Dublin, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The "GMP Testing Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The GMP testing service market is expected to register a CAGR of 6.5% during the forecast period due to the growing pharmaceutical industry and the increasing need for developing novel devices and drugs.
According to the European Federation of Pharmaceutical Industries and Associations, the overall sales of the pharmaceutical industry worldwide were recorded to be approximately USD 852,647 million in 2017. Furthermore, according to the International Journal of Environmental Research and Public Health's published study, around 40 medications are recalled per year in the United States and South Korea. This emerges the need for testing the products and the manufacturing process. Furthermore, outsourcing these services enables companies to reduce capital investments. Hence, these factors are expected to play a major role in the GMP testing services market growth. However, the precise requirement of the regulatory framework concerning GMP outsourced activities may hinder the market growth.
Key Market Trends
Pharmaceutical and Biopharmaceutical Companies Segment is Expected to Hold a Major Market Share in the GMP Testing Service Market
The novel drug development in the pharmaceutical and biopharmaceutical industry is expected to drive the market growth in this segment. According to the study published by the Journal of Industrial Microbiology & Biotechnology, almost 300 biopharmaceuticals have been patented in the last three decades. The economic output of the biopharmaceutical industry was accounted to be USD 1.3 trillion in 2015, according to the International Trade Administration. This demands more quality and safety management of products, which is expected to increase GMP testing services.
Moreover, according to the US FDA (Food & Drug Administration) list of GMP facilities, there are around 3,652 facilities related to packaging, analytical testing in 36 countries. Approximately 2,515 facilities in the list accounted for API production facilities and finished dosage form facilities. Thus, the pharmaceutical and biopharmaceutical companies segment is expected to positively impact the GMP testing services market growth.
North America is Expected to Hold a Significant Share in the Market and is Expected to do Same in the Forecast Period.
North America is expected to be a dominant region in the GMP testing services market due to the emerging need for developing new drugs and devices. According to the Centre for Disease Control and Prevention, around USD 3.5 trillion of the amount is spent on chronic diseases in the United States. According to the same source, around 859,000 people die due to heart stroke in the United States. The number of increasing drug manufacturing plants is expected to drive the GMP testing services market growth. According to the United States Food & Drug Administration (FDA), the United States had approximately 4,676 manufacturing sites for drugs. Hence, these factors demand developing new drugs and are expected to boost the demand for GMP testing services market growth.
The GMP testing service market consists of several major players. In terms of market share, few of the major players are currently dominating the market. Furthermore, the companies are taking initiatives to meet the higher demand for medicines and devices. For instance, PPD, Inc., in 2018, set up a new plant facility dedicated to the testing of biologics. Some of the companies which are currently dominating the market are Eurofins Scientific, PPD, Inc., Microchem Laboratory, Sartorius AG, North American Science Associates Inc., Covance, Inc., Nelson Laboratories, LLC, Almac Group, Pace Analytical, and Wuxi AppTec.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Pharmaceutical Industry
4.2.2 Increasing Drug and Devices Development
4.3 Market Restraints
4.3.1 Stringent Regulatory Framework
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Service Type
5.1.1 Product Validation Testing
5.1.2 Bioanalytical Services
5.1.3 Packaging and Shelf-Life Testing
5.1.4 Other Service Types
5.2 By End User
5.2.1 Pharmaceutical and Biopharmaceutical Companies
5.2.2 Medical Devices Company
5.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Eurofins Scientific
6.1.2 PPD Inc.
6.1.3 Microchem Laboratory
6.1.4 Sartorius AG
6.1.5 North American Science Associates Inc.
6.1.6 Laboratory Corporation of America Holdings (Covance Inc.)
6.1.7 Sotera Health (Nelson Laboratories LLC)
6.1.8 Almac Group
6.1.9 Pace Analytical
6.1.10 Wuxi AppTec
6.1.11 Intertek Group Plc
6.1.12 Charles River Laboratories
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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