Market research future will be publishing a cooked research report on “Global Pharmaceutical Analytical Testing Outsourcing Market” that contains the information from 2015 to 2023. The pharmaceutical analytical testing outsourcing market is expected to register a CAGR of 8.6% during the forecast period of 2018 to 2023.
Market Research Future (MRFR) recognizes following companies as key players in the global pharmaceutical analytical testing outsourcing market that include Exova Group PLC (UK), Boston Analytical (New Hampshire), Charles River Laboratories International, Inc. (US), West Pharmaceutical Services, Inc. (US), Merck KGaA (Germany), WuXi AppTec (US), Source BioScience (UK), SGS SA (UK), Toxikon (US), Eurofins Scientific (Belgium), Pace Analytical Services, LLC (US), Intertek Group PLC (London), Pharmaceutical Product Development, LLC (US), and others.
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Market Highlights
The Global Pharmaceutical Analytical Testing Outsourcing Market is expected toregister a CAGR of 8.6% during the forecast period with a market value of USD 4,957.3 million in 2017. Pharmaceutical analytical testing outsourcing plays an important role in drug development and manufacturing process. It helps in providing information regarding the safety and quality of raw materials and finished products. Government and other organizations are investing in R&D to develop drugs for various chronic diseases. According to the National Institute for Health Research, the Association of the British Pharmaceutical Industry (ABPI) invested around Euro 4.1 billion on research and development, for innovating new drugs for cancer, dementia, and rare genetic diseases in the UK in January 2019.
Growing pharmaceutical industry, increasing demand for analytical details on drugs & process development by regulatory agencies and rising prevalence of cancer and other infectious diseases have led to the growth of the global pharmaceutical analytical testing outsourcing market in the recent years. However, the high cost of drug discovery and inconsistencies in the quality of products are likely to restrain the market growth over the forecast period.
Segment Analysis
The global pharmaceutical analytical testing outsourcing market, by product type, has been segmented into finished products, active pharmaceutical ingredients, and raw materials. The finished products segment accounted for a value of USD 2,055.4 million in 2017. The market, by services, can be segmented into bioanalytical testing, method development & validation, stability testing, and others. On the basis of end user, the global pharmaceutical analytical testing outsourcing market is segmented into pharmaceutical & biopharmaceutical companies and biotechnology industry.
Regional Analysis
The Americas is expected to hold the largest share of the global pharmaceutical analytical testing outsourcing market. This is owing to the increasing prevalence of chronic diseases and a growing number of contract research organizations (CROs) in the region. Europe market demonstrated a good growth in the market due to growth in the pharmaceutical sector, increasing government funding to promote research and development for the prevention of chronic diseases, and increased healthcare spending. Asia-Pacific is estimated to be the fastest growing region in the global market due to the presence of a large number of research organizations, low manufacturing & labor cost, and development of new infrastructure to support the healthcare industry. Australia held a share of 8.8% in the Asia-Pacific pharmaceutical analytical testing outsourcing market in 2017. Also, the Middle East and Africa region is expected to show the least growth owing to low per capita income and lack of adequate healthcare spending.
Key Findings of the Study
- The global pharmaceutical analytical testing outsourcing market is projected to reach USD 8,095.0 million by 2023 at a CAGR of 8.6% during the review period from 2018 to 2023.
- Americas accounted for the largest share of the global market due to the increasing number of CROs in the region.
- The finished products segment accounted for the largest product type segment with a revenue of USD 2,055.4 million in 2017.
- Some of the players operating in the pharmaceutical analytical testing outsourcing market are SGS SA, WuXi AppTec (WuXi STA), and Toxikon among others.
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