The market for pharmaceutical analytical testing services has been analyzed by taking into consideration the revenue generated by various analytical testing services such as raw material testing, stability testing, and method validation and testing.
Albany, NY -- (SBWIRE) -- 02/09/2017 -- Pharmaceutical analytical testing services are services offered to several pharmaceutical manufacturers, product manufacturers, and raw material suppliers. The need for increased efficiency and cost reduction by pharmaceutical companies has led to the rising scope for outsourcing analytical testing services. Currently there are a number of companies focusing on providing comprehensive pharmaceutical manufacturing and development services such as manufacturing and packaging, pharmaceutical development, analytical testing services, and pharma solutions. Service providers are also offering several pharmaceutical analytical testing services, such as method development/ method validation, stability testing and storage, raw material testing, residual solvents, dissolution, retrospective method validation, and extractable/leachable testing.
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The market for pharmaceutical analytical testing services has been analyzed by taking into consideration the revenue generated by various analytical testing services such as raw material testing, stability testing, and method validation and testing. The report gauges various trends in analytical services across four major geographies: North America, Asia Pacific, Europe, and the Rest of the World (RoW).
Pharmaceutical Analytical Testing Services Market: Drivers and Restraints
The global market for pharmaceutical analytical testing services is driven by the growing need for the development and cost reduction of core competencies by pharmaceutical companies and the rising acceptance of outsourcing as a key business and growth strategy. Research studies have exhibited that in the year 2012, pharmaceutical and biotechnological companies spend an estimated US$190 mn on in-house analytical development as against the US$664 mn spent on outsourcing analytical testing services. This is likely to strengthen the growth of the market in the coming years.
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On the other hand, the lack of skilled professionals and well-established healthcare infrastructure are some of the factors that threaten to hamper the growth of the pharmaceutical analytical testing services market. Apart from this, operational costs, fluctuations in good manufacturing practices (GMP), regulatory policies, and less turnaround times also impact the market growth.
Pharmaceutical Analytical Testing Services Market: Regional Outlook
North America is one of the leading regions in the pharmaceutical analytical testing services market and is driven by familiarity with the regulatory scenario and the presence of well-established outsourcing infrastructure. The growth landscape of the Europe pharmaceutical analytical testing services market is slowly catching up, experts have observed.
Countries in Asia Pacific present significant growth potential thanks to the presence of a large pool of skilled professionals and relatively low operational costs. Rising investments in research is also a major factor driving the APAC pharmaceutical analytical testing services market. Investments in routine testing, multiplex protein profiling, biologics such as RNA sequencing, and others are likely to give Asia Pacific the boost it needs over the course of the forecast period.
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Pharmaceutical Analytical Testing Services Market: Key Players
Some of the leading pharmaceutical analytical testing service providers are Pace Analytical Services, Inc., Intertek Group plc, Aptuit, Inc., and West Pharmaceutical Services, Inc. The vendor landscape of the pharmaceutical analytical testing services market has evolved over the recent past owing to rising mergers, strategic parternships, and downsizing in the pharma sector. In addition to this, increased focus on strengthening internal core competencies and the rising need and demand for faster analytical response fuel the market for pharmaceutical analytical testing services.
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