Increased focus on strengthening core competencies and the rising demand for faster analytical response are fuelling the demand for pharmaceutical analytical testing services worldwide. In a report, titled “Pharmaceutical Analytical Testing Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” TMR Research analyzes key factors influencing the market’s trajectory and those restraining its penetration.
Delivering all-encompassing services in development and manufacturing have become key concerns for pharmaceutical companies worldwide. Given the dynamic business environment, numerous services providers offer stability testing and storage, residual solvents, packaging, pharmaceutical solutions, method validation raw material testing, dissolution, retrospective method validation, and other similar services. This is expected to have positive influence on the global pharmaceutical analytical testing services market.
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The increasing demand to reduce cost incurred on core competencies is a key factor fuelling adoption of pharmaceutical analytical testing services across pharmaceutical companies. Besides this, the growing acceptance of outsourcing across the pharmaceutical industry has created an environment conducive to the market’s growth. As per recent reports, pharmaceutical and biotechnology companies across the world have incurred lesser expenditure in developing in house analytical testing infrastructure as against the money spent on outsourcing the analytical testing services. As more pharmaceutical companies are educated about the cost-advantage they could gain, the demand for analytical testing services will rise.
On the downside, the lack of skilled professionals and sophisticated healthcare infrastructure in certain countries will limit the market’s scope for expansion to an extent. Nevertheless, less operational cost, favorable regulatory policies, and less turnaround time will fuel the market’s growth in the coming years.
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Regionally, North America will offer lucrative opportunities for enterprises operating in the pharmaceutical analytical testing services market. The region boasts a highly sophisticated medical infrastructure besides the presence of an established outsourcing infrastructure. These factors will support the market’s expansion in North America. Considering growth opportunities offered in Europe, the region’s pharmaceutical analytical testing services market will gain pace in the coming years.
Meanwhile, countries in Asia Pacific offer lucrative growth potential thanks to the abundance of skilled professionals and relatively low operational costs incurred when operating business in these economies. Besides these, the rising research and development investment by pharmaceutical companies will give impetus to the pharmaceutical analytical testing services market in Asia Pacific.
Apart from providing insights into the segments that will offer maximum opportunities, the report also profiles some of the leading players operating in the global pharmaceutical analytical testing services market. As per the report, West Pharmaceutical Services, Inc., Pace Analytical Services, Inc., Aptuit, Inc., and Intertek Group plc, are among the leading players in the global pharmaceutical analytical testing services market.
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Considering the rising competitive trends, the companies are currently focusing on mergers and strategic collaborations. Several enterprises are also downsizing to emerge at the market’s focus.
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