Dublin, Oct. 13, 2021 (GLOBE NEWSWIRE) -- The "Global Pharmaceutical Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report by Service (Bioanalytical, Stability Testing), by Region (North America, APAC), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
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 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.
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
Market Driver Analysis
Regulation safety and quality
Market Restraint Analysis
Third party performance
Pace Analytical Services, Inc.
Intertek Group Plc
Pharmaceutical Product Development, LLC.
WuXi AppTec, Inc.
Charles River Laboratories International, Inc.
West Pharmaceutical Services Inc.
For more information about this report visit https://www.researchandmarkets.com/r/u0iat
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900