Pharmaceutical Analytical Testing Outsourcing Market Size Worth $12.4 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Feb. 2, 2021 /PRNewswire/ -- The global pharmaceutical analytical testing outsourcing market size is expected to reach USD 12.4 billion by 2028 registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. Increasing pipelines for biological candidates along with rising demand for additional analytical details on drugs as well as process development by regulatory agencies are boosting the market growth. Analytical testing helps in providing real-time product quality control along with optimizing & monitoring processes, characterize biosimilar & biologics, and improving productivity. One of the main reasons for outsourcing analytical testing services is to access skilled & experienced expertise, as well as expensive analytical equipment not available in-house.

Increasing R&D investments is one of the critical sustainability strategies. Not all companies have an infrastructure that is compatible with all types of analytical testing. Hence, outsourcing these operations is the most suitable option, which also helps save time and cost. A patent cliff largely for small molecules with the pharmaceutical industry has led to a huge dent in the pharma's profits. In the coming years, several best-selling drugs are coming towards the end of patent life including Humira. Drug innovators are under constant pressure to launch new products. Developing advanced analytical testing to assess & monitor the quality attributes of these requires a broader set of equipment & expertise, which is beyond the internal capacity of pharma companies.

Key suggestions from the report:

• The bioanalytical testing segment led the global market in 2020 accounting for the largest revenue share due to the high number of clinical trial registrations and entry of new participants within the market space
• The segment is also expected to register the fastest CAGR over the forecast period owing to growing R&D expenditure by pharmaceutical companies and preference for outsourcing bioanalytical testing
• The extractable and leachable services in the method development and validation segment is expected to dominate the market and register the fastest CAGR owing to an increasing number of vendors offering these services at competitive prices
• Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 due to low-cost service offering by the third-party service providers in the region.

Read 92 page research report with ToC on "Pharmaceutical Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report By Service (Bioanalytical, Stability Testing), By Region (North America, APAC), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/pharmaceutical-analytical-testing-outsourcing-market

The market is developing due to increasing competition in the pharmaceutical and biopharmaceutical markets for disease-specific drugs. Most pharmaceutical manufacturing companies rely on analytical testing to help and improve productivity, optimize and monitor processes, and offer real-time product quality control. Due to this, there is an increasing demand for analytical testing outsourcing services. Hence the market is expected to show lucrative growth over the forecast period. Outsourcing of analytical testing services allows companies to handle more complex activities and focus on their core competencies. This offers cost savings by letting medical companies evade building specialized facilities and hiring staff. Pharmaceutical analytical testing includes the identification and quantification of components in therapeutic solutions or drugs.

The nature of Covid-19 transmission has led several laboratory staff members to face uncertainties, such as fears of contracting the infection along with other biosafety concerns. Thus, reduced manpower and increasing focus on the development of vaccines & therapies against Covid-19 are anticipated to negatively impact the turnaround time for routine tests. The large number of R&D activities, clinical trials, and diagnostic procedures being conducted to counteract Covid-19 is anticipated to increase the demand for analytical testing services since several pharmaceutical companies are now focusing on their core competencies and outsourcing non-core functions to increase their productivity & operational efficiency.

Grand View Research has segmented the global pharmaceutical analytical testing outsourcing market on the basis of service and region:

• Pharmaceutical Analytical Testing Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2028)
• Bioanalytical
• Clinical
• Non-clinical
• Method Development & Validation
• Extractable & Leachable
• Impurity Method
• Technical Consulting
• Others
• Stability Testing
• Drug Substance
• Stability Indicating Method Validation
• Accelerated Stability Testing
• Photostability Testing
• Others
• Others
• Pharmaceutical Analytical Testing Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 202
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Turkey
• The Netherlands
• Switzerland
• Sweden
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Indonesia
• Malaysia
• Singapore
• Thailand
• Taiwan
• Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Chile
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Egypt
• Israel

List of Key Players of Pharmaceutical Analytical Testing Outsourcing Market

• SGS SA
• Toxikon, Inc.
• Eurofins Scientific
• Pace Analytical Services, Inc.
• Intertek Group Plc
• Pharmaceutical Product Development, LLC.
• WuXi AppTec, Inc.
• Boston Analytical
• Charles River Laboratories International, Inc.
• West Pharmaceutical Services Inc.

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

• Pharmaceutical Services Outsourcing Market – The global pharmaceutical services outsourcing market was valued at USD 40.3 billion in 2015 and is expected to grow at a CAGR of 8.7% over the forecast period.
• Bioanalytical Testing Services Market – The global bioanalytical testing services market size was valued at USD 2.67 billion in 2018 and is expected to register a CAGR of 7.5% over the forecast period.
• Bioburden Testing Market – The global bioburden testing market size was valued at USD 727.0 million in 2018 and is expected to witness lucrative CAGR of 13.7% over the forecast period. Growing pharmaceutical, biotechnology, medical device, and food and beverage industries is expected to drive the growth.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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