LONDON, April 22, 2019 /PRNewswire/ -- Pharmaceutical Analytical Testing Outsourcing Market Size, Share & Trends Analysis Report By Service (Bioanalytical, Stability Testing, Method Development & Validation), And Segment Forecasts, 2019 - 2026
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The global pharmaceutical analytical testing outsourcing market size is projected to reach USD 10.4 billion by 2026 expanding at a CAGR of 8.1%. Focus on the analytical testing of biopharmaceuticals and biosimilars, adoption of Full Time Equivalent Agreements (FTE), and increased outsourcing of analytical testing services to contract pharma companies are propelling the market growth. Demand for biosimilars and pharmaceutical drugs is expected to increase substantially over the forecast period. Thus, to fulfill the rising demand, key pharmaceutical companies and government bodies are working collaboratively.
For instance, in August 2018, the Swedish government collaborated with GE Healthcare to establish a new innovation center for testing of new discoveries in the pharmaceutical sector.Major companies may lack the required manufacturing set-up and expertise to carry out in-house testing services.
This leads to the outsourcing of in-house work to contract pharmaceutical companies.In addition, several ancillary works, such as registration, storage and testing, process and facility validation, and cleaning validations, are outsourced to remain competitive in the market.
These factors will boost the market growth in the years to come.
Further key findings from the study suggest:
• Clinical bioanalytical testing services is projected to be the largest service segment over the forecast period
• Increasing number of clinical trial registrations and entry of new contract pharma companies are the factors responsible for the segment growth
• North America led the global pharmaceutical analytical testing outsourcing market in 2018 due to government support and strong presence of key pharmaceutical outsourcing companies
• Some of the key companies in the market are SGS SA; Intertek Group PLC; Pharmaceutical Product Development, LLC; Toxikon, Inc.; Exova Group PLC, Eurofins Scientific; Pace Analytical Services, LLC; Charles River Laboratories International, Inc.; Boston Analytical, Inc.; and West Pharmaceutical Services, Inc.
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