New York, According to a new market research report published by Global Insight Services “Pharmaceutical Analytical Testing Outsourcing Market is expected to reach US$ XX bn by 2031”. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Pharmaceutical analytical testing outsourcing is the transfer of analytical testing operations for a pharmaceutical product from the company that manufactures the product to an external provider. The external provider may be a contract research organization (CRO), a contract testing laboratory (CTL), or another type of organization that specializes in analytical testing services. The decision to outsource analytical testing is typically made when the company does not have the internal resources or expertise to perform the testing required for a particular product.
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Key Players
The pharmaceutical analytical testing outsourcing market report includes players such as Bioreliance, Boston Analytical, Eurofins Scientific, Exova, Halo Pharma, Intertek Group PLC, SGS SA, Toxikon, Inc., WuXi AppTec, Inc., and Catalent, Inc.
Key Trends
The market is driven by the increasing number of drug launches, the growing outsourcing trend among pharmaceutical companies, and the increasing number of clinical trials.
Pharmaceutical analytical testing outsourcing market is growing due to competition within pharmaceutical market for disease specific drugs. Pharmaceutical analytical testing involves identification and quantification of components in pharmaceutical solutions or drugs. Due to increasing demand for drugs, there is substantial growth in R&D investments.
Finally, The lengthy drug approval procedures and financial issues leads to reduced return on investments, thereby, increasing company’s preference towards outsourcing these services.
Key Drivers
The outsourcing of pharmaceutical analytical testing is driven by a number of factors, including the need for cost savings, the desire to focus on core competencies, and the availability of specialized testing services.
The pharmaceutical industry is under pressure to reduce costs and increase efficiency. Pharmaceutical companies are looking for ways to reduce their operating costs, and one way to do this is to outsource non-core functions such as analytical testing. Analytical testing is a complex and time-consuming process, and it is often more cost-effective to outsource this function to a specialized provider.
In addition, pharmaceutical companies are looking to focus on their core competencies. By outsourcing analytical testing, companies can free up resources that can be better used to develop new drugs and bring them to market.
Finally, there is a growing trend in the pharmaceutical industry towards the use of contract research organizations (CROs) for drug development. CROs offer a range of services, including analytical testing, and can provide specialized expertise and capacity that pharmaceutical companies may not have internally.
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Market Segments
The pharmaceutical analytical testing outsourcing market report is bifurcated on the basis of product type, service, end-user , and region. On the basis of product type, it is segmented into active pharmaceutical ingredient (API), additives, and finished products. Based on service, it is analyzed across bio analytical testing, method development & validation, stability testing, and others. By end-user, it is divided into biopharmaceuticals, pharmaceuticals, contract manufacturing organizations, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.
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