Grand View Research, Inc. - Market Research And ConsultingAccording to report published by Grand View Research, Focus on the analytical testing of biopharmaceuticals and biosimilars, adoption of Full Time Equivalent Agreements (FTE), and increased outsourcing of analytical testing services to contract pharma companies are propelling the market growth.
According to a report,"Pharmaceutical Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report By Service (Bioanalytical, Stability Testing, Method Development & Validation), And Segment Forecasts, 2019 - 2026", published by Grand View Research, Inc., The global pharmaceutical analytical testing outsourcing market size is projected to reach USD 10.4 billion by 2026 expanding at a CAGR of 8.1%, Demand for biosimilars and pharmaceutical drugs is expected to increase substantially over the forecast period. Thus, to fulfill the rising demand, key pharmaceutical companies and government bodies are working collaboratively. Clinical bioanalytical testing services is projected to be the largest service segment over the forecast period.
Key Takeaways from the report:
Increasing number of clinical trial registrations and entry of new contract pharma companies are the factors responsible for the segment growth
North America led the global pharmaceutical analytical testing outsourcing market in 2018 due to government support and strong presence of key pharmaceutical outsourcing companies
Some of the key companies in the market are SGS SA; Intertek Group PLC; Pharmaceutical Product Development, LLC; Toxikon, Inc.; Exova Group PLC, Eurofins Scientific; Pace Analytical Services, LLC; Charles River Laboratories International, Inc.; Boston Analytical, Inc.; and West Pharmaceutical Services, Inc.
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For instance, in August 2018, the Swedish government collaborated with GE Healthcare to establish a new innovation center for testing of new discoveries in the pharmaceutical sector. Major companies may lack the required manufacturing set-up and expertise to carry out in-house testing services. This leads to the outsourcing of in-house work to contract pharmaceutical companies. In addition, several ancillary works, such as registration, storage and testing, process and facility validation, and cleaning validations, are outsourced to remain competitive in the market. These factors will boost the market growth in the years to come.
Grand View Research has segmented the global Pharmaceutical Analytical Testing outsourcing market on the basis of service and region:
Pharmaceutical Analytical Testing Outsourcing Market Services Outlook (Revenue, USD Billion, 2015 - 2026)
Bioanalytical Testing
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 Market Regional Outlook (Revenue, USD Billion, 2015 - 2026)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
Japan
India
Thailand
South Korea
Latin America
Brazil
Mexico
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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