Increasing R&D budgets and investments in drug discovery are among the critical sustainability strategies for pharmaceutical companies. Not all companies have an infrastructure that is conducive to all types of analytical testing. Hence, outsourcing these operations is the most suitable option, which also helps save time and cost.
Other factors, such as the increasing need for product safety & quality, along with changing regulations for in vivo and in vitro tests are also expected to propel the growth of the market. For instance, the government of China issued a notification to upgrade the quality of generic drugs, remove the backlog of drug applications, improve the quality and transparency of the review and approval process, and encourage new drug R&D in line with global development.
Related Press Release@ Pharmaceutical Analytical Testing Outsourcing Market Worth $12.4 Billion By 2028
Some key points to note:
- As per the latest report by Grand View Research, the global pharmaceutical analytical testing outsourcing market size was valued at USD 6.54 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% over the forecast period.
- Innovation in the pharmaceutical industry, increasing focus on regulation, safety & quality, rising number of end-users, and pricing benefits of outsourcing are the key factors driving the market.
- In several nations, analytical laboratories are considered to be a part of the essential healthcare infrastructure, thus analytical studies were continued with minimal or no initial disruptions due to COVID-19.
- The Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 as a lot of developed countries are investing in countries in this region.
- Some prominent players in the global pharmaceutical analytical testing outsourcing market include:
- SGS SA
- Toxikon, Inc.
- Eurofins Scientific
- Pace Analytical Services, Inc.
- Intertek Group Plc
- Pharmaceutical Product Development, LLC.
- WuXi AppTec, Inc.
- Boston Analytical
- Charles River Laboratories International, Inc.
- West Pharmaceutical Services Inc.