Market Analysis
The Pharmaceutical Analytical Testing Outsourcing Market size is expected to reach USD 7500 million by 2030 at 8.70% CAGR during the forecast period 2022-2030. Analytical testing plays a key role in the field of pharmaceutical development right from the initial stages of commercialization of the therapy or drug. It is a vital phase in drug manufacturing that includes identification, determination as well as purification of a single compound and/or mixture of compounds. This process also includes determining the chemical compounds structure along with helping in the characterization and synthesis of active pharmaceutical ingredients (APIs).
There are many factors that is driving the growth of the pharmaceutical analytical testing outsourcing market. Some of these factors as per the Market Research Future (MRFR) report include swiftly developing pharmaceuticals market, rising demand for analytical drugs, biopharmaceutical products and biosimilars, increasing products in the pipeline, data safety, prompt and reliable results, reduced cost, enhanced efficiency in testing, innovations in the pharmaceutical industry, increase in end-users, growing emphasis on quality, safety and regulation. On the contrary, factors such as regulatory audits and quality approvals made in outsourcing laboratories, lack of awareness, lack of well-established healthcare infrastructure, lack of skilled experts, regulatory policies, less turnaround times, operational costs and fluctuations in the GMP (good manufacturing practices) may hinder the growth of the pharmaceutical analytical testing outsourcing market.
Regional Analysis
Based on region, the pharmaceutical analytical testing outsourcing market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, North America will garner maximum share in the pharmaceutical analytical testing outsourcing market owing to the existence of key market players in the region coupled with rising awareness about safety and product quality. North America is followed by Europe which stands second due to rising participation of key market players coupled with the existence of developed economies here such as France, Germany, the UK and others. The pharmaceutical analytical testing outsourcing market in the APAC region is anticipated to grow at the fastest pace owing to growing RD investment, increasing support of the government for foreign investments and rising penetration of key market players. In the Middle East and Africa, the pharmaceutical analytical testing outsourcing market will have a minimal market share owing to low per capita income and existence of poor economies in the African region.
Market Segmentation
Market Research Future report offers an all-inclusive segmental analysis of the pharmaceutical analytical testing outsourcing market insights on the basis of product type, services and end-user.
Based on product type, it is segmented into active pharmaceutical ingredients, finished products and raw materials. Of these, active pharmaceutical ingredients will have a significant growth during the predicted years owing to rising demand for biosimilars and generic drugs.
Based on services, the pharmaceutical analytical testing outsourcing market is segmented into stability testing, method development and validation and bioanalytical testing. The bioanalytical testing is further segmented into clinical as well as non-clinical. The method development and validation is further segmented into technical consulting, impurity method, extractable and leachable and others. The stability testing is again segmented into photostability testing, accelerated stability testing, stability indicating method validation and others. Of these, clinical bioanalytical testing market will have the maximum share in the pharmaceutical analytical testing outsourcing market due to growing clinical trials and a strengthened regulatory framework for carrying out development process and drug discovery par excellence.
Based on end-user, it is segmented into contract research organizations, biopharmaceutical and pharmaceutical companies and others.
Key Players
Leading players profiled in the pharmaceutical analytical testing outsourcing market include Source BioScience, WuXi AppTec, Merck KGaA, West Pharmaceutical Services, Charles River Laboratories International, Inc, Boston Analytical, Exova Group plc, Pharmaceutical Product Development, LLC, Intertek Group plc, Pace Analytical Services LLC, Eurofins Scientific and SGS SA, Toxikon, Inc.
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