The global pharmaceutical analytical testing outsourcing market size is expected to reach USD 12.4 billion by 2028 registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. Increasing pipelines for biological candidates along with rising demand for additional analytical details on drugs as well as process development by regulatory agencies are boosting the market growth. Analytical testing helps in providing real-time product quality control along with optimizing & monitoring processes, characterize biosimilar & biologics, and improving productivity. One of the main reasons for outsourcing analytical testing services is to access skilled & experienced expertise, as well as expensive analytical equipment not available in-house.
Increasing
R&D investments is one of the critical sustainability strategies. Not all
companies have an infrastructure that is compatible with all types of
analytical testing. Hence, outsourcing these operations is the most suitable
option, which also helps save time and cost. A patent cliff largely for small
molecules with the pharmaceutical industry has led to a huge dent in the
pharma’s profits. In the coming years, several best-selling drugs are coming
towards the end of patent life including Humira. Drug innovators are under
constant pressure to launch new products. Developing advanced analytical
testing to assess & monitor the quality attributes of these requires a
broader set of equipment & expertise, which is beyond the internal capacity
of pharma companies.
The
market is developing due to increasing competition in the pharmaceutical and
biopharmaceutical markets for disease-specific drugs. Most pharmaceutical
manufacturing companies rely on analytical testing to help and improve
productivity, optimize and monitor processes, and offer real-time product
quality control. Due to this, there is an increasing demand for analytical
testing outsourcing services. Hence the market is expected to show lucrative
growth over the forecast period. Outsourcing of analytical testing services
allows companies to handle more complex activities and focus on their core
competencies. This offers cost savings by letting medical companies evade
building specialized facilities and hiring staff. Pharmaceutical analytical
testing includes the identification and quantification of components in
therapeutic solutions or drugs.
The
nature of Covid-19 transmission has led several laboratory staff members to
face uncertainties, such as fears of contracting the infection along with other
biosafety concerns. Thus, reduced manpower and increasing focus on the
development of vaccines & therapies against Covid-19 are anticipated to
negatively impact the turnaround time for routine tests. The large number of
R&D activities, clinical trials, and diagnostic procedures being conducted
to counteract Covid-19 is anticipated to increase the demand for analytical
testing services since several pharmaceutical companies are now focusing on
their core competencies and outsourcing non-core functions to increase their
productivity & operational efficiency.
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Pharmaceutical
Analytical Testing Outsourcing Market Report Highlights
- The
bioanalytical testing segment led the global market in 2020 accounting for
the largest revenue share due to the high number of clinical trial
registrations and entry of new participants within the market space
- The segment
is also expected to register the fastest CAGR over the forecast period
owing to growing R&D expenditure by pharmaceutical companies and
preference for outsourcing bioanalytical testing
- The
extractable and leachable services in the method development and
validation segment is expected to dominate the market and register the
fastest CAGR owing to an increasing number of vendors offering these
services at competitive prices
- Asia Pacific
is anticipated to be the fastest-growing regional market from 2021 to 2028
due to low-cost service offering by the third-party service providers in
the region
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Pharmaceutical
Analytical Testing Outsourcing Market Segmentation
Grand View Research has
segmented the global pharmaceutical analytical testing outsourcing market on
the basis of service and region:
Pharmaceutical
Analytical Testing Outsourcing Service Outlook (Revenue, USD Million, 2016 -
2028)
- Bioanalytical
- Clinical
- Non-clinical
- Method Development & Validation
- Extractable & Leachable
- Impurity Method
- Technical Consulting
- Others
- Stability Testing
- Drug Substance
- Stability Indicating Method Validation
- Accelerated Stability Testing
- Photostability Testing
- Others
- Others
Pharmaceutical
Analytical Testing Outsourcing Regional Outlook (Revenue, USD Million, 2016 -
2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Turkey
- The Netherlands
- Switzerland
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Singapore
- Thailand
- Taiwan
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
- Israel
List of Key
Players of Pharmaceutical Analytical Testing Outsourcing Market
- SGS SA
- Toxikon, Inc.
- Eurofins Scientific
- Pace Analytical Services, Inc.
- Intertek Group Plc
- Pharmaceutical Product Development, LLC.
- WuXi AppTec, Inc.
- Boston Analytical
- Charles River Laboratories International, Inc.
- West Pharmaceutical Services Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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