Global Pharmaceutical Analytical Testing Outsourcing Market Set to Grow at CAGR of 8.2% during FY 2021-2028


Posted May 4, 2022 by sararaposo9

The global pharmaceutical analytical testing outsourcing market size was valued at USD 6.46 billion in 2020 and is projected to expand at a CAGR of 8.2% during the forecast period.
 
The global pharmaceutical analytical testing outsourcing market size was valued at USD 6.46 billion in 2020 and is projected to expand at a CAGR of 8.2% during the forecast period. The growth of the market is attributing to the innovating steps undertaken by pharmaceutical industry, increasing focus on regulatory & safety guidelines, and rising number of consumers in the market.

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Pharmaceutical analytical testing outsourcing encompasses all aspects of the pharmaceutical manufacturing, testing, and validation processes. This includes validating pharmaceutical ingredients, compounds, and manufacturing procedures, which are required for medicinal development. These services are offered by expertized manufacturing companies that are completely focused on outsourcing. Several top-selling medicines including Humira, are actively engaged in various studies and methods that would allow wide screening services to ease the use of devices by patients in the coming years. Drug developers are constantly working towards developing several new medicinal products or drugs.

The outbreak of COVID-19 pandemic has affected the market as it forced to shut the production units globally. Moreover, low demand for instruments, and consumables along with the global supply chain interruptions and trade restrictions have harmed the pharmaceutical analytical testing outsourcing market for months.

Market Trends, Drivers, Restraints, and Opportunities
• Huge investments in R&D to develop improved drugs are among the key strategies adopted by pharmaceutical companies. This is expected to boost the market growth in the coming years.
• Increasing demand for product safety & quality along with the dynamic regulations for in vitro and vivo tests are anticipated to fuel the growth of the market.
• Cost-effective pricing benefits of outsourcing by the pharmaceutical companies are key factors driving the market growth.
• Increased efficacy in operations, therapeutic expertise, and on demand service for analytical testing devices are fueling the market expansion.
• Inadequacy of highly skilled personnel for handling the testing devices are major restraining factors expected to hamper the market expansion.
• Ongoing development operational expertise by key pharmaceutical players to enhance the laboratory testing are likely to offer immense opportunities for the market development in the long run.

Market Segment Insights

Bioanalytical testing segment is expected to grow at a rapid pace
Based on services, the global pharmaceutical analytical testing outsourcing market is segregated into stability testing, method development & validation, bioanalytical testing, and others. The stability testing is further segmented into stability indicating method validation, photo-stability testing, drug substance, accelerated stability testing, and others. The method development & validation segment is also divided into sub-segment such as technical consulting, impurity method, extractable & leachable, and others. The bioanalytical testing segment is further bifurcated into clinical and non-clinical.

North America is anticipated to constitute a key market share
In terms of regions, the global pharmaceutical analytical testing outsourcing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the established manufacturing hubs of complex, extensively reliable, & high-end pharmaceuticals in this region. The increasing demand for proactive healthcare infrastructure in the region is also expected to fuel the market growth.

Compititive Landscape
Some of major players competing in the market are Eurofins Scientific; SGS SA; Toxikon, Inc.; Intertek Group Plc; Pace Analytical Services, Inc.; Charles River; Pharmaceutical Product Development, LLC; West Pharmaceutical Services Inc.; WuXi AppTec, Inc.; Boston Analytical; and Laboratories International, Inc.

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Last Updated May 4, 2022