Market Opportunity
- Growing Biopharmaceutical Sector: The expanding biopharmaceutical industry presents a significant growth opportunity. As the industry evolves, the demand for precise and efficient HCP testing will continue to rise.
- Adoption in Mining: HCP testing in mining is still a niche area, but increasing awareness of its benefits could drive adoption, albeit with a smaller impact compared to the biopharmaceutical sector.
Market Valuation
Market Worth: As of 2020, the global HCP testing market was valued at around USD 200-300 million, with expectations of steady growth driven by the factors mentioned above.
Recent Trends for Revenue Generation
- Automation: Implementing automation in HCP testing processes can improve efficiency, reduce costs, and enhance throughput, opening new revenue streams.
- Custom Solutions: Offering customized HCP testing services tailored to specific biopharmaceutical products is a growing trend that can generate additional revenue.