Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) — The “Analysis Report of the US Pharmaceutical Analytical Testing Outsourcing Market Size, Share, and Trends by Service (Bioanalytical Testing, Method Development and Validation, Stability Testing), By End Use and segment forecast, 2022-2030″ report has been added to from ResearchAndMarkets.com offer.
The US pharmaceutical analytical testing outsourcing market size is expected to reach $6.8 billion by 2030. The market is expected to grow at a CAGR of 8.0% from 2022 to 2030. Technological advancements in the industry healthcare and an increase in end-users are the key factors driving the growth of the US market.
Outsourcing analytical testing services allows companies to handle more complex or repetitive tasks while helping companies focus on their core competencies, allowing medical organizations to avoid developing specialized facilities and hire staff, resulting in cost savings. The identification and measurement of ingredients in drugs or therapeutic solutions are included in pharmaceutical analytical testing. The market is expected to grow over the assessment period due to increased R&D investments and growing demand for drugs.
Pharmaceutical analytical testing outsourcing has been significantly impacted by the COVID-19 pandemic. Due to the reduction or shutdown of in-house laboratory testing capabilities of various pharmaceutical companies, pharmaceutical testing services – an important component of healthcare infrastructure – were initially disrupted. Workers initially faced a number of difficulties, including reduced lab capacity due to concerns about the spread of the virus, computer problems and difficulties in sending samples for testing. However, various strategies, including rotating shifts, downsizing and working from home, have been adopted by companies to alleviate or prevent these difficulties.
Various companies have supported the government’s efforts to stop the COVID-19 pandemic by producing various state-of-the-art tests and solutions. These companies were able to reduce the effects of COVID-19 on their operations. For example, 40 million COVID-19 tests have been successfully manufactured by Eurofins laboratories. Additionally, new test kits are being created for different variants. When the WHO classified it as a variant of concern, they released an omicron test kit the same day.
- Increase innovation in testing services
- Safety & Quality regulations
- Data insecurity
- Third-party performance
US Pharmaceutical Analytical Testing Outsourcing Market Report Highlights
- The bioanalytical testing segment led the market with a revenue share of 31.4% in 2021 owing to spending by biopharmaceutical industry players on R&D and a growing preference for outsourcing analytical testing
- By method development and validation segment, extractables and leachables held 32.1% segment share in 2021
- Pharmaceutical companies segment accounted for the largest share of 47.4% in 2021. Changing regulations for in vitro and in vivo testing, sophisticated technologies and creative methods to reduce the complexity of testing are some of the factors that drive the outsourcing of more pharmaceutical analytical testing services.
- West Pharmaceutical Services, Inc., SGS SA, Eurofins Scientific, Pace Analytical Services Llc and Intertek Group Plc are some of the major key players contributing to the growth of the market.
- Based on end users, biopharmaceutical companies are expected to register the fastest growth over the forecast period due to an increase in the number of clinical trial registrations and market entrants
Main topics covered:
Chapter 1. Methodology and scope
Chapter 2. Executive Summary
Chapter 3. United States Pharmaceutical Analytical Testing Outsourcing Market Variables, Trends and Scope
Chapter 4. United States Pharmaceutical Analytical Testing Outsourcing Market: Service Segment Analysis
Chapter 5. United States Pharmaceutical Analytical Testing Outsourcing Market: End-Use Segment Analysis
Chapter 6. Competitive Landscape
- West Pharmaceutical Services, Inc.
- SGS S.A.
- Eurofins Scientific
- Pace Analytical Services LLC
- Intertek Plc Group
- Pharmaceutical Product Development, LLC.
- Wuxi Apptec, Inc.
- Boston Analytics
- Charles River International Laboratories, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/p0lok1