29 July 2020
Visiongain has launched a new report Pharmaceutical Analytical Testing Outsourcing Market Report 2020-2030: Forecasts by Service (Bioanalytical, Stability, Method Development & Validation, and Others), Product (Active Pharmaceutical Ingredient (API), Additives, Finished Products), End-user (Biopharmaceuticals and Pharma Companies, Contract Manufacturing Organizations, Others) and by Region (North America, Europe, Asia Pacific, Latin America & MEA), Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Pharmaceutical analytical testing are a series of clinical trials used to ensure the safety of new manufactured drugs. Before the launch of a new drug in the market, it needs to undergo method development & validation, bioanalytical testing, and stability testing. These tests help to identify and quantify the components in pharmaceutical drugs. The preference to outsource these services has increased owing to the high competition for disease specific drugs and the lengthy drug approval procedures. Biopharmaceuticals and pharmaceutical companies is largest contributor towards the pharmaceutical analytical testing outsourcing market as these services help to reduce costs and improve efficiency.
Quicker and reliable results, improved drug efficiency, price benefits associated with outsourcing these tests, and data safety are some of the key factors increasing the demand for outsourcing pharmaceutical analytical testing. In addition, there is an increase in preference for outsourcing these analytical tests owing to the availability of access to therapeutic expertise, pricing concerns, enhancement in operational efficiency, and benefit from on-demand services. The technological advancement has helped to shorten the lifecycle of drug production leading to rapid development of new products. These factors are expected to increase the demand for outsourcing pharmaceutical analytical testing in the near future.
The increase in demand for analytical drugs, biosimilars, and biopharmaceutical products, rise in number of products in the pipeline, and increase in investment in R&D activities for drug development further drives the growth of global pharmaceutical analytical testing outsourcing market. However, varied outsourcing expenditures by companies and the high cost associated with pharmaceutical testing are expected to hamper the market growth.
The Visiongain report analyst commented “As outsourcing analytical testing helps to reduce the time for drug development and enhances drug safety, pharmaceutical and biopharmaceutical companies are increasing using outsourcing services for drug development process. Moreover, the outsourcing companies help to provide the regulatory bodies with the required analytical details on drugs and help provide the pharmaceutical companies a competitive edge for the production of generic and biosimilar medications.”
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Toxikon, Inc., Intertek Group PLC, SGS SA, Eurofins Scientific, Boston Analytical, Pace Analytical Services, LLC, West Pharmaceutical Services, Inc., WuXi AppTec, Inc., Intertek Group Plc, Pharmaceutical Product Development, LLC, and Charles River Laboratories International, Inc.
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