NEW YORK, Aug. 30, 2017 /PRNewswire/ — The global analytical laboratory services market, by public health organization is projected to reach USD 333.8 million by 2021, growing at a CAGR of around 10.5% during the forecast period. Growth in the market can be attributed to a number of factors such as the growing expenditure on drugs and medical devices by public health organizations, increasing number of drug approvals and clinical trials, and rising demand for specialized analytical laboratory services. However, complex and innovative pharmaceutical products requiring a distinctive analytical testing approach is the major challenge hampering the growth of government support
The analytical laboratory services market, by public health organization in this report is segmented by service type. 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. The batch release testing services segment has 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.
In 2015, North America accounted for the largest share in the global analytical laboratory services market, by public health organization, followed by Europe, Asia-Pacific, and the RoW. Growth in the North American region is largely driven by the 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 is expected to grow at a higher CAGR during the forecast period as compared to North America and Europe. This can be attributed 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).
• Detailed insights on all analytical laboratory services, based on service type (bioanalytical testing, batch release testing, stability testing, raw material testing, physical characterization, method validation, microbial testing, and environmental monitoring). This can help market players to identify key regional public spenders, and high growth segments in the analytical laboratory services market, by public health organization.
• The report also provides information on key government agencies and their spend assessment. This can help the company to assess the regulatory compliance at global and regional levels in a better manner.
• Country-wise market size and forecast for all the types of services. Thus, not only the high growth spenders and service areas; the market size numbers provided in the report will also enable market players to identify key geographic markets, and thereby strategize global efforts in order to achieve substantial assistance from public health organizations in the coming years.
• It provides insights on key trends and challenges faced by the public health organizations on analytical laboratory services market.
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