Global Pharmaceutical Testing Services Market Revenue and Growth Rate Forecast 2019-2025
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Pharmaceutical testing and quality assurance are important in the pharmaceutical industry. The testing and analysis are carried out because people’s lives are dependent on the quality and quantity measure of a given medicine. Along with globalization, innovation gives rise to new pharmaceutical products which are safer and cost effective when they enter the market. The development of a pharmaceutical product or a drug requires a long period of time. The pharmaceutical product or a drug should receive approval from the U.S. Food and Drug Administration (FDA).
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Pharmaceutical analysis serves a variety of purposes. It is often used to identify the chemical composition and molecular structure of each individual substance contained in a medication. This knowledge provides insight into a drug’s performance and safety considerations. Pharmaceutical testing can reveal a pharmaceutical’s solubility and can predict the medication’s ability to reach a specific target within the body. Testing may even reveal contamination in the manufacturing production process or highlight other, previously unknown risks with the formulation.
The global market for pharmaceutical analytical testing services is driven by the growing need for the development and cost reduction of core competencies by pharmaceutical companies and the rising acceptance of outsourcing as a key business and growth strategy. Research studies have exhibited that in the year 2012, pharmaceutical and biotechnological companies spend an estimated US$190 mn on in-house analytical development as against the US$664 mn spent on outsourcing analytical testing services. This is likely to strengthen the growth of the market in the coming years.
On the other hand, the lack of skilled professionals and well-established healthcare infrastructure are some of the factors that threaten to hamper the growth of the pharmaceutical analytical testing services market. Apart from this, operational costs, fluctuations in good manufacturing practices (GMP), regulatory policies, and less turnaround times also impact the market growth.
North America is one of the leading regions in the pharmaceutical analytical testing services market and is driven by familiarity with the regulatory scenario and the presence of well-established outsourcing infrastructure. The growth landscape of the Europe pharmaceutical analytical testing services market is slowly catching up, experts have observed.
Countries in Asia Pacific present significant growth potential thanks to the presence of a large pool of skilled professionals and relatively low operational costs. Rising investments in research is also a major factor driving the APAC pharmaceutical analytical testing services market. Investments in routine testing, multiplex protein profiling, biologics such as RNA sequencing, and others are likely to give Asia Pacific the boost it needs over the course of the forecast period.
In 2018, the global Pharmaceutical Testing Services market size was xx million US$ and it is expected to reach xx million US$ by the end of 2025, with a CAGR of xx% during 2019-2025.
This report focuses on the global Pharmaceutical Testing Services status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pharmaceutical Testing Services development in United States, Europe and China.
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The key players covered in this study
Eurofins Scientific SE
Exova Group PLC
Pace Analytical Services Inc.
West Pharmaceutical Services, Inc.
Lapuck Laboratories, Inc.
Market segment by Type, the product can be split into
Raw Materials Testing
In-Process and Product Release Testing
Finished Pharmaceutical Products Testing
Market segment by Application, split into
Market segment by Regions/Countries, this report covers
Central & South America
The study objectives of this report are:
To analyze global Pharmaceutical Testing Services status, future forecast, growth opportunity, key market and key players.
To present the Pharmaceutical Testing Services development in United States, Europe and China.
To strategically profile the key players and comprehensively analyze their development plan and strategies.
To define, describe and forecast the market by product type, market and key regions.
For the data information by region, company, type and application, 2018 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
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