Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Pharmaceutical Analytical Testing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Pharmaceutical Analytical Testing Market is on the verge of an impressive growth trajectory, with an estimated valuation of USD 7,137.92 million in the base year.
Projections indicate that it will reach a substantial USD 11,387.35 million by the end of the forecast period, showcasing a robust Compound Annual Growth Rate (CAGR) of 8.2%.
Navigating the Impact of COVID-19
The COVID-19 pandemic wrought significant changes in the pharmaceutical analytical testing market. The urgent need to develop new drugs and vaccines to combat the pandemic fueled demand for analytical testing at all stages of drug development. This was critical for monitoring accuracy, efficiency, and safety.
The unanticipated surge in COVID-19 cases accelerated the development of biosimilars, combination molecules, and innovative vaccines and medicines, thereby increasing the demand for vital bioanalytical testing methods like electrophoresis, electrochemical and titrimetric assays, and immunoassays.
Furthermore, the market saw an upswing in clinical trials, a heightened focus on analytical testing of biologics and biosimilars, and a growing trend toward outsourcing laboratory testing services, all of which have actively contributed to market growth.
Crucial Role in Ensuring Public Safety
The need for analytical testing in the pharmaceutical industry cannot be overstated. According to FDA drug recall statistics, approximately 1,279 drugs face recalls globally each year, with a staggering 94% of FDA drug recalls occurring in the United States, followed by 4% in Canada in 2021.
Over the decade from 2012 to 2021, the FDA issued 12,028 drug recalls in the United States alone. These figures underscore the importance of testing pharmaceutical products to ensure public safety. Inaccurate or substandard medicines not only jeopardize patient health but also strain healthcare systems and funding resources.
Driving Forces for Market Growth
The pharmaceutical analytical testing market's growth is further propelled by an increase in research and development activities, collaborations, and strategic partnerships.
Market Trends: Stability Testing on the Rise
Stability testing has emerged as a significant trend in the pharmaceutical analytical testing market. These tests evaluate a drug's ability to retain its properties throughout its shelf-life. Stability studies encompass chemical, physical, microbiological, therapeutic, and toxicity parameters, with degradation in any of these areas posing health hazards.
Predicting shelf-life is crucial for pharmaceutical product development, determining storage conditions, and providing label instructions. These tests ensure that pharmaceutical products maintain their quality, safety, and efficacy over their shelf life, a prerequisite for regulatory approval.
Strategic initiatives by key players, such as product launches and approvals, are further driving growth in the stability testing segment. For instance, LGM Pharma launched its analytical testing and stability services in July 2021, catering to pharmaceutical developers, manufacturers, and compounding pharmacies. Such initiatives are expected to accelerate growth in this segment during the forecast period.
North America: A Dominant Player
North America stands as a dominant region in the Pharmaceutical Analytical Testing market, driven by an increasing number of research and development activities and investments. The region boasts a high frequency of drug approvals, with a substantial number of drugs approved in the United States before any other country worldwide. In 2020 and 2021, approximately 53 novel drugs received approval, with most being approved in the U.S. Furthermore, the region accounts for a significant percentage of registered clinical trials, making it a key hub for pharmaceutical innovation.
The U.S. government's support for research and development in the form of appropriations to the Office of Energy Efficiency and Renewable Energy (EERE) is further propelling the demand for pharmaceutical analytical testing.
Competitive Landscape
The pharmaceutical analytical testing market is characterized by a diverse and competitive landscape. Numerous international and local companies hold significant market shares. Prominent players in the market include Laboratory Testing Inc., Eurofins Scientific, SGS SA, Toxikon Inc., Pace Analytical Services, Intertek Pharmaceutical Services, Boston Analytical, West Pharmaceutical Services Inc., and Steris.
As the pharmaceutical analytical testing market surges ahead, these players are expected to continue driving innovation and ensuring the safety and efficacy of pharmaceutical products.
A selection of companies mentioned in this report includes
- Laboratory Testing Inc.
- Eurofins Scientific
- SGS SA
- Labcorp (Toxikon Inc)
- Pace Analytical Services
- Intertek Phamaceutical Services
- Boston Analytical
- West Pharmaceutical Services Inc.
- Steris
For more information about this report visit https://www.researchandmarkets.com/r/evhrbt
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
