Pharmaceutical Analytical Testing Outsourcing Market Dynamics
Pharmaceutical Analytical Testing Outsourcing Market could achieve a CAGR of 8.6% during the forecast period (2015-2023), reveals Market Research Future (MRFR). It is poised to touch the valuation of USD 8,095.0 million by 2023.
Pharmaceutical Analytical Testing Outsourcing Market Boosters and Key Barriers
Soaring demand for biopharmaceuticals, analytical drugs, and bio-similar could elevate market demand in the coming years. Moreover, approvals in the pharmaceutical industry, along with price benefits with regards to outsourcing, could elevate the market position. Faster and reliable results, data safety, as well as improved efficiency also accelerate product demand. Other than this, increasing R&D investments due to declining Return-on-Investment (RoI), among other reasons, are prompting the companies to outsource their operations to save cost as well as time.
Rising adoption of Full-Time Equivalent Agreements (FTE) focus on the analytical testing of biopharmaceuticals as well as biosimilars, and increasing outsourcing of analytical testing services to contract pharma companies result in market growth. It is expected that the demand for biosimilars and pharmaceutical drugs could rise significantly during the review period. Therefore, to satisfy the surging demand, renowned pharmaceutical companies, as well as government bodies, are collaborating across various regions.
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Citing a reference, in 2018, the Swedish government had worked together with GE Healthcare to develop an innovation center in order to test out latest discoveries within the pharmaceutical sector. Leading companies, however, lack the needed manufacturing set-up and expertise, so in-house testing services could be carried out. This prompts them to outsource in-house work to the pharmaceutical companies, in addition to outsourcing of various ancillary works like storage, testing, and registration. In addition, cleaning validations and process and facility validation are also outsourced by these companies in order to maintain their position within the market. These factors will boost the market growth in the years to come.
Pharmaceutical Analytical Testing Outsourcing Market Segmentation
The worldwide market for pharmaceutical analytical testing outsourcing has been segmented on the basis of product type, services, and end-user.
The global pharmaceutical analytical testing outsourcing market, depending on the product type, has been considered for active pharmaceutical ingredients, raw materials, as well as finished products. The finished products segment was worth USD 2,055.4 million in the year 2017.
The market, services-wise, is considered for bioanalytical testing, method development & validation, stability testing, and others.
The end-users mentioned in the report are pharmaceutical & biopharmaceutical companies and biotechnology industry.
Pharmaceutical Analytical Testing Outsourcing Market Regional Insight
Europe, Asia Pacific, Middle East & Africa, and the Americas are the primary markets for pharmaceutical analytical testing outsourcing.
The Americas could be the leading market for pharmaceutical analytical testing outsourcing during the appraisal period. Increasing cases of chronic diseases along with the surging number of contract research organizations (CROs) aids in market growth in the region.
Europe market has showcased healthy growth in the worldwide market as a result of the expanding pharmaceutical sector. Growing government support in the form of funds for research and development to prevent chronic diseases as well as increased healthcare spending has benefitted the regional market to a great extent.
Asia Pacific is perceived to be growing at the fastest rate in the worldwide market. The market position has risen on the back of a large number of research organizations present in the region. Also, low manufacturing and labor cost, coupled with the development of new infrastructure that supports the healthcare sector stimulates market growth. In 2017, Australia controlled a share of 8.8% in the pharmaceutical analytical testing outsourcing market in Asia Pacific.
However, Middle East and Africa could demonstrate the slowest growth rate on account of low per capita income combined with insufficient healthcare spending.
Pharmaceutical Analytical Testing Outsourcing Market Prominent Vendors
The prominent vendors shaping the worldwide pharmaceutical analytical testing outsourcing market include WuXi AppTec (WuXi STA), Toxikon and SGS SA, to name a few.
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