Pharmaceutical Analytical Testing Outsourcing Market Is Likely To Up Demand At A USD 14.6 Billion By 2030


 San Francisco, 14 Aug 2024: The Report Pharmaceutical Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report By Service (Bioanalytical Testing, Method Development and Validation, Stability Testing), By End Use, By Region, And Segment Forecasts, 2024 - 2030

The global pharmaceutical analytical testing outsourcing market size was valued at USD 14.6 billion in 2030 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2030. Increasing biological candidate pipelines, rising demand for additional analytical details on drugs, and process development by regulatory agencies are driving market growth. Analytical testing aids in real-time product quality control as well as help optimize and monitor processes, thereby identifying different drugs. Over the years, the number of clinical trials has increased consistently.

For instance, in 2021, over 399,525 clinical studies were registered on ClinicalTrial.gov, whereas as of June 2022, it had increased to over 421,258 studies. A continuation of this trend is expected to have a positive impact on the market in the post-pandemic period. The majority of small and medium-sized pharma companies lack the infrastructure for analytical testing. As a result, outsourcing these operations is the best option as it saves time and money. The patent cliff, primarily for small molecules and biologics, is likely to have a positive impact on the market as it will increase the number of commercial drugs in the pharma market, thus promoting the analytical testing of commercially available generic drugs.

There has been a rise in several diseases post-COVID-19. For instance, according to a report published by Children’s National Hospital- pediatric research and clinical innovations center, a study was performed on 737 youths who were diagnosed with diabetes, and it found an increased incidence of pediatric Type 1 Diabetes (T1D) by 15.2% and Type 2 Diabetes (T2D) increased by 182% between March 11, 2018, and March 10, 2021. The rise in disease incidence is expected to improve, drug production, which is likely to drive the demand for analytical services for commercial drugs .

Access Research Report of Pharmaceutical Analytical Testing Outsourcing Market @  https://www.grandviewresearch.com/industry-analysis/pharmaceutical-analytical-testing-outsourcing-market

Pharmaceutical Analytical Testing Outsourcing Market Report Highlights

  • The bioanalytical testing segment is expected to witness the fastest CAGR of 8.9% over the forecast due to the high number of clinical trial registrations and entry of new drug participants into the pharmaceutical market
  • The pharmaceutical segment gained the largest revenue share of 47.3% in 2022. The growing demand among pharmaceutical companies to focus on their core competencies is one of the major reasons for the largest segment share
  • North America is expected to hold the largest revenue share of 53.4% owing to the presence of a significant number of pharmaceutical companies in the region
  • Asia Pacific is anticipated to be the fastest-growing regional market from 2022 to 2030 due to the low-cost service offerings by third-party service providers in the region

Pharmaceutical Analytical Testing Outsourcing Market Report Scope

Report Attribute

Details

Market size value in 2024

 USD 9.0 billion

Revenue forecast in 2030

USD 14.6 billion

Growth rate

CAGR of 8.4% from 2024 to 2030

Historical Year

2018 - 2023

Forecast period

2024 - 2030

List of Key Players in the Pharmaceutical Analytical Testing Outsourcing Market

  • SGS SA
  • Labcorp
  • Eurofins Scientific
  • Pace Analytical Services LLC
  • Intertek Group plc
  • PPD Inc (Thermo fisher Scietific, Inc.)
  • Wuxi AppTec
  • Boston Analytical
  • Charles River Laboratories
  • West Pharmaceutical Services, Inc

Access Press Release of Pharmaceutical Analytical Testing Outsourcing Market @ https://www.grandviewresearch.com/press-release/global-pharmaceutical-analytical-testing-outsourcing-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

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