Pharmaceutical Analytical Testing Outsourcing Market to Surpass $15,815 Million Revenue by 2030, Says P&S Intelligence
NEW YORK, Sept. 21, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, the size of the pharmaceutical analytical testing outsourcing market, which was $7,594.3 million in 2021, will reach $15,814.6 million by 2030, at an 8.5% CAGR over this decade. Since the COVID-19 pandemic, the emphasis on a fast and efficient drug R&D process has increased manifold, which has prompted pharma companies to outsource the analytical testing process.
Almost 53% of the revenue of firms that conduct pharmaceutical analytical testing on an outsourcing basis comes from North America. This is credited to the U.S. being home to the largest and most-highly valued pharma sector on earth. Additionally, the country is expanding its production capacity to cater to the increasing disease-ridden population.
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Furthermore, the region is witnessing a swift rise in its elderly count, which is, consequently, propelling the incidence of all kinds of short- and long-term communicable and non-communicable diseases. Therefore, governments in the continent are augmenting their funding for pharmaceutical R&D, thereby further driving the need for drug analytical testing.
In the same way, Europe occupies an important position in the pharmaceutical analytical testing outsourcing market, as France and Germany are two major drug R&D hubs in not only this region but the entire world. Moreover, regional drug companies are partnering with domestic CDMOs to gain access to the latter's pharma manufacturing and clinical trial capabilities.
APAC is expected to be the fastest-growing revenue contributor, on account of the rising investments by drug R&D giants in the region, which is leading to the growth of the pharmaceutical industry in China, India, and other developing countries. Moreover, Japanese pharma firms are increasingly outsourcing analytical testing procedures to Chinese CDMOs.
Pharmaceutical Analytical Testing Outsourcing Market Segmentation Analysis
- The demand for bioanalytical testing services is expected to advance the fastest over this decade, as the legislation for in-vivo and in-vitro tests is changing and their complexities are increasing. The need for electrophoresis, titrimetric assays, electrochemical assays, and immunoassays is rising with the growing demand for combination medication, biosimilars, and other novel drugs.
- Additionally, analytical testing majorly seeks to validate the bioavailability, pharmacokinetics, bioequivalence, and pharmacodynamics of the medication, all of which are mandatory before the drug can receive the marketing approval.
- With a share of 48%, pharma companies dominate the industry, as a large number of small pharma firms lack the capability to conduct the analytical testing of drugs themselves. Thus, such firms are contracting third-party companies for the process, which also allows the former to focus on their core tasks.
- The biopharmaceutical category will likely witness the fastest pharmaceutical analytical testing outsourcing market growth, at an over 9% CAGR, due to the high level of testing required for the validation of the efficacy and safety of bio-based drugs. Additionally, assay-based tests and filing for regulatory approvals require specialized personnel.
Pharmaceutical Analytical Testing Outsourcing Market Report Coverage
Pharmaceutical Analytical Testing Outsourcing Market by Service
- Method Development & Validation
- Stability Testing
Pharmaceutical Analytical Testing Outsourcing Market by Product
- Active Pharmaceutical Ingredient
- Finished Products
Pharmaceutical Analytical Testing Outsourcing Market by End-User
- Contract Manufacturing organizations
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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