The pharmaceutical analytical testing market is expected to register a CAGR of 6.5% over the forecast period. The key contributors in the market growth are focus on analytical testing of biologics and increasing number of clinical trials. According to the International Journal of Environmental Research and Public Health’s published study, around 40 medications are recalled per year in the United States and South Korea. This emerges the need for testing the products and ensure safety. Medicines are intended for better outcome in humans and animals. However, poor quality of medicines would not only affect adevrsely on the health of the patients but also on the fund systems. Therefore, to ensure safety and efficacy of the drugs analytical testing holds an important role.
Key Market Trends
Stability Testing Segment is Expected to Exhibit a Significant Market Growth Over the Forecast Period
Statbility testing is done to evaluate the capability of the drug to retain it’s properties throughout it’s shelf-life. The stability testing is done on the basis of five parameters : Chemical, physical, microbiological, therapeutic and toxicity. The degredation with respect to any of these parameters can lead to health hazards. According to the study published by Journal of Industrial Microbiology & Biotechnology, almost 300 biopharmaceuticals have been patented in the last three decaded. Furthermore, according to the World Health Organization, in 2019, the number of registered trials were around 92% in South East Asia and around 66% in the Eastern Mediterranean region. Hence, these factors are expected to impact positively on the market growth in this segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region in the Pharmaceutical Analytical Testing market owing to increasing number of R&D activities and investments on it. According to the clinical trials.gov, in 2019, around 293,321 studies were registered during the start of the year and around 32,523 at the end of year. Furthermore, in 2019, approximately 48 novel drugs were approved as per the data of the FDA's Center for Drug Evaluation and Research (CDER). According to the Pharmaceutical Research & Manufacturers of America, in 2018, the R&D expenditure by biopharmaceutical companies were around 79.6 billion USD in the United States. Thus, the increasing number of clinical trials and number of approved drugs is expected to boost up the demand of pharmaceutical analytical testing market growth in the North America Region.
The Pharmaceutical Analytical Testing market consists of several interational as well as local companies. Some of the well-known companies in this 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
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