Eurofins Scientific (Luxembourg), LabCorp (US), SGS (Switzerland), Charles River Laboratories (US), and WuXi AppTec (China). are the leading players in the Healthcare Analytical Testing Services Market
The healthcare analytical testing services market is projected to reach USD 11.1 billion by 2027 from USD 6.5 billion in 2022, at a CAGR of 11.4% during the forecast period. Growth in the market is driven by the growing production and development of pharmaceuticals, biopharmaceuticals, and biologics, as well as the increasing number of clinical trials.
The market is competitive and less fragmented. At the top with a large number of leading market players based in developed countries or serve specific end-users or regions rather than offering all services enlisted under healthcare analytical testing. Prominent players in the healthcare analytical testing services market include Eurofins Scientific (Luxembourg), LabCorp (US), SGS (Switzerland), Charles River Laboratories (US), and WuXi AppTec (China). Companies in the healthcare analytical testing services market have adopted strategies such as partnerships, agreements, acquisitions, service launches as well as expansions to enhance their presence in the healthcare analytical testing services market.
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Eurofins Scientific (US) is a leading player in the healthcare analytical testing services market and accounted for the largest share of the market in 2021. Eurofins offers bioanalytical solutions ranging from preclinical non-GLP to IND-enabling toxicity studies to multi-national Phase III clinical trials. In June 2022, Eurofins acquired majority stakes in Ajal Laboratories (Saudi Arabia) to expand its food and pharmaceutical products testing portfolio in the Kingdom of Saudi Arabia.
LabCorp (US) is one of the prominent players in the healthcare analytical testing services market. Through its integrated network of primary and specialist laboratories across the US, it provides a comprehensive menu of frequently requested core testing and specialty testing services The company has focused on inorganic growth strategies such as expansions to increase its market share. For instance, in November 2021, LabCorp announced the expansion of its global offerings and its footprint in the Asia Pacific region with the opening of a new and integrated bioanalytical laboratory in Singapore.
WuxiApp Tech (China) WuXi AppTec primarily provides laboratory and manufacturing outsourcing services to pharmaceutical, biopharmaceutical, and medical device companies. The company has a comprehensive discovery and development services portfolio. The company actively focuses on expansions to improve its capabilities and capacity in the global market. WuXi also focuses on various other growth strategies, such as mergers & acquisitions, collaborations, agreements, and service launches.
Related Reports:
Healthcare Analytical Testing Services Market by Type (Biomarker Testing, Stability Testing, Raw Material Testing, Batch-release Testing, Cleaning Validation, End User (Pharmaceutical Companies, Medical Device Companies, CRO) - Global Forecast to 2027
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