The global pharmaceutical analytical testing outsourcing market is expected to exhibit a strong 8.6% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global pharmaceutical analytical testing outsourcing market is mainly driven by the growing pharmaceutical industry and the growing demand for industry regulated checking of products in order to ensure high quality standards. The report provides a complete overview of the major drivers and restraints affecting the global pharmaceutical analytical testing outsourcing market as well as an analysis of the impact of said drivers and restraints on the historical growth trajectory of the market. The historical growth trajectory of the global pharmaceutical analytical testing outsourcing market is studied in detail in the report, in order to shed light on the major factors affecting the market’s movement. Based on a detailed analysis of the market’s historical growth trajectory, forecasts are made for the market’s movement through the forecast period from 2018 to 2023.
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Pharmaceutical analytical testing and outsourcing have become important processes in the pharmaceutical industry due to the growing regulatory pressure to ensure high quality of the substances used in the pharmaceutical industry. Due to the risk of contaminating patients with inferior substances, the regulatory oversight on the pharmaceutical industry has grown by leaps and bounds over the last few years. Due to the growing awareness about consumer rights and obligations, the pharmaceutical industry is likely to make increasing use of analytical testing processes in drug discovery applications in the coming years.
The growing drug discovery activity in the pharmaceutical industry is likely to be a major driver for the global pharmaceutical analytical testing outsourcing market over the forecast period. Increasing demand for effective drugs for various diseases and the growing prevalence of various diseases around the world are likely to be major drivers for the global pharmaceutical analytical testing outsourcing market over the forecast period. The growing number of contract research organizations has also led to a growth in the pharmaceutical analytical testing outsourcing market and is likely to remain a key driver for the market over the forecast period.
Competitive Analysis:
Leading players in the global pharmaceutical analytical testing outsourcing market include Pharmaceutical Product Development LLC, Intertek Group PLC, Pace Analytical Services LLC, Eurofins Scientific, Toxikon, SGS SA, Source BioScience, WuXi AppTec, Merck KGaA, West Pharmaceutical Services Inc., Charles River Laboratories International Inc., Boston Analytical, and Exova Group plc.
In October 2019, Eurofins Discovery announced a collaboration for drug discovery applications with Escient Pharmaceuticals.
In February 2019, SGS SA launched a new study, the first malaria volunteer study undertaken by the organization, on behalf of a product development partnership working as antimalarial drug research.
In October 2018, Toxikon announced a reopening of its European office in Almelo (Netherlands). This move was made in order to cater to the growing customer volume in Europe.
In April 2018, WuXi AppTec’s subsidiary STA Pharmaceutical Co. Ltd. announced an investment agreement with the government of Shanghai to build a new R&D center.
Segmentation:
The global pharmaceutical analytical testing outsourcing market is segmented on the basis of product type, service, end user, and region.
By product type, the global pharmaceutical analytical testing outsourcing market is segmented into raw materials, finished products, and active pharmaceutical ingredients.
By service, the global pharmaceutical analytical testing outsourcing market is segmented into bioanalytical testing, method development and validation, and stability testing.
By end use, the global pharmaceutical analytical testing outsourcing market is segmented into pharmaceutical and biopharma companies, and the biotech sector.
Regional Analysis:
North America holds the largest share in the global pharmaceutical analytical testing outsourcing market due to the strong presence of the pharmaceutical industry in the region. Increasing drug development activities in North America are likely to be a major driver for the pharmaceutical analytical testing outsourcing market in the region. Europe is also a major market for pharmaceutical analytical testing outsourcing.
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