Pharmaceutical Analytical Testing Outsourcing Market is valued approximately USD 7.1 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.40% over the forecast period 2022-2028. The primary reasons driving the market include pharmaceutical sector innovation, increased emphasis on regulation, safety, and quality, an expanding number of end-users, and the pricing benefits of outsourcing. Small and medium-sized pharmaceutical enterprises lack the infrastructure required to handle many types of analytical testing. As a result, outsourcing these procedures is the most cost-effective and time-saving option.
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The COVID-19 pandemic has raised pharmaceutical demand. During this crisis, worldwide pharmaceutical analytical testing outsourcing providers were important in addressing the testing requirements of pharmaceutical corporations, biotech businesses, contract research organisations, and other end users. The cost advantages of outsourcing these services and approvals in the pharmaceutical business are expected to drive market expansion. Some of the important drivers supporting market expansion include faster and more trustworthy findings, data security, and better efficiency. The need for testing services is directly proportional to innovation or new product development. Companies are seeking to outsource testing services because of competitive constraints, cost concerns, and lead-time to market. According to the Pharma Intelligence Report 2021, The overall number of medications in the pipeline climbed to 18,852 molecules in 2021 from 17,737 molecules in 2020,.
According to the WHO, the COVID-19 pandemic has raised demand for biological treatments such as vaccinations. According to the WHO, approximately 349 vaccines were under development as of April 15th , 2022. This is projected to increase demand for COVID-19 vaccine analytical testing services in clinical trials. Aside from that, various outsourcing firms have assisted pharmaceutical companies in evaluating medications for COVID-19. Eurofins Scientific, for example, financed Johnson & Johnson’s study of an experimental COVID-19 vaccine candidate. SGS also assisted AstraZeneca and the University of Oxford in testing the components of their vaccine candidate. These activities by outsourcing service providers are projected to benefit the pharmaceutical analytical testing outsourcing industry. However, the stringent government for compliance stifles market growth throughout the forecast period of 2022-2028.
The key regions considered for the Global Pharmaceutical Analytical Testing Outsourcing Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America led the pharmaceutical analytical testing outsourcing market and will continue to do so in the foreseeable years. This is because it is one of the most important production centres for complicated, highly dependable, and high-end medications. The market for pharmaceutical analytical testing outsourcing in Asia Pacific is predicted to grow rapidly between 2022 and 2028, as many developed nations invest in this area. Delivery centres in the Philippines, China, and India typically provide APAC outsourcing services.
Major market player included in this report are:
SGS SA
Labcorp
Eurofins Scientific
Pace Analytical Services, Inc.
Intertek Group Plc
PPD Inc. (Thermo Fisher Scientific)
WuXi AppTec
Boston Analytical
Charles River Laboratories
West Pharmaceutical Services Inc.
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Services:
Bioanalytical
Method Development & Validation
Stability Testing
Others
By End-use:
Pharmaceutical Companies
Biopharmaceutical Companies
Contract Research Organizations
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market research objective you provided focuses on conducting a comprehensive analysis of a specific market. Here is a breakdown of the research objectives you mentioned:
To analyze and forecast the market size of the market:
- This objective involves assessing the current market size and using historical data and market trends to forecast its future size.
- This analysis helps in understanding the market’s growth potential and opportunities.
To classify and forecast the global market based on product, material, application, and region:
- This objective aims to categorize the market based on different factors such as product types, materials used, applications, and geographical regions.
- It also involves forecasting the market size and growth for each category, providing a detailed understanding of market segmentation.
To identify drivers and challenges for the global market:
- This objective focuses on identifying the factors that drive market growth and those that pose challenges or constraints.
- Understanding the drivers helps in recognizing opportunities, while understanding the challenges allows for mitigation strategies and informed decision-making.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations, and partnerships in the market:
- This objective involves analyzing the competitive landscape of the market. It includes studying activities such as mergers and acquisitions, agreements, collaborations, and partnerships among market players.
- This analysis provides insights into the market’s competitive dynamics and strategic moves by key players.
To conduct pricing analysis for the market:
- This objective aims to analyze pricing strategies within the market. It involves assessing pricing trends, price variations based on different factors, and understanding price sensitivity among customers.
- This analysis helps in formulating effective pricing strategies for market players.
To identify and analyze the profile of leading players operating in the market:
- This objective involves profiling and analyzing the key players in the market. It includes studying their business strategies, financial performance, product portfolios, market share, and competitive advantages.
- This analysis helps in understanding the competitive landscape and benchmarking against industry leaders.
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