Pharmaceutical Testing and Analytical Services Market: Introduction
According to the report, the global pharmaceutical testing and analytical services market was valued at US$ 3.5 Bn in 2019. It is projected to expand at a CAGR of ~11% from 2024 to 2030. Pharmaceutical testing and quality assurance are important stages in the pharmaceutical industry. Testing and analysis are carried out as people’s lives depend on the quality and quantity measure of a given medicine. Bioanalytical testing, method development & validation, raw material testing, stability testing, and microbial testing are commonly employed tests adopted in pharmaceutical and medical devices industries. The expansion of the global pharmaceutical testing and analytical services market can be ascribed to rise in the number of clinical trials and increase in R&D spending.
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North America dominated the global pharmaceutical testing and analytical services market in 2019. This trend is anticipated to continue during the forecast period. Highly structured healthcare industry and increase in incidence of disease are likely to boost the market in North America. Furthermore, the presence of major market players who are focused on design and development of new treatment options for the treatment of major chronic diseases is likely to further drive the market in North America. Asia Pacific is likely to be a highly lucrative region of the global pharmaceutical testing and analytical services market. It is projected to expand at a rapid pace during the forecast period.
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Rise in Number of Clinical Trials and Increase in R&D Spending to Drive Global Market
The increase in the number of clinical trials is projected to boost the pharmaceutical testing and analytical services market. Rising prevalence of cancer is a key factor driving the number of clinical trials being conducted. Furthermore, it is estimated that the number of clinical trials in oncology increased from over 2,400 in 2007 to over 7,000 in 2017. Increase in R&D spending and focus of biopharmaceutical companies on boosting revenues has propelled the pharmaceutical testing and analytical services market.
Inorganic growth is a key strategy adopted by major players operating in the pharmaceutical testing and analytical services market in order to consolidate their position in the market. On January 3, 2020, Charles River Laboratories International, Inc. acquired HemaCare, a leading company specializing in the production of human derived cellular products for the cell therapy market. These factors are estimated to propel the pharmaceutical testing and analytical services market during the forecast period.
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Bioanalytical Testing Segment to Dominate Global Market
Based on service type, the global pharmaceutical testing and analytical services market has been divided into bioanalytical testing, method development & validation, raw material testing, stability testing, microbial testing, and others. The bioanalytical testing segment has been further segmented into cell-based assays, virology testing, and others. The method development & validation segment has been sub-segmented into extractables & leachables method development and validation, stability-indicating method validation, process impurity method development & validation, and others. The raw material testing segment has been split into heavy metal testing, complete compendial testing, and others. The stability testing segment has been further classified into drug substance stability testing, formulation evaluation stability testing, and others. The microbial testing segment has been further divided into microbial limit testing, sterility testing, endotoxin testing, and others. The bioanalytical testing segment dominated the global pharmaceutical testing and analytical services market in 2019. This trend is projected to continue during the forecast period.
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Competition Landscape of Pharmaceutical Testing and Analytical Services Market
The global pharmaceutical testing and analytical services market is fragmented in terms of number of players. Key players operating in the global market include Eurofins Scientific, Laboratory Corporation of America Holdings, CHARLES RIVER LABORATORIES INTERNATIONAL, INC., SGS S.A., Intertek Group plc, RD Laboratories, Inc., WuXi AppTec Co., Ltd., DYNALABS LLC (Infinity Laboratories), and ARL Bio Pharma.
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