According to the new market research report by MarketsandMarkets, the analytical laboratory services market is projected to reach USD 333.8 Million by 2021 from USD 202.8 Million in 2016, at a CAGR of 10.5%.
Analytical Laboratory Services Market by Public Health Organization, – by types of services (Stability, Raw Material, Physical Characterization, Method Validation, Microbial Testing, Environmental Monitoring, Bioanalytical Testing)
The overall market, by public health organization is positively impacted by factors such as the growing expenditure on drugs and medical devices by public health organizations, government initiatives to strengthen analytical testing capabilities, increasing number of drug approvals & clinical trials, and rising demand for specialized analytical testing services.
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On the basis of type of service, the spend assessment is segmented into eight segments, namely, bioanalytical testing, batch release testing, stability testing, raw material testing, physical characterization, method validation, microbial testing, and environmental monitoring.
On the basis of type of service, the spend assessment is segmented into eight segments, namely, bioanalytical testing, batch release testing, stability testing, raw material testing, physical characterization, method validation, microbial testing, and environmental monitoring. In 2015, the bioanalytical testing segment accounted for the largest share of the analytical laboratory services market, by public health organization.
The spending on batch release testing services is expected to account for the second largest share during the forecast period. The growth can be attributed to the need for checking and validating the process for product development among pharmaceutical & biopharmaceutical companies and the increasing usage of dissolution test in the development and approval of generic solid oral dosage forms.
The geographical regions mapped in the report are:
Geographically, the analytical laboratory services market, by public health organization is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2015, North America commanded the largest share, followed by Europe, Asia-Pacific, and the RoW.
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Some key players mentioned in the research report are:
Food and Drug Administration (U.S.), European Medicines Agency (U.K.), Federal Institute for Drugs and Medical Devices (Germany), Agence française de sécurité sanitaire des produits de santé (France), Agenzia Italiana del Farmaco (Italy), the Spanish Medicines and Health Products Agency (Spain), Central Drugs Standard Control Organization (India), China Food and Drug Administration, and Pharmaceuticals and Medical Devices Agency (Japan).