by The global 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:
Pharmaceutical analytical testing includes testing of active pharmaceutical ingredients (APIs) and finished drug products to ensure safety, efficacy and quality. It involves testing of various physical, chemical, biological and microbiological characteristics of pharmaceutical products using analytical techniques and equipment.
Market key trends:
One of the key trends in the pharmaceutical analytical testing market is the increasing adoption of advanced analytical technologies such as hyphenated analytical techniques, sequencing techniques, bioanalytical techniques and lab on chip technology. These advanced technologies provide enhanced capabilities such as high-throughput screening, multi-analyte detection and reduced sample consumption. For instance, hyphenated analytical techniques such as gas chromatography–mass spectrometry (GC-MS), high performance liquid chromatography–mass spectrometry (HPLC-MS) and capillary electrophoresis–mass spectrometry (CE-MS) offers improved separation, detection and identification of analytes.
Market key trends:
One of the key trends in the pharmaceutical analytical testing market is the rise in outsourcing analytical testing services. Pharmaceutical companies are increasingly outsourcing analytical testing requirements to contract service providers to benefit from their expertise and advanced infrastructure. This helps pharmaceutical companies focus on their core activities while ensuring product quality and compliance with regulations.
SWOT Analysis
Strengths: The pharmaceutical analytical testing market is driven by stringent regulatory requirements for product quality. Analytical testing ensures safety and efficacy of drugs.
Weaknesses: High set up and maintenance costs of analytical testing infrastructure hinders smaller players. Dependency on skilled workforce is also a challenge.
Opportunities: Growth opportunities lie in emerging markets and increasing scope of biologics and biosimilars testing. Advancing technologies such as artificial intelligence also present new opportunities.
Threats: Reduction in R&D budgets and increasing regulatory hurdles pose threats. Intense competition further compresses margins for players.
Key Takeaways
The Global Pharmaceutical Analytical Testing Market Size is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period of 2023 to 2030, due to increasing regulatory stringency and focus on quality. The market size for 2023 is estimated to be US$ 8356.52 Mn.
Regional analysis: North America dominates the market currently owing to presence of major pharmaceutical companies and stringent regulatory environment encouraging quality. Asia Pacific is expected to witness fastest growth over the forecast period led by growth in generics market in the region.
Key players operating in the pharmaceutical analytical testing market include 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 market is consolidated with few large players dominating the market share. The players are focusing on collaborations and capacity expansions to strengthen market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
