The pharmaceutical analytical testing outsourcing market is growing rapidly mainly due to the burgeoning healthcare and pharmaceutical sector. With the improving economic conditions globally, over the last decade, the healthcare expenditures are increasing too, witnessing the expanding quality healthcare scenarios. Resultantly, the demand for therapeutic medicines and devices has been increasing dramatically. Consecutively, the R&D activities for new drug discovery have increased drastically, which, in turn, is escalating the market on the global platform.
Considering the exponential growth that this market perceives currently Market Research Future (MRFR) in its recently published study analysis asserts that the global pharmaceutical analytical testing outsourcing will grow exponentially by 2023, registering a CAGR over 8.70% throughout the forecast period (2023 – 2030).
Additional factors that are supporting the market growth include continuous advances in research and development (R&D) activities for new drug discoveries which is increasing the demand for pharmaceutical analytical testing outsourcing services. Furthermore, factors such as the increased utilization of medication revelation processes, growing interest and the success ration of adequacy trials.
Conversely, factors such as the delayed quality approvals and regulatory audits conducted in outsourcing laboratories are impeding the growth of the market. Nevertheless, factors such as the emergence of new healthcare technologies and rapid advancements like pharmacokinetics (PK), pharmacodynamics (PD), bioanalysis, and bioequivalence are expected to support the growth of the market over the review period.
Pharmaceutical Analytical Testing Outsourcing Market – Segmentations
For ease of understanding, the market is segmented into four key dynamics: -
By Product Type : Raw Materials, Finished Products, and Active Pharmaceutical Ingredients (API) among others.
By Services : Bioanalytical Testing, Method Development & Validation, and Stability Testing among others.
By End-user : Pharmaceutical & Biopharmaceutical Companies and Contract Research Organizations among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Major Players:
Key players leading the global pharmaceutical analytical testing outsourcing market players include Toxikon, Inc, SGS SA, Eurofins Scientific, Intertek Group plc, Pace Analytical Services LLC, Pharmaceutical Product Development, LLC, Boston Analytical, Exova Group plc, Charles River Laboratories International, Inc, Merck KGaA, West Pharmaceutical Services, WuXi AppTec, and Source BioScience among others.
Pharmaceutical Analytical Testing Outsourcing Market – Geographical Analysis
The North American region, heading with the presence of major market players dominates the global pharmaceutical analytical testing outsourcing market. Factors such as the increasing number of R&D activities for breakthrough drug discoveries to meet the increasing prevalence of chronic diseases in the region substantiate the growth of the regional market.
Moreover, factors such as the presence of a well-established healthcare sector and higher expenditure on healthcare foster the growth of the regional market. The US backed by the rapid uptake of new techniques for developments of new medicines accounts for the key contributor to the regional market.
The pharmaceutical analytical testing outsourcing market in the European region accounts for the second-largest market, globally, growing at a considerable CAGR. Factors such as the well-penetrated healthcare sector led by the resurging economy in the region are fostering the growth of the market in this region. Moreover, increasing government support and funding for the R&D activities and the presence of an enormous patient pool will drive the regional market during the review period.
The Asia Pacific pharmaceutical analytical testing outsourcing market has emerged as a profitable market, globally. The market is mainly led by rapidly developing countries such as China and India due to their vast population, the fastest growing healthcare sector, and large unmet clinical needs in these countries. Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute to the growth of the regional market significantly.
Global Pharmaceutical Analytical Testing Outsourcing Market – Competitive Analysis
Fiercely competitive, the pharmaceutical analytical testing outsourcing market appears to be fragmented with the presence of several well-established and small players. These players incorporate strategic initiatives such as collaboration, acquisition, expansion, strategic partnership, and technology launch. Top players invest heavily in R&D and clinical trials to develop effective drugs.
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