Pharmaceutical Analytical Testing Outsourcing Market Set to Soar Past USD 15.09 Billion by 2030
The global Pharmaceutical Analytical Testing Outsourcing market size is expected to reach USD 15.09 billion by 2030 and exhibit a CAGR of 8.4% in the forecast period (2023−2030), according to Skyquest’s latest research report. The pharmaceutical industry pressures, cost reduction, increased regulatory demands, specialized expertise, technological advancements, global expansion, time-to-market constraints, risk mitigation, capacity constraints, resource optimization, focus on core competencies, and outsourcing partners is fueling the market’s growth.
Westford USA, Jan. 31, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Pharmaceutical Analytical Testing Outsourcing market, emerging markets, increasing complex biologics, personalized medicine, data analytics and AI adoption, virtual pharmaceutical companies, regulatory harmonization, quality and compliance focus, single-source partnerships, 3D printing technologies, and continuous manufacturing processes, are the trends that aid in the market’s growth.
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- Pages – 157
- Tables – 97
- Figures – 76
Pharmaceutical analytical testing outsourcing is the process of contracting a third-party service provider to conduct analytical testing of pharmaceutical products and their raw materials. This can be done for a variety of reasons, such as to access specialized expertise, reduce costs, or increase capacity.
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Prominent Players in Pharmaceutical Analytical Testing Outsourcing Market
- Labcorp
- SGS SA
- Pace Analytical Services, Inc.
- Eurofins Scientific
- Intertek Group Plc
- WuXi AppTec
- PPD Inc.
- Charles River Laboratories
- Thermo Fisher Scientific
- Element Materials Technology
- Merck KGaA
- Danaher Corporation
- Source BioScience
- Almac Group
- ICON plc
- Frontage Laboratories, Inc.
- STERIS plc
- Sartorius AG
- ALS Life Science
- Syneos Health
Method development and Validation Services Demand to Grow Substantially in the Forecast Period
Method development and validation services EMA requires rigorous method validation and development to ensure the safety and efficacy of pharmaceutical products. Pharmaceutical companies often need specialized expertise and capabilities in this area to meet these stringent requirements.
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Finished Product Testing is the Leading Application Segment
In terms of application, Finished Product Testing is the leading segment as it is a critical step in ensuring that pharmaceutical products meet regulatory standards for safety, efficacy, and quality. Regulatory agencies require thorough testing of finished products before they can be approved for sale in the market.
North America is the leading Market Due to the Large Number of Pharmaceutical Companies
Region-wise, North America is one of the largest growing markets due to the large number of pharmaceutical companies. The region has stringent regulatory requirements for pharmaceutical products. Compliance with regulations from the FDA and other agencies necessitates extensive analytical testing, which drives demand for outsourcing services.
A recent report thoroughly analyzes the major players operating within the Pharmaceutical Analytical Testing Outsourcing market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Pharmaceutical Analytical Testing Outsourcing.
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Key Developments in the Pharmaceutical Analytical Testing Outsourcing Market
- The Center for Breakthrough Medicines (CBM) and BioAnalysis LLC (BIA) joined forces through a strategic alliance. This collaboration aims to provide CBM’s clients with direct access to BIA’s cutting-edge testing capabilities. BIA specializes in advanced testing methods, including the characterization of viral vectors utilizing their proprietary sedimentation velocity Approach to analytical ultracentrifugation. Additionally, BIA offers other advanced biophysical methods and analytics.
Key Questions Answered in Pharmaceutical Analytical Testing Outsourcing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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