GMP Testing Service Market To Witness $2.5 Billion By 2031, With 6.7% CAGR: States Allied Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, " GMP Testing Service Market by Service Type (Product Validation Testing, Bioanalytical Services, Packaging and Shelf-Life Testing, Others), by End User (Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global market for GMP testing service is estimated to grab $2.5 billion by 2031. The industry garnered $1.3 billion in 2021 and is anticipated to display a CAGR of 6.7% from 2022 to 2031.

Factors influencing the growth of the market:

The global GMP testing market is expanding rapidly due to the development of combination products, biosimilars, and other medicines that heightened the demand for particular testing procedures. However, scarcity of strict norms associated with outsourcing of GMP testing services restricts the market growth to some extent. Nevertheless, the surge in adoption of GMP testing procedures in R&D activities will offer prolific growth opportunities in the forthcoming years.

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The product validation testing segment dominated the market in 2021

By service type, the product validation testing segment held the largest market share in 2021, contributing to more than one-third of the overall market revenue. Surge in number of drugs production plants and safe management service and rise in demand for enhanced quality. Moreover, the bioanalytical services segment would cite the fastest CAGR of 7.9% throughout the forecast timeframe, due to the increase in several types of bioanalytical services for drug testing.

The pharmaceutical and biopharmaceutical companies segment grabbed the highest market share in 2021

On the basis of end user, the pharmaceutical and biopharmaceutical companies segment generated the highest market share of more than two-thirds of the overall market revenue in 2021 and is expected to rule the roost during the forecast period. The same segment is anticipated to display the fastest growth with 7.4% CAGR throughout the forecast timeframe. The growth is attributed to the latest service development, presence of large number of frontrunners, and surge in innovation activities. The report also analyzes the medical device companies segment.

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Recent Developments in the GMP Testing Service Market

• In February 2022, Eurofins Scientific, a global scientific leader in bioanalytical testing and clinical diagnostics testing, announces that its subsidiary, Eurofins Clinical Testing Lux Sarl, acquired Genetic Testing Service JSC (“Gentis”), a pioneer in genetic testing in Vietnam.
• In March 2022, Thermo Fisher Scientific, the world leader in serving science announced expansion of its capabilities from development to commercial manufacturing in France. The early development hub includes a 430 sq m (4,600 sq ft) research and development facility for pre-clinical, non-GMP operations and expanded good manufacturing practices (GMP) facilities.
• In April 2021, PPD Inc., a leading global contract research organization, announced its plans to expand Good Manufacturing Practice lab in Ireland to enhance its biopharmaceutical testing capabilities.
• In November 2021, Nelson Lab's parent company Sotera Health acquired Wisconsin based Regulatory Compliance Associates. It is an industry leader in providing life sciences consulting focused on quality, regulatory for the medical device and pharmaceutical industries.
• In December 2021, Eurofins announced the Biopharma product testing network of laboratories expanded its footprint of GMP testing laboratories with the recent acquisition of Astellas Analytical Science Laboratories, Inc. With this acquisition, ASL established Eurofins, the first good manufacturing practice (GMP) testing facility in Japan.

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North America to continue its supremacy throughout the forecast timeframe

The regional analysis in the report indicates that the market across North America was largest in 2021, contributing to more than two-fifths of the overall market revenue and is expected to retain its dominancy from 2022 to 2031. The segment is driven by the presence of key market players across the region and huge infrastructure offered to carry out R&D activities. On the other hand, the Asia-Pacific region would display the fastest growth with 9.0% CAGR throughout the forecast timeframe. This can be attributed to the growing utilization of GMP testing services within the pharmaceutical sector, the increase in research and development efforts aimed at launching new products, and the rising investments in the healthcare sector.

Key market players:

• Microchem Laboratory
• Icon Inc.
• Sartorius AG
• Wuxi App Tec
• Nelson Laboratories
• Eurofins Scientific
• Merck KgaA
• Intertek Group PLC
• Charles River Laboratory
• Almac Group

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences , Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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