Global Pharmaceutical Analytical Testing Market To Reach US$7137.91 Mn In 2030
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| Pharmaceutical Analytical Testing Market |
Market Overview:
Pharmaceutical analytical testing involves the analysis of raw materials, drug substances, and drug products to ensure their quality, safety, and performance. The market for pharmaceutical analytical testing is driven by the increasing need for stringent quality control measures in the pharmaceutical industry. Effective testing of pharmaceuticals helps in minimizing risks associated with product failure and ensuring compliance with regulatory standards. Analytical testing also enables pharmaceutical companies to maintain product consistency, enhance process efficiency, and improve overall quality management.
Market Key Trends:
One key trend observed in the pharmaceutical analytical testing market is the growing demand for outsourced testing services. As pharmaceutical companies strive to focus on core competencies and reduce operational costs, they are increasingly outsourcing their analytical testing requirements to specialized contract testing organizations. Outsourcing analytical testing allows pharmaceutical companies to access advanced testing facilities, expertise, and resources without heavy investments in infrastructure and equipment. Moreover, outsourcing enables companies to expedite time-to-market for their products by leveraging the testing capabilities of specialized service providers.
The global Pharmaceutical Analytical Testing Market Size is estimated to be valued at US$ 7,137.91 Mn in 2022 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. This trend is expected to drive the growth of the outsourcing segment in the pharmaceutical analytical testing market over the forecast period. Key players in the market include Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others.
Segment Analysis:
The pharmaceutical analytical testing market can be segmented based on service type and end user. In terms of service type, the market is dominated by bioanalytical testing, which is expected to contribute significantly to the market revenue during the forecast period. This can be attributed to the increasing demand for testing of biological samples in drug development and clinical trials. Bioanalytical testing helps in determining the concentration of drugs and their metabolites in biological matrices, ensuring their safety and efficacy. With the growing number of drug development programs and clinical trials, the demand for bioanalytical testing is expected to increase, thereby driving the growth of this segment in the pharmaceutical analytical testing market.
Key Takeaways:
The global pharmaceutical analytical testing market is expected to witness high growth, exhibiting a compound annual growth rate (CAGR) of 8.2% over the forecast period. This growth can be attributed to several factors, including the increasing emphasis on quality control of pharmaceutical products, the rising number of drug development programs, and the growing need for compliance with regulatory standards. The market size is projected to reach US$ 7137.91 million in 2021.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the pharmaceutical analytical testing market. This can be attributed to the presence of a well-established healthcare infrastructure, stringent regulatory standards, and high investment in research and development activities. Additionally, the increasing number of drug approvals and the rising demand for generic drugs in the region are further contributing to the growth of the market in North America.
Key players operating in the pharmaceutical analytical testing market include Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others. These key players are focusing on strategies such as mergers and acquisitions, partnerships, and collaborations to expand their market presence and gain a competitive edge. They are also investing in research and development activities to introduce innovative testing solutions and technologies in the market.
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