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Pharmaceutical Analytical Testing Outsourcing Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

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Swapnil GVR
Pharmaceutical Analytical Testing Outsourcing Market 2021 Analysis by Overview, Growth, Top Companies, Demand and Forecast to 2028

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.

The economic benefits associated with outsourcing these services and approvals in the pharmaceutical industry are projected to support market growth. Quicker and reliable results, data safety, and improved efficiency are some key factors favoring market growth. Innovation or new product development is directly proportional to the demand for testing services. Due to competitive pressures, pricing concerns, and lead-time to market, companies are opting to outsource testing services. According to the Pharma Intelligence Report 2019, the total development pipeline increased to 16,181 molecules in 2019 from 15,267 molecules in 2018.

Key Player Mentioned:

SGS SA

Toxikon, Inc.

Eurofins Scientific

Pace Analytical Services, Inc.

Intertek Group Plc

Pharmaceutical Product Development, LLC.

WuXi AppTec, Inc.

Boston Analytical

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https://www.grandviewresearch.com/industry-analysis/pharmaceutical-analytical-testing-outsourcing-market/request/rs1

The economic benefits associated with outsourcing these services and approvals in the pharmaceutical industry are projected to support market growth. Quicker and reliable results, data safety, and improved efficiency are some key factors favoring market growth. Innovation or new product development is directly proportional to the demand for testing services. Due to competitive pressures, pricing concerns, and lead-time to market, companies are opting to outsource testing services. According to the Pharma Intelligence Report 2019, the total development pipeline increased to 16,181 molecules in 2019 from 15,267 molecules in 2018.

Product Segment Analysis:

 

Bioanalytical

Method Development & Validation

Stability Testing

Regional Segment Analysis:

 

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

 

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. As a measure to prevent the spread of the virus and ensure the safety of the employees, most laboratories adopted work shifts or Work From Home (WFH) strategies to ensure the minimum presence of their staff. Furthermore, these laboratories ensured that sanitation and social distancing norms are followed by staff members.

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The other service segment generated the maximum revenue in 2020 and accounted for over 39% of the overall share. The segment includes environmental monitoring, raw material testing, batch release, microbial testing, and physical characterization of the materials. Changing regulations for in vivo & in vitro tests and innovative approaches to reduce the complexity of the tests are contributing to the segment growth.

Good Reasons to Buy a Global Pharmaceutical Analytical Testing Outsourcing Market Report:

Offers detailed market breakdown and data triangulation that will help guide the market trends.

The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.

Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.

Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.

Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.

KEY aspects covered in the report include:

The market size and industry growth rate of the global and regional market across various segments

The region or the sub-segment that is expected to drive the Pharmaceutical Analytical Testing Outsourcing market in the forecast period 2021-2028

Key companies operating in the global Pharmaceutical Analytical Testing Outsourcing market and their market share

The Factors that are estimated to drive the Pharmaceutical Analytical Testing Outsourcing Market growth

Key opportunities in the Pharmaceutical Analytical Testing Outsourcing market.

Key technological advancements and Pharmaceutical Analytical Testing Outsourcing market trends that shape the market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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