Pharmaceutical Analytical Testing Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The global pharmaceutical analytical testing services market is poised to soar owing to the rising demand from pharmaceutical manufacturers and raw material suppliers. Delivering comprehensive pharmaceutical services in manufacturing and development have become the key concern of several companies. Numerous service providers are offering services such as pharma solutions, packaging, residual solvents, stability testing and storage, method validation, dissolution, raw material testing, leachable or extractable testing, and retrospective method validation.
A major trend observed in the global pharmaceutical analytical testing services market is outsourcing. Absence of the necessary set-up for performing every test in-house is one of the key reasons for outsourcing. The best method for handling tests such as process and facility validation, registration stability storage and testing, analytical testing that deploys expensive equipment, cleaning validations, and method development is outsourcing. Outsourcing to a specialty company provides experience and expertise in this domain. It also aids in bringing down the costs of maintenance, equipment, and validation. As a result, outsourcing is likely to contribute towards the expansion of the global pharmaceutical analytical testing market.
The clinical bioanalytical testing segment is slated to grow at a considerable pace during the forecast period, attaining a significant share of the global market for pharmaceutical analytical testing services. The factors responsible for the growth of this region are stringent regulatory framework applicable to drug discovery and the rising number of clinical trials driven by the increasing incidence of diseases.
With the advent of several technological advancements, numerous new solutions are being developed. For example, in March 2017, a cost efficient system that enables pharmaceutical label-free ultra-high throughput screening has been launched by Bruker. The pharmaceutical industry has been increasingly deploying NMR fragment-based screening method, which has been incorporated into Bruker’s new software. Increased efficiency, productivity and reliability are some key features of this screening method.
Pharmaceutical analytical testing services are services offered to several pharmaceutical manufacturers, product manufacturers, and raw material suppliers. The need for increased efficiency and cost reduction by pharmaceutical companies has led to the rising scope for outsourcing analytical testing services. Currently there are a number of companies focusing on providing comprehensive pharmaceutical manufacturing and development services such as manufacturing and packaging, pharmaceutical development, analytical testing services, and pharma solutions. Service providers are also offering several pharmaceutical analytical testing services, such as method development/ method validation, stability testing and storage, raw material testing, residual solvents, dissolution, retrospective method validation, and extractable/leachable testing.
The market for pharmaceutical analytical testing services has been analyzed by taking into consideration the revenue generated by various analytical testing services such as raw material testing, stability testing, and method validation and testing. The report gauges various trends in analytical services across four major geographies: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
The global market for pharmaceutical analytical testing services is driven by the growing need for the development and cost reduction of core competencies by pharmaceutical companies and the rising acceptance of outsourcing as a key business and growth strategy. Research studies have exhibited that in the year 2012, pharmaceutical and biotechnological companies spend an estimated US$190 mn on in-house analytical development as against the US$664 mn spent on outsourcing analytical testing services. This is likely to strengthen the growth of the market in the coming years.
On the other hand, the lack of skilled professionals and well-established healthcare infrastructure are some of the factors that threaten to hamper the growth of the pharmaceutical analytical testing services market. Apart from this, operational costs, fluctuations in good manufacturing practices (GMP), regulatory policies, and less turnaround times also impact the market growth.
North America is one of the leading regions in the pharmaceutical analytical testing services market and is driven by familiarity with the regulatory scenario and the presence of well-established outsourcing infrastructure. The growth landscape of the Europe pharmaceutical analytical testing services market is slowly catching up, experts have observed.
Countries in Asia Pacific present significant growth potential thanks to the presence of a large pool of skilled professionals and relatively low operational costs. Rising investments in research is also a major factor driving the APAC pharmaceutical analytical testing services market. Investments in routine testing, multiplex protein profiling, biologics such as RNA sequencing, and others are likely to give Asia Pacific the boost it needs over the course of the forecast period.
Some of the leading pharmaceutical analytical testing service providers are Pace Analytical Services, Inc., Intertek Group plc, Aptuit, Inc., and West Pharmaceutical Services, Inc. The vendor landscape of the pharmaceutical analytical testing services market has evolved over the recent past owing to rising mergers, strategic parternships, and downsizing in the pharma sector. In addition to this, increased focus on strengthening internal core competencies and the rising need and demand for faster analytical response fuel the market for pharmaceutical analytical testing services.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report