Pharmaceutical Analytical Testing Services Market Valuation of US$ 11,387.35 Mn and Grow at a CAGR of 8.20%, 2031
The pharmaceutical analytical testing services market has been anticipated to reach the valuation of US$ 11,387.35 Mn and grow at a CAGR of 8.20% in the foreseeable years from 2021 to 2031.
The sudden outbreak of cases of COVID-19 around the world has put adverse impacts on the business sectors. However, the pharmaceutical analytical testing services market is estimated to grow at a significant speed during the pandemic era. These revenue generation opportunities in the pharmaceutical analytical testing services market are attributed to the increasing demand to develop novel drug candidates as well as vaccines in order to control the spread of infection. The solutions from the pharmaceutical analytical testing services market are used at an increased rate during the pandemic for the drug development process. These services are used to monitor the safety, efficiency, and accuracy of the developed drugs.
Owing to uncontrolled cases of COVID-19, there has been an increase in the development of combination molecules, biosimilars, and some other innovative medicines and vaccines. These initiatives are likely to increase the demand for bioanalytical testing, for example, immunoassays, electrochemical, and titrimetric assays. These factors are further likely to contribute to growth avenues in the pharmaceutical analytical testing services market.
The services from the pharmaceutical analytical testing services market are used at an increased rate for the evaluation of drug capacity to retain its properties during shelf-life. This factor is likely to serve as a revenue generator in the pharmaceutical analytical testing services market.
The global pharmaceutical analytical testing services market is poised to soar owing to the rising demand from pharmaceutical manufacturers and raw material suppliers. Delivering comprehensive pharmaceutical services in manufacturing and development have become the key concern of several companies. Numerous service providers are offering services such as pharma solutions, packaging, residual solvents, stability testing and storage, method validation, dissolution, raw material testing, leachable or extractable testing, and retrospective method validation.
A major trend observed in the global pharmaceutical analytical testing services market is outsourcing. Absence of the necessary set-up for performing every test in-house is one of the key reasons for outsourcing. The best method for handling tests such as process and facility validation, registration stability storage and testing, analytical testing that deploys expensive equipment, cleaning validations, and method development is outsourcing. Outsourcing to a specialty company provides experience and expertise in this domain. It also aids in bringing down the costs of maintenance, equipment, and validation. As a result, outsourcing is likely to contribute towards the expansion of the global pharmaceutical analytical testing market.
The clinical bioanalytical testing segment is slated to grow at a considerable pace during the forecast period, attaining a significant share of the global market for pharmaceutical analytical testing services. The factors responsible for the growth of this region are stringent regulatory framework applicable to drug discovery and the rising number of clinical trials driven by the increasing incidence of diseases.
With the advent of several technological advancements, numerous new solutions are being developed. For example, in March 2017, a cost efficient system that enables pharmaceutical label-free ultra-high throughput screening has been launched by Bruker. The pharmaceutical industry has been increasingly deploying NMR fragment-based screening method, which has been incorporated into Bruker’s new software. Increased efficiency, productivity and reliability are some key features of this screening method.
Pharmaceutical Analytical Testing Services Market: Comprehensive Overview
Pharmaceutical analytical testing services are services offered to several pharmaceutical manufacturers, product manufacturers, and raw material suppliers. The need for increased efficiency and cost reduction by pharmaceutical companies has led to the rising scope for outsourcing analytical testing services. Currently there are a number of companies focusing on providing comprehensive pharmaceutical manufacturing and development services such as manufacturing and packaging, pharmaceutical development, analytical testing services, and pharma solutions. Service providers are also offering several pharmaceutical analytical testing services, such as method development/ method validation, stability testing and storage, raw material testing, residual solvents, dissolution, retrospective method validation, and extractable/leachable testing.
The market for pharmaceutical analytical testing services has been analyzed by taking into consideration the revenue generated by various analytical testing services such as raw material testing, stability testing, and method validation and testing. The report gauges various trends in analytical services across four major geographies: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
Pharmaceutical Analytical Testing Services Market: Drivers and Restraints
The global market for pharmaceutical analytical testing services is driven by the growing need for the development and cost reduction of core competencies by pharmaceutical companies and the rising acceptance of outsourcing as a key business and growth strategy. Research studies have exhibited that in the year 2012, pharmaceutical and biotechnological companies spend an estimated US$190 mn on in-house analytical development as against the US$664 mn spent on outsourcing analytical testing services. This is likely to strengthen the growth of the market in the coming years.
On the other hand, the lack of skilled professionals and well-established healthcare infrastructure are some of the factors that threaten to hamper the growth of the pharmaceutical analytical testing services market. Apart from this, operational costs, fluctuations in good manufacturing practices (GMP), regulatory policies, and less turnaround times also impact the market growth.
Pharmaceutical Analytical Testing Services Market: Regional Outlook
North America is one of the leading regions in the pharmaceutical analytical testing services market and is driven by familiarity with the regulatory scenario and the presence of well-established outsourcing infrastructure. The growth landscape of the Europe pharmaceutical analytical testing services market is slowly catching up, experts have observed.
Countries in Asia Pacific present significant growth potential thanks to the presence of a large pool of skilled professionals and relatively low operational costs. Rising investments in research is also a major factor driving the APAC pharmaceutical analytical testing services market. Investments in routine testing, multiplex protein profiling, biologics such as RNA sequencing, and others are likely to give Asia Pacific the boost it needs over the course of the forecast period.
Pharmaceutical Analytical Testing Services Market: Key Players
Some of the leading pharmaceutical analytical testing service providers are Pace Analytical Services, Inc., Intertek Group plc, Aptuit, Inc., and West Pharmaceutical Services, Inc. The vendor landscape of the pharmaceutical analytical testing services market has evolved over the recent past owing to rising mergers, strategic parternships, and downsizing in the pharma sector. In addition to this, increased focus on strengthening internal core competencies and the rising need and demand for faster analytical response fuel the market for pharmaceutical analytical testing services.
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