Pharmaceutical Analytical Testing Outsourcing Market Prediction by 2032 Growing at 8.02% CAGR, The Brainy Insights Says
Increasing life science R&D expenditure, progress in the drug discovery and clinical diagnostics fields, technological advancements, emerging applications, growing geriatric populations, rising prevalence of chronic diseases, and shifting demographics have contributed to the constant expansion of pharmaceutical analytical testing outsourcing market during 2023 to 2032. North American region emerged as the largest market for the global pharmaceutical analytical testing outsourcing market, with a 41.92% market revenue share in 2021.
Newark, Sept. 21, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global pharmaceutical analytical testing outsourcing market is expected to grow from USD 7.92 billion in 2021 to USD 15.85 billion by 2030, at a CAGR of 8.02% during the forecast period 2022-2030.
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Pharmaceutical analytical testing outsourcing is a set-up through which analytical testing can be done with the help of a firm. Companies choose to outsource analytical testing because in house manufacturing base is not able to meet up the expectations of the market. Further, it is getting increasingly expensive to bear the testing cost for small-scale and medium-scale companies. Thus, the majority of the companies outsource external analytical testing to gain confidence about their products which will lead to their higher market shares in the market. Outsourcing helps reduce the time spent on analytical testing and increases the frequency of drugs after screening and the conversion rate of the drugs. Further, it also helps to eliminate the compounds which are not required or may cause failure in the final product; and increases the number of high-quality compounds.
The growing demand of pharmaceutical companies has increased the pressure on the in-house manufacturing base. Further, the increased competitive pressure has called for higher research and development activities. This has led these companies to opt for pharmaceutical analytical testing outsourcing. Additionally, the need for fast-paced developments has accelerated market growth. Outsourcing helps manufacturers to divert their resources to the manufacturing of drugs. Companies involved in the pharmaceutical analytical testing outsourcing market are expanding the reach of their services to tap into more consumer base. The Covid-19 impact has been positive on the market, as there was a massive surge in the number of drugs required for boosting immunity. Thus, most pharmaceutical companies prefer to outsource analytical testing of vaccines and medicines. The discovery techniques are breaking up too fast for a company to grasp them, which has been the primary reason for many companies to be involved in outsourcing activities. These companies are observing significant profitability from outsourcing analytical testing. Integrating outsourcing activities into the R&D plan helps pay off the significant dividends. The small-scale and medium-scale companies are majorly benefitted from outsourcing. However, the stringent regulations are hampering the market growth.
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Key players operating in the global pharmaceutical analytical testing outsourcing market are Labcorp, SGS SA, Pace Analytical Services, Inc, Eurofins Scientific, Intertek Group Plc; WuXi AppTec, PPD Inc, Charles River Laboratories, Boston Analytical, West Pharmaceutical Services, Toxikon, Inc., Exova, Ajinomoto Bio-Pharma, Source BioScienc, Gateway Analytical, Catalent, Inc, Alcami Corporation, Recro, AptarGroup, Inc., Aztech Sciences Inc., among others. To enhance their market position in the global pharmaceutical analytical testing outsourcing market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Key Insights on Pharmaceutical Analytical Testing Outsourcing Market
The active pharmaceutical ingredients segment held the highest share of around 41.10% and a market value of USD 3.25 billion in 2021.
The product type segment is divided into active pharmaceutical ingredients, raw materials, and finished products. The active pharmaceutical ingredients segment held the highest share of around 41.10% and a market value of USD 3.25 billion in 2021. The active biological component of drugs is responsible for producing the intended treatment. The application of active pharmaceutical ingredients is wide in departments such as cardiology, oncology, neurology, orthopedic, etc. Good manufacturing practice regulations mandate the use of analytical testing; thus, many companies are outsourcing the process to launch their product early in the market.
The others segment is ought to grow at the highest CAGR forecast period.
The service type segment is divided into stability testing, bioanalytical, method development and validation, and others. The stability testing is further segmented into accelerated stability testing, photostability testing, drug substance, and stability indicating method validation. The bioanalytical segment is further segmented into clinical and non-clinical. The method development and validation segment consist of technical consulting, extractable and leachable, impurity method, and others. The others segment is ought to grow at the highest CAGR forecast period. There are various services in the other category, including batch release, physical characterization, environmental monitoring, microbial testing, etc. These tests are essential for a thorough examination of the drug’s quality. The regulations for in-vitro and in-vivo tests are entirely changing, leading to the growth of the others segment.
The biopharmaceutical companies are anticipated to grow at the highest CAGR forecast period.
The end-user segment is divided into biopharmaceutical companies, contract research organizations, and pharmaceutical companies. The biopharmaceutical companies are anticipated to grow at the highest CAGR forecast period. Biopharmaceutical companies are increasing in number, and thus each company is involved in extensive production to gain higher market shares. These companies outsource the analytical testing process to improve their productivity and quality control of drugs.
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Regional Segment Analysis of the Pharmaceutical Analytical Testing Outsourcing Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest region for the global market, with a market share of 41.92% in the year 2021. Due to the rising need for efficient medications, there has been a significant increase in research and development, which has led to market expansion. The region has a high percentage of the end-users, such as biopharmaceutical companies, contract research organizations, and pharmaceutical companies. The presence of bulk developers in countries like the USA and Canada has resulted in the implementation of rigorous clinical trials of drugs. Each manufacturer is required to pertain to the provided standards, failing which they can lose their product approval. Additionally, the existence of advanced research institutions has aided in the expansion of the industry.
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About the report:
The global pharmaceutical analytical testing outsourcing market is analyzed based on value (USD Billion). All the segments have been analyzed globally, nationally, and country. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, and distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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