Report Ocean has released a research study titled “Pharmaceutical Analytical Testing Outsourcing Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Pharmaceutical Analytical Testing Outsourcing Market is valued approximately USD 7.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.40% over the forecast period 2022-2028. The primary reasons driving the market include pharmaceutical sector innovation, increased emphasis on regulation, safety, and quality, an expanding number of end-users, and the pricing benefits of outsourcing. Small and medium-sized pharmaceutical enterprises lack the infrastructure required to handle many types of analytical testing. As a result, outsourcing these procedures is the most cost-effective and time-saving option. The COVID-19 pandemic has raised pharmaceutical demand. During this crisis, worldwide pharmaceutical analytical testing outsourcing providers were important in addressing the testing requirements of pharmaceutical corporations, biotech businesses, contract research organisations, and other end users.
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The cost advantages of outsourcing these services and approvals in the pharmaceutical business are expected to drive market expansion. Some of the important drivers supporting market expansion include faster and more trustworthy findings, data security, and better efficiency. The need for testing services is directly proportional to innovation or new product development. Companies are seeking to outsource testing services because of competitive constraints, cost concerns, and lead-time to market. According to the Pharma Intelligence Report 2021, The overall number of medications in the pipeline climbed to 18,852 molecules in 2021 from 17,737 molecules in 2020,. According to the WHO, the COVID-19 pandemic has raised demand for biological treatments such as vaccinations. According to the WHO, approximately 349 vaccines were under development as of April 15th , 2022.
Major market player included in this report are:
SGS SA
Labcorp
Eurofins Scientific
Pace Analytical Services, Inc.
Intertek Group Plc
PPD Inc. (Thermo Fisher Scientific)
WuXi AppTec
Boston Analytical
Charles River Laboratories
West Pharmaceutical Services Inc.
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Certainly, here are eight key trends in the Pharmaceutical Analytical Testing Outsourcing market:
- Increased Outsourcing: The pharmaceutical industry is witnessing a rising trend in outsourcing analytical testing services to specialized third-party providers, enabling cost savings and expertise access.
- Regulatory Compliance: Stringent regulatory requirements are driving the demand for outsourcing partners with expertise in ensuring compliance with standards like Good Manufacturing Practices (GMP) and Good Laboratory Practices (GLP).
- Biopharmaceutical Focus: The growth of biopharmaceuticals and complex molecules is leading to a higher demand for outsourcing analytical testing for biologics, biosimilars, and gene therapies.
- Specialized Testing Services: The emergence of specialized testing services, such as stability testing, extractables and leachables testing, and genotoxicity testing, is addressing the specific needs of the pharmaceutical industry.
- Advanced Analytical Techniques: Increasing reliance on advanced analytical techniques, including mass spectrometry, nuclear magnetic resonance (NMR), and chromatography, is driving the need for outsourcing partners with expertise in these areas.
- Global Expansion: Pharmaceutical companies are seeking outsourcing partners with a global presence to meet international regulatory requirements and ensure a broad geographic reach for clinical trials and production.
- Digitalization and Data Analytics: The integration of digital technologies and data analytics in analytical testing is enhancing the efficiency and accuracy of test results, transforming the outsourcing landscape.
- Quality Control and Assurance: A focus on quality control and assurance is leading to the outsourcing of analytical testing services to ensure the safety, efficacy, and consistency of pharmaceutical products.
The detailed segments and sub-segment of the market are explained below:
By Services:
Bioanalytical
Method Development & Validation
Stability Testing
Others
By End-use:
Pharmaceutical Companies
Biopharmaceutical Companies
Contract Research Organizations
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
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