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The Global Pharmaceutical Analytical Testing Outsourcing Market Size, Share and Trend Analysis Report by Service (Bioanalytical, Stability Testing), Region (North America, APAC) and Segment Forecast, 2021-2028 “ report was added to ResearchAndMarkets.com offer.
The global pharmaceutical analytical testing outsourcing market size is expected to reach USD 12.4 billion by 2028, registering a CAGR of 8.3%.
Increasing biologic candidate pipelines along with increasing demand for additional drug analytical details along with process development by regulatory agencies are driving the growth of the market.
Analytical tests help provide real-time product quality control as well as optimize and monitor processes, characterize biosimilars and biologics, and improve productivity. One of the main reasons for outsourcing analytical testing services is to access skilled and experienced expertise, as well as expensive analytical equipment not available in-house.
Increasing investment in R&D is one of the essential sustainable development strategies. Not all companies have an infrastructure compatible with all types of analytical testing. Therefore, outsourcing these operations is the most suitable option, which also saves time and money.
A largely small molecule patent cliff with the pharmaceutical industry has resulted in a huge drop in pharma profits. In the coming years, several best-selling drugs will reach the end of their patent life, notably Humira. Drug innovators are under constant pressure to launch new products. The development of advanced analytical tests to assess and monitor the quality attributes thereof requires a broader set of equipment and expertise, which is beyond the internal capacity of pharmaceutical companies.
The market is growing due to increasing competition in the pharmaceutical and biopharmaceutical markets for drugs specific to certain diseases. Most pharmaceutical manufacturing companies rely on analytical testing to help and improve productivity, optimize and monitor processes, and provide real-time product quality control. For this reason, there is an increasing demand for analytical testing outsourcing services.
Hence, the market is expected to exhibit lucrative growth during the forecast period. Outsourcing analytical testing services allows companies to manage more complex activities and focus on their core competencies. This saves money by allowing medical companies to avoid building specialized facilities and hiring staff. Pharmaceutical analytical tests include the identification and quantification of the components of therapeutic solutions or drugs.
The nature of the transmission of Covid-19 has led several laboratory staff to face uncertainties, such as fears of contracting the infection as well as other biosecurity concerns. Thus, downsizing and increasing attention to the development of Covid-19 vaccines and therapies are expected to negatively impact the turnaround time for routine testing.
The large number of R&D activities, clinical trials and diagnostic procedures carried out to counter Covid-19 is expected to increase the demand for analytical testing services, as several pharmaceutical companies now focus on their core competencies and outsource services. non-essential functions to increase their productivity and operational efficiency.
Highlights of the Pharmaceutical Analytical Testing Outsourcing Market Report
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The bioanalytical testing segment dominated the global market in 2020, accounting for the largest share of revenue due to the high number of clinical trial registrations and the entry of new participants into the market space.
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The segment is also expected to register the fastest CAGR during the forecast period due to growth in R&D spending by pharmaceutical companies and preference for outsourcing of bioanalytical testing.
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Extractable and leachable services in method development and validation segment are expected to dominate the market and register the fastest CAGR due to an increasing number of vendors offering these services at competitive prices.
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Asia-Pacific is expected to be the fastest growing regional market from 2021 to 2028 owing to the low cost service offering from third party service providers in the region
Market dynamics
Market Driver Analysis
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Innovation
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Safety and quality regulations
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End user volume
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Price
Analysis of market restrictions
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Data insecurity
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Third party performance
Companies mentioned
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SGS SA
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Toxikon, Inc.
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Eurofins Scientific
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Pace Analytical Services, Inc.
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Intertek Plc Group
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Pharmaceutical Product Development, LLC.
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WuXi AppTec, Inc.
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Analytical Boston
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Analytical Boston
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Charles River International Laboratories, Inc.
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West Pharmaceutical Services Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/g79xya
View the source version on businesswire.com: https://www.businesswire.com/news/home/202111012006008/en/
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