HEALTHCARE TESTING SERVICES MARKET ANALYSIS

Healthcare Testing Services MarketSize and Trends

Global healthcare testing services market is estimated to be valued at US$ 5430.2 million in 2021 and is expected to exhibit a CAGR of 5.1% over the forecast period (2021-2028).

Healthcare Testing Services Market Report Coverage

The increasing government grants for developing testing kits is expected to drive growth of the global healthcare testing services market over the forecast period.

Figure 1. Global Healthcare Testing Services Market Share (%), By Region, 2021

Figure 2. Global Healthcare Testing Services Market Share (%), By Service Type, 2021

The increasing research and development activities for the development of healthcare testing services is expected to drive the market growth over the forecast period.

The increasing focus on launching novel healthcare testing services by key players is expected to drive the market growth over the forecast period.

Global Healthcare Testing Services Market – Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic is expected to have a positive impact on healthcare testing services market in this COVID-19 pandemic.

The emergence of new methods for validation and testing of drugs and kits used in Covid-19 detection has led to increasing demand for testing services by pharmaceutical and medical device manufacturers.  Due to rising pandemic of Covid-19 infection, demand for diagnostic testing kits and drug development has increased significantly, which has boosted the scope for testing service providers to expand their testing services.