Increased Demand of Disease Testing after COVID-19 has led to the growth of the Outsourced Testing Services Market: Future Market Insights

China Outsourced Testing Services Market is projected to grow at a CAGR of 11.1% during 2022 -2032. North America is one of the key markets for outsourced testing services. Demand for outsourced testing services in Europe is expected to register a growth of 6.9% over the next ten years.

NEWARK, Del., Oct. 10, 2022 /PRNewswire/ --  Outsourced Testing Services Market is set to enjoy a valuation of US$ 36.4 Bn in 2022, and further expand at a CAGR of 7.7% to reach US$ 76.3 Bn by the year 2032. According to the recent study by Future Market Insights, pharma/biopharmaceuticals tests are leading the market with a share of 40.8% in 2021 within the global market.

According to Future Market Insights' latest industry analysis, the market size for the global outsourced testing services market was around US$ 34.2 Bn in 2021. It is projected to exhibit a CAGR of 7.7% over the forecast period, with an estimated market size of ~US$ 76.3 Bn in 2032.

The rise in the number of infectious as well as chronic diseases has led to the growth of the overall outsourced testing services market. With increase in such disease conditions, the volumes of testing are also rapidly increasing. The incidence of conditions like cardiac arrests, diabetes, cancer, stroke, and arthritis has been increasing at a higher rate. These cases have become one of the major causes of death globally.

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As per the worldwide cancer data from World Cancer Research Fund International, in 2020, there were 18.1 million cancer cases globally. Similarly, as per WHO, 2021 data, around 422 million people around the world have diabetes.

Thus with the rapid growth and high prevalence of these disease conditions, along with increased awareness of the patients, testing services are constantly in demand and increasing in preference.

In addition, with the rise in the number of service offerings for various different tests, the market is rapidly growing. The market is also seeing a rapid growth in emerging countries such as China and India.

Key Takeaways from Market Study

• Pharma/biopharmaceuticals tests dominated the market with a 40.8% market share in the test segment of the outsourced testing services market in 2021.
• Contract research organizations by end user dominated the market in 2021 with a share of 51.5% of the outsourced testing services market.
• Europe dominates among the seven regions, with a market share of 32.3% in 2021.

"Limited In-house production capability, rising demand for testing and manufacturing services for bulk products and cost-effective of the outsourcing services is set to propel the sales of the outsourced testing services market across the globe," says an analyst of Future Market Insights.

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Market Competition                    

The outsourced testing services market is highly fragmented because of the large number of key players in the market. There is a broad range of products that can be categorized under the outsourced testing services market; therefore, it is a broad market. The strategies that are majorly followed by the key players of the outsourced testing services market include product launches, expansions, collaborations and partnerships, and mergers and acquisitions.

·  On March 8, 2021, Sotera acquired BioScience Laboratories, LLC with one location in Bozeman, Montana. BioScience is a provider of outsourced topical antimicrobial product testing in the pharmaceutical, medical device, and consumer industries. BioScience's expertise in analytical testing and clinical trial services will complement Nelson Labs' existing strengths in antimicrobial and virology testing.

·  Labcorp announced the opening of a new, integrated bioanalytical laboratory in Singapore during the fourth quarter of 2021, expanding customer access in the Asia-Pacific region

What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the outsourced testing services market in its latest study, presenting a historical demand assessment of 2015 – 2021 and projections for 2022 – 2032.

The research study is based on the test– (pharma/biopharmaceuticals (clinical trials testing, bioanalytical testing, biocompatibility & toxicology testing, extractables & leachables testing, clinical stability testing, sterilization testing and facility & process validation), medical devices (clinical trials testing, bioanalytical testing, biocompatibility & toxicology testing, chemical characterization & product stability testing, microbial & sterility testing and others) cosmetics (microbiological testing, stability testing, safety and toxicological testing, performance testing, compatibility testing with packaging and others) nutraceuticals (clinical trials testing, bioanalytical testing, contamination testing, allergen testing and others) food & beverage testing (analytical chemistry testing, sensory testing, nutrition analysis and microbiology testing)) , and end user - (contract research organization, contract development and manufacturing organization and academic and research institutes), across seven key regions of the world.

Read More: https://www.futuremarketinsights.com/reports/outsourced-testing-services-market

Key Market Segments Covered in outsourced testing services Industry Research

By Test Types:

• Pharma/Biopharmaceuticals
• Clinical Trials Testing
• Bioanalytical Testing
• Biocompatibility & Toxicology Testing
• Extractables & Leachables Testing
• Clinical Stability Testing
• Sterilization Testing
• Facility & Process Validation
• Medical Devices
• Clinical Trials Testing
• Bioanalytical Testing
• Biocompatibility & Toxicology Testing
• Chemical Characterization & Product Stability Testing
• Microbial & Sterility Testing
• Others
• Cosmetics
• Microbiological testing
• Stability testing
• Safety and Toxicological testing
• Performance Testing
• Compatibility testing with packaging
• Others
• Nutraceuticals
• Clinical Trials Testing
• Bioanalytical Testing
• Contamination Testing
• Allergen Testing
• Others
• Food & Beverage Testing
• Analytical Chemistry Testing
• Sensory Testing
• Nutrition Analysis
• Microbiology Testing

By End User:

• Contract Research Organization
• Contract Development And Manufacturing Organization
• Academic and Research Institutes

Table of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

    2.3. Inclusions and Exclusions

3. Key Market Trends

    3.1. Key Trends Impacting the Market

    3.2. Product Innovation / Development Trends

4. Key Success Factors

    4.1. Adoption/ Usage Analysis by Region

    4.2. Regulatory Scenario

    4.3. Recent Test Advancements

    4.4. Key Promotional Strategies

    4.5. PESTEL Analysis

    4.6. Porter's Analysis

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About Healthcare Division at Future Market Insights

Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here.

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