Biopharmaceutical Analytical Testing Services Market is anticipated to Cross USD 11.67 Billion by 2028 with a CAGR of 6.36% during 2022 – 2028; Huge Rise in Outsourcing of Analytical Testing Services Emerges as the Key Trend
SkyQuest’s latest market research report is a valuable resource for businesses seeking a competitive edge in the biopharmaceutical analytical testing services market. The report offers in-depth insights into the latest market trends, demographic changes, and customer preferences, helping companies to make informed marketing decisions. With the market being highly competitive, it’s essential to have a well-informed marketing strategy to succeed. The report provides valuable information that can be used to form a sound marketing plan and implement effective strategies.
Westford USA, Feb. 10, 2023 (GLOBE NEWSWIRE) — North America’s biopharmaceutical analytical testing services market has seen significant growth in recent years. Such growth is driven by the increasing use of FTE (full-time equivalent) agreements for research and development and outsourcing. According to research data from SkyQuest, the United States alone has registered 136,276 clinical trials, representing 31% of the total number of registered trials globally. This high volume of drug approvals is expected to drive market growth in the region. Additionally, biopharmaceutical companies are increasingly outsourcing their analytical testing services to increase profits, streamline product and process validation, and reduce capital expenditures, further fueling the market’s growth.
According to research conducted by SkyQuest, the need for effective analytical testing has become more crucial than ever. Every year, 1,250 drugs are recalled globally, and most of those recalls happen in the United States, with 90% of FDA drug recalls taking place there and 5% occurring in Canada. It highlights the importance of thoroughly testing products before making them available. Analytical testing plays a vital role in safeguarding public health by ensuring that drugs are safe and effective before they are brought to market.
Browse in-depth TOC on “Biopharmaceutical Analytical Testing Services Market”
- Pages – 249
- Tables – 35
- Figures – 74
Healthcare analytical testing services have become an indispensable part of the pharmaceutical and biopharmaceutical industries. These services link the drug development process, from the early stages of discovery to commercialization. In addition, analytical testing is essential in ensuring the safety, quality, and efficacy of new drugs and medical devices, making it a crucial aspect of the healthcare industry.
Prominent Players in Biopharmaceutical Analytical Testing Services Market
- Alphabet Inc. (US)
- Aptean Group of Companies (US)
- AMCS Group (Ireland)
- Caliper Corp.(US)
- BluJay Solutions Inc. (US)
- Descartes Systems Group Inc. (Canada)
- Dassault Systemes SE (France)
- FLS GmbH (Germany)
- Environmental Systems Research Institute Inc. (US)
- Microlise Group Plc (UK)
- IFS World Operations AB (Sweden)
- ORTEC B.V (Netherlands)
- OptimoRoute Inc. (US)
- PTV Planung Transport Verkehr AG (Germany)
- Prism Visual Software Inc.(US)
- Routific Solutions Inc. (Canada)
- Route4Me Inc. (US)
- Verizon Communications Inc. (US)
- Trimble Inc. (US)
- Wise Systems Inc. (US)
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Batch Release Testing Segment Witnesses Higher Traction owing to Increasing Reliance on It for Precise Product Testing
The batch release testing segment of the biopharmaceutical analytical testing services market is poised for significant growth in the coming years, with an impressive CAGR from 2023 to 2028. This growth can be attributed to several key factors, including the increasing outsourcing of analytical testing services by biopharmaceutical companies. Additionally, the need to ensure the safety and efficacy of biopharmaceutical products is driving demand for batch release testing, as this type of testing helps ensure that each product batch meets specified requirements before it is released for sale.
In 2021, North America emerged as a dominant player in the biopharmaceutical analytical testing services market, accounting for a substantial share of over 30%. According to SkyQuest’s research, US funding for clinical trials and supportive activities reached USD 5,207 million, USD 6,058 million, and USD 6,637 million in 2018, 2019, and 2020, respectively. The US and Canada, the largest revenue-generating countries in the region, are driving this growth. In addition, these countries’ favorable economic conditions and well-established infrastructure support the introduction of new biopharmaceuticals, which drives demand for analytical testing services.
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Pharmaceutical and Biopharmaceutical Company Remains Highest Revenue Generating Segment
The pharmaceutical and biopharmaceutical industries hold a dominant share of the biopharmaceutical analytical testing services industry, accounting for a substantial 60% of the market’s total revenue in 2022. The extensive demand for analytical testing services from this sector is driven by the numerous tests required to support the product development process, from discovery through clinical trials. As a result, pharmaceutical and biopharmaceutical companies are at the forefront of the biopharmaceutical industry, and their need for reliable analytical testing services is essential to their success.
The biopharmaceutical analytical testing services market constantly evolves, with numerous players vying for a market share. The latest market research report from SkyQuest provides a comprehensive overview of this dynamic landscape, analyzing key drivers of growth and the competitive environment. With its cutting-edge research methods, the report delivers valuable insights into this fast-paced market.
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Key Developments in Biopharmaceutical Analytical Testing Services Market
- Pace Life Sciences, a subsidiary of Pace and a CDMO, has announced the acquisition of Biopharma Global. Biopharma is a specialist in providing comprehensive regulatory support for both orphan and non-orphan products that treat rare diseases and indications with unmet medical needs. With the acquisition of Biopharma, Pace Life Sciences expands its capabilities and offerings to include expert regulatory support for a wide range of products.
- Private equity firm SFW Capital Partners has announced the successful completion of a strategic investment in Sannova Analytical Inc., a prominent contract research organization (CRO). Sannova is a leading provider of bioanalytical and Chemistry Manufacturing and Controls testing services to top pharmaceutical and biotech companies. With SFW’s investment, Sannova is poised to take its services to the next level, expanding its reach and offering its customers an even wider range of solutions to meet their testing needs.
- Unilabs, a renowned diagnostic services provider, has joined forces with Ambry Genetics, a subsidiary of REALM IDx and a leader in clinical diagnostic testing. This exclusive partnership aims to elevate the quality of genetic testing services for government-sponsored organizations, biopharma companies, and other entities conducting international clinical trials and research. Under this partnership, Ambry will leverage Unilabs’ genomic lab services and variant interpretation expertise in regions where it aims for physical presence.
- Eurofins Genomics US, a top player in the global sequencing industry, has introduced a groundbreaking new whole plasmid sequencing service that promises to revolutionize the market. With its low cost and same-day results, this new service is set to disrupt the traditional sequencing landscape. In addition, the organization has invested heavily in expanding its sequencing infrastructure in Louisville, adding Nanopore sequencing capabilities to its already massive setup.
Key Questions Answered in Biopharmaceutical Analytical Testing Services Market Report
- What are the key factors and industry patterns are expected to influence market dynamics and growth?
- How is the market expected to evolve, and what new trends will likely emerge during the forecast period?
- Who are the market’s key stakeholders, and what role do they play in shaping its future?
- Which areas within the market are expected to experience the most growth in the near future?
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