(MENAFN- EIN Presswire) The global pharmaceutical analytical testing outsourcing market size was USD 7.5 Billion in 2022 and is expected to register a revenue CAGR of 8% by 2032.
NEW YORK, NEW YORK, UNITED STATES, April 23, 2023 /einpresswire.com / -- In 2022, the size of the Global pharmaceutical analytical testing outsourcing market was USD 7.5 Billion, and it is expected to grow at a revenue CAGR of 8% during the forecast period. The growth in the market revenue is being driven by various factors such as increased R&D spending in the pharmaceutical industry, a surge in demand for analytical testing services to comply with stringent regulations, and the lack of in-house analytical testing capabilities. End-use industries such as biopharmaceuticals, pharmaceuticals, and CROs are experiencing a high demand for outsourcing services, which is propelling the market's revenue growth. The technical advancements in analytical testing techniques like chromatography, mass spectrometry, and spectroscopy are also driving the demand for outsourcing services.
Pharmaceutical companies can save on their operating expenses and focus on their core competencies by outsourcing their analytical testing services. Outsourcing businesses offer a range of services like method development and validation, stability testing, raw material testing, and microbiological testing, which assist pharmaceutical firms in adhering to legal standards and ensuring the safety and efficacy of their products.
Furthermore, the market's revenue growth is being boosted by the increasing demand for biosimilars and generic medicines. As demand for these medicines grows, pharmaceutical companies are increasingly outsourcing their analytical testing requirements to CROs, which offer cost-effective solutions and quick response times. The growing prevalence of chronic diseases and the need for personalized medicine are also fueling the demand for analytical testing services, which is supporting the market's revenue growth.
However, the global pharmaceutical analytical testing outsourcing market could face challenges like data security issues, quality problems, and a lack of standardization, which may hamper its revenue growth. Additionally, the availability of low-cost services offered by nearby laboratories could also restrict the market's revenue growth to some extent.
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Segments Covered in the Report –
This report provides an in-depth analysis of the global pharmaceutical analytical testing outsourcing market, including historical data and revenue growth forecasts from 2019 to 2032. The report also analyzes market trends in each of the segments and sub-segments. The market has been segmented based on services, end-use, and region.
The services outlook segment is further divided into various sub-segments, including bioanalytical, clinical, non-clinical, method development & validation, extractable & leachable, impurity method, technical consulting, and others. Stability testing is also included in this segment, with sub-segments such as drug substance, stability indicating method validation, accelerated stability testing, photostability testing, and others.
The end-use outlook segment covers three major end-use industries, including pharmaceutical companies, biopharmaceutical companies, and contract research organizations (CROs).
The regional outlook segment has been divided into five regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The country scope includes major countries such as the U.S., Canada, U.K., Germany, France, BENELUX, China, India, Japan, South Korea, Brazil, Saudi Arabia, UAE, and Turkey.
Overall, this report provides a comprehensive view of the global pharmaceutical analytical testing outsourcing market, including detailed analysis of market trends, growth drivers, and challenges, along with historical data and revenue growth forecasts.
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Strategic development:
PPD, Inc. has announced the expansion of its Good Manufacturing Practice (GMP) analytical testing capabilities on 28 April 2021. The company has launched a new GMP analytical laboratory in Ireland to meet the rising demand for analytical testing services in the pharmaceutical industry.
In October 29, 2018, Lonza Group AG revealed the acquisition of a controlling interest in Octane Biotech Inc., which is a Canadian biotechnology company that provides cell and gene therapy process development and analytical testing services. The acquisition was aimed at expanding Lonza's product offerings in the cell and gene therapy market.
WuXi AppTec announced the purchase of Pharmapace, Inc. on May 5, 2019. Pharmapace is a Clinical Research Organization (CRO) based in the United States that specializes in clinical trial management and analytical testing services. The acquisition was aimed at broadening WuXi AppTec's product offerings in the clinical trial management and analytical testing services market.
Thermo Fisher Scientific Inc. announced the acquisition of QIAGEN N.V., a Dutch biotechnology company specializing in molecular diagnostics and analytical testing services, on 3 March 2020. The acquisition aimed to expand Thermo Fisher Scientific's product offerings in the molecular diagnostics and analytical testing services market.
Competitive Landscape:
The global pharmaceutical analytical testing outsourcing market is fiercely competitive, with many major players vying for market share. Among these, some of the most prominent players include Lonza Group AG, PPD, Inc., Charles River Laboratories International, Inc., Covance Inc., Thermo Fisher Scientific Inc., SGS S.A., WuXi AppTec, Pace Analytical Services, Inc., Intertek Group plc, and Almac Group. To stay ahead of the competition, these major players are using a variety of strategies, including mergers and acquisitions, strategic partnerships and contracts, and the development and introduction of more effective products.
In April 2021, PPD, Inc. announced the expansion of its analytical testing capabilities for Good Manufacturing Practices (GMP) by opening a new GMP analytical laboratory in Ireland, in response to the growing demand for analytical testing services in the pharmaceutical industry. Lonza Group AG, on the other hand, acquired a majority stake in Octane Biotech Inc., a Canadian biotech company that specializes in cell and gene therapy process development and analytical testing services, in October 2018. This acquisition was aimed at expanding Lonza's product portfolio in the cell and gene therapy market.
Thermo Fisher Scientific Inc. introduced SampleManager LIMS 12.0, a Laboratory Information Management System, in October 2021. This technology enables pharmaceutical laboratories to organize and track analytical testing data more efficiently. SGS S.A. also launched a new analytical testing service for the detection of SARS-CoV-2, the virus responsible for COVID-19, in October 2020. The service offers PCR and serology testing to identify the virus's presence and the body's immunological response to it.
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