Analytical Laboratory Services Market worth 333.8 Million USD
The report "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) - Forecast to 2021", The global analytical laboratory services market, by public health organization is projected to reach USD 333.8 Million by 2021 from USD 202.8 Million in 2016, at a CAGR of around 10.5% during the forecast period. The growth can be mainly attributed to the growing expenditure on drugs and medical devices, expansion of testing laboratories, increasing number of drug approvals and clinical trials, and rising demand for specialized analytical testing services.
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The global analytical laboratory services market, by public health organization is segmented on the basis of service type and region. On the basis of service type, 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. This growth can be attributed to factors such as the usage and development of a large number of macromolecules and biosimilars for various therapeutic areas and the growing biopharmaceutical industry across the globe.
In 2015, North America accounted for the largest regional share, followed by Europe, Asia-Pacific, and the RoW. The major share is due to high expenditure on quality testing, strong regulatory scenario, increasing number of clinical trials, and the well-established federal testing laboratories in the region. Asia-Pacific represents the fastest-growing region for the analytical laboratory services market, by public health organization, primarily due to the fast-growing pharmaceutical industry in this region, increased government expenditure on healthcare, increasing number of highly competitive and extremely fragmented pharmaceutical companies, and increased spending by governments to set up new laboratories in Asian countries.
The major public health organizations in analytical laboratory services market include the 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).
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