Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "GMP Testing Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Service Type and End User" report has been added to ResearchAndMarkets.com's offering.
The GMP testing service market is expected to grow from US$ 1,830.57 million in 2021 to US$ 2,863.42 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2022 to 2028.
The report highlights trends prevailing in the market and factors driving its growth. The market growth is attributed to the proliferation of pharmaceuticals and medical device manufacturing industries. Additionally, advancements related to GMP testing services are likely to emerge as a significant trend in the market during the forecast period. However, the lack of a uniform regulatory framework related to GMP testing services hampers the growth of the market.
The medical device industry is a prime enabler of the development of medical technologies that help diagnose and treat various illnesses. This industry produces products ranging from common supplies such as surgical masks to high-tech imaging equipment. Medical devices such as insulin delivery systems, glucose monitors, oxygen concentrators, and nebulizers are increasingly being used for the at-home diagnosis and treatment of a few medical disorders.
These devices are integrated with the patient's EMR, wearables, cellphones, and telehealth platforms to provide critical insights for enhanced clinical and operational decision-making. According to the data provided by PRODSMART, the medical devices manufacturing industry was valued at ~US$ 4.2 billion in 2020. A rise in the incidence of chronic diseases and the growth of the geriatric population are the major factors that are expected to influence the progress of the medical device industry in the coming years.
The integration of medical devices with Internet of Medical Things (IoMT) systems involve smart gadgets, smart sensors, and other lightweight communication devices. Such innovations assist healthcare providers in improving patient outcomes, lowering costs, and increasing efficiency.
GMPs are enormously important in the manufacturing of medical devices because they ensure a level of quality, safety, purity, and strength in any products that are released to the public. Adhering to these practices helps manufacturers in preventing adverse effects, product recalls, and defects, which may lead to costly liability lawsuits in the future. As quality control and consistent testing environments are pivotal for a successful manufacturing cycle, the focus on GMPs is increasing for avoiding product contamination, failure, and quality deviation.
The lack of a uniform regulatory framework related to GMP testing service hinders the overall GMP testing service market growth. The regulatory compliance criteria for GMP testing services depend on the location of pharmaceutical and biotechnology companies, and the geographic reach of their distribution channels. In North America, FDA regulates the GMP testing services market, whereas, in Europe, European Medicines Agency (EMA) regulates the GMP testing services market. The Association of South-East Asian Nations (ASEAN) and the Pharmaceutical Inspection Convention are among the other agencies that regulate GMP testing services. These regulatory agencies need to ensure appropriate compliance depending on where the product is manufactured, distributed, and marketed by the pharmaceutical companies.
Based on service type, the GMP testing service market is segmented into product validation testing, bioanalytical services, packaging and shelf-life testing, and other service types.
Various organic and inorganic strategies are adopted by companies in the GMP testing service market. The organic strategies mainly include product launches and product approvals, whereas the inorganic growth strategies include acquisitions, collaborations, and partnerships. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth.
Continuous Proliferation of Pharmaceuticals Industry
Flourishment of Medical Device Industry
Lack of Uniform Regulatory Framework Related to GMP Testing Services
Adoption of GMP Testing Services in R&D
Technological Advancements Related to GMP Testing Services Products
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. GMP Testing Service Market - Market Landscape
5. GMP Testing Service Market- Key Market Dynamics
6. GMP Testing Service Market- Global Analysis
7. Global GMP Testing Service Market Revenue and Forecast To 2028 - by Service Type
8. GMP Testing Services Market - By End User
9. GMP Testing Service Market Revenue and Forecast to 2028 - Geographical Analysis
10. Impact Of COVID-19 Pandemic on GMP Testing Service Market
11. GMP Testing Service Market - Industry Landscape
12. Company Profiles
North American Sciences Associates, LLC
Intertek Group Plc
For more information about this report visit https://www.researchandmarkets.com/r/icgneh
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