2022 to 2029 due to the immense amount of analytical testing required to support a product from discovery, development, and clinical trials, through manufacturing and marketing.
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Analytical Laboratory Services Market Regional Analysis/Insights
The global analytical laboratory services market is analysed and market size insights and trends are provided by country, test type, service type, method type, application, technology and end user as referenced above.
The countries covered in the global analytical laboratory services market report are the U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Ireland, Turkey and rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa, Brazil, Argentina and rest of South America.
North America is expected to dominate the market due to high expenditure on quality testing, strong regulatory scenarios, an increasing number of clinical trials and well-established federal testing laboratories in the region. The U.S. is expected to dominate the North America analytical laboratory services market owing to the increasing development of laboratories.
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