Europe Analytical Laboratory Services Market Industry Size, Growth, Demand, Opportunities and Forecast By 2029
Europe Analytical Laboratory Services marketing report has been structured by keeping in mind all the foremost aspects of the market research that put forth market landscape simply into focus. Market segmentation is a significant parameter that categorises the market depending upon application, vertical, deployment model, end-user, and geography etc. Such market document also provides CAGR value fluctuation in percentage during the forecast period of 2023-2030 for the market. Additionally, Europe Analytical Laboratory Services market report consists of extensive study about diverse market segments and regions, emerging trends along with major drivers, challenges and opportunities in the market.
Data Bridge Market Research analyses that the Europe analytical laboratory services market is expected to reach USD 3,743.48 million by 2029, at a CAGR of 14.8% during the forecast period. The bioanalytical testing segment accounts for the largest offering segment in the Europe analytical laboratory services market. The Europe analytical laboratory services market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Analytical laboratory services are concerned with a wide range of chemical and microbiological assays. Analytical laboratory services include method development and validation, sample analysis for concentration confirmation, purity, homogeneity, and stability assays on preliminary formulations and finalized drug products for IND, NDA, and ANDA submissions. Analytical services, also referred to as "materials testing," is used to describe various techniques used to identify the chemical makeup or characteristics of a particular sample. Manufacturers in industries such as pharmaceuticals, food, electronics, and plastics often use analytical testing for reverse engineering or failure analysis and identifying contaminants or stains on products
Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
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Growing expenditure on drugs and medical devices
The rise of pharmaceutical and biotechnological industries will increase the market for these analytical services as they are dependent on drug markets to provide services such as pharmacokinetic testing and other batch testing and microbial testing. Therefore, it is expected to act as a driver for the growth of the Europe analytical laboratory services market in the forecast period.
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Government initiatives to strengthen analytical testing capabilities
Government funding and initiative to expand the analytical services will help the market grow and increase the market players in the forecast period. This is expected to increase the market size and act as a driver for the growth of the Europe analytical laboratory services market in the forecast period.
Some of the major companies providing analytical laboratory services in the Europe analytical laboratory services market are Eurofins Scientific, Q2 Solutions (a subsidiary of IQVIA), SGS SA, SOLVIAS AG, Syneos Health, ICON plc, BioAgilytix Labs, Pharmaceutical Research Associates Inc., ALS Limited, Covance (a subsidiary of Laboratory Corporation of America Holdings), Intertek Group plc, Evotec SE, Charles River Laboratories, Medpace, WuXi AppTec, and PPD Inc. (a subsidiary of Thermo Fisher Scientific Inc.) among others
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