The Pharmaceutical Analytical Testing Market is estimated to be valued at US$ 8356.52 Mn or Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The pharmaceutical analytical testing market mainly includes analytical testing services and analytical equipment used for testing of drugs and pharmaceutical products. Analytical testing plays a crucial role in drug development and manufacturing to ensure product quality, safety and efficacy. It helps in identification, purity testing and assays of active ingredients. Some key analytical testing techniques used are chromatography, spectroscopy, titrimetry and physical chemical tests.
Market Dynamics:
The pharmaceutical analytical testing market is primarily driven by stringent regulatory guidelines ensuring safety, quality and efficacy of drugs. Regulatory agencies such as USFDA, EMA etc. have implemented stringent guidelines such as cGMP, ICH which mandates thorough analytical testing at various stages of drug development and production. This is promoting increased outsourcing of analytical testing to specialized testing service providers.
Another major driver is increasing complexity of drugs especially biologics and biosimilars which require sophisticated analytical techniques for characterization. Growth in generics market especially in developing nations is also promoting analytical testing market. However, high costs associated with analytical instruments and fluctuations in commodity prices hamper the market growth.
Segment Analysis
The Pharmaceutical analytical testing market is segmented based on product & services, technology, category, and end user. The analytical testing service segment dominates the market owing to increasing outsourcing of analytical testing by pharmaceutical companies to Contract Research Organization (CROs) and labs. The services help pharmaceutical companies save costs associated with establishing in-house analytical testing infrastructure and personnel.
Pest Analysis
Political: Stringent regulations mandated by the FDA on drug approval process requiring comprehensive analytical testing drives the market growth. Economic: Growth in generic and biosimilar drug development increased the demand for analytical testing services. Social: Increased awareness about ensuring drug quality and safety drives demand for thorough analytical testing. Technological: Advancements in analytical instrumentation and techniques such as Liquid Chromatography-Mass Spectrometry (LC-MS) has increased efficiency and accuracy of analytical testing.
Key Takeaways
The Global Pharmaceutical Analytical Testing Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing regulatory mandate for drugs testing by authorities like FDA. The market size for 2023 is US$ 8356.52 Mn.
Regional analysis related content comprises North America dominated the market owing to presence of major pharmaceutical companies and stringent regulatory guidelines. Asia Pacific is expected to exhibit fastest growth during forecast period due rising pharmaceutical outsourcing to China and India.
Key players operating in the pharmaceutical analytical testing are Steris PLC, West Pharmaceutical Services Inc., Boston Analytical, Intertek Pharmaceutical Services, Pace Analytical Services, Labcorp (Toxikon Inc.), SGS SA, Eurofins Scientific, and Laboratory Testing Inc., among others. The key players focus on expanding their analytical testing service portfolio and capabilities through acquisitions and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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