$2.5+ Bn GMP Testing Service Market to Grow at 6.7% CAGR, Globally, by 2028 - Flourishment of The Pharmaceutical and Medical Industries

NEW YORK, Oct. 10, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "GMP Testing Service Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service Type, End User, and Region," the global GMP testing service market size was valued at USD 1.83 billion in 2021 and is projected to reach USD 2.86 billion by 2028; it is estimated to grow at a CAGR of 6.7% from 2022 to 2028.

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Global GMP Testing Service Market Report Scope, Segmentations, Regional & Country Scope:

Browse key market insights spread across 250 pages with 57 list of tables & 71 list of figures from the report, "GMP Testing Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Service Type (Product Validation Testing, Bioanalytical Services, Packaging & Shelf-Life Testing, and Other Services Type) and End User (Pharmaceutical and Biopharmaceutical Companies, and Medical Device Companies)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/gmp-testing-service-market

Global GMP Testing Service Market: Competitive Landscape and Key Developments

The GMP testing service market includes Eurofins Scientific; North American Sciences Associates, LLC; Almac Group; PPD, Inc; Intertek Group Plc; Nelson Laboratories; Wuxi Apptec; Sartorius AG; Boston Analytical Services; and Pace Analytical Services. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping into prevailing business opportunities.

In June 2022, Almac Diagnostic Services, a member of the Almac Group, signed a Master Collaboration Agreement (MCA) with AstraZeneca to develop and commercialize multiple companion diagnostic (CDx) products. Almac would support AstraZeneca in its drive to bring new therapies to patients in areas with high unmet needs.

In April 2022, Almac Group announced an investment worth $ 536682.50 in the NMR technology to enhance the security, flexibility, and capacity of its analytical services. High-resolution NMR is a key technology that delivers advanced characterization and purity assessment abilities, meeting all necessary regulatory requirements. The service helps deliver comprehensive solutions to support active pharmaceutical ingredient (API) and drug product development programs, from the early phases to commercialization.

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In August 2022, Eurofins Scientific acquired a majority stake in the QSAI Analysis and Research Center Co., Ltd. (QARC). The acquisition will complement the Eurofins network's extensive food testing capabilities with pesticide, veterinary drug, foreign object, and sensory testing services. The acquisition will further strengthen Eurofins' presence in Japan and the Eurofins network's offering to customers importing and exporting food products. 

In April 2022, the Tübingen analytics group of Berghof Analytik und Umwelt Engineering GmbH is now part of the Eurofins network of companies. A new GMP analytics site has been established under the name Eurofins Food Testing Süd GmbH, which focuses on residue analysis of herbal raw materials and extracts, along with pharmacopeia analysis.

In 2021, North America held the largest share of the GMP testing service market. The growing pharmaceutical industry and surging government spending on healthcare; and the increasing need for novel drugs and medical devices, and the outsourcing for quality assurance activities of medical products favor the market expansion in this region. Further, government support accelerates the development and commercialization of pharmaceutical and healthcare products in the US. The country has various potential pharmaceutical and medical device market players, including Pfizer, Novartis, Boston Scientific, Integra LifeSciences, Amgen, and Abbott, holding numerous patents for their innovations in the pharmaceutical and medical device industries. These drugs and devices are regulated by current good manufacturing practices (cGMP) during the manufacturing and trial stages. Thus, the growth of pharmaceutical and medical device giants in the healthcare sector boosts the GMP testing service market in the US.

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Continuous Proliferation of Pharmaceuticals Industry Drives GMP Testing Service Market:

The research, development, production, and distribution of medicinal drugs and other pharmaceutical products are the major areas of the pharmaceutical industry. According to an article by Torreya, pharmaceutical expenditure was US$ 1,042 billion in 2017, and it is expected to reach US$ 1,671 billion by 2030. Further, global pharmaceutical consumption is elevating with the increasing need for drugs for the treatment of age-related diseases and chronic diseases. According to Bayer, the global number of elderly people, aged 65 or above, is projected to double from 2021 to 2050, reaching ~1.5 billion by 2050. A rise in the population of this demographic group is contributing to a surge in the prevalence of chronic diseases, such as cardiovascular diseases, cancer, hypertension, osteoarthritis, and diabetes mellitus, as the elderly population is susceptible to such diseases. Thus, these chronic diseases have been a major area of focus for pharmaceutical companies.

New drug development is a resource-, cost-, and time-intensive process, where later clinical stages result in significant costs. It takes over 10–15 years and costs on average over US$ 1–2 billion to discover a drug and obtain regulatory approval. Therefore, to lower the attrition rate in drug research & development, pharmaceutical companies are focusing on following the GMPs set by the US Food and Drug Administration (FDA) and other major regulatory organizations. Several pharmaceutical companies are opting for bioanalytical GMP testing services for drug development and validation of assays at both clinical and preclinical stages. Generic and branded drug compounds are mostly small molecules. Generic manufacturers conduct and submit bioanalytical GMP testing results to overcome the issue of patent expiration. Thus, with the proliferation of the pharmaceutical industry, the implementation of GMP testing in drug development is fueling the growth of the GMP testing services market.

GMP Testing Service Market: Segmental Overview

Based on service type, the GMP testing service market is segmented into product validation testing, bioanalytical services, packaging and shelf-life testing, and other service types. The product validation testing segment held the largest market share in 2021. Moreover, it is expected to register the highest CAGR of 7.3% during the forecast period.

Based on end user, the GMP testing service market is segmented into pharmaceutical and biopharmaceutical companies, and medical devices companies. The pharmaceutical and biopharmaceutical companies segment held a larger market share in 2021. Moreover, the market for this segment is expected to grow at a higher CAGR of 6.9% during the forecast period.

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According to the US International Trade Administration, the need for new medical devices and pharmaceuticals to combat the COVID-19 pandemic increased in many private and public health facilities. Major players in the market also revamped their growth strategies during the global health crisis. For instance, in 2020, Eurofins BioPharma Product Testing Italy opened a new dedicated virucidal testing laboratory in its Milan campus to carry out virucidal testing and studies on disinfectant products in response to the increasing global demand for such services. Likewise, in April 2021, PPD, Inc., a leading global contract research organization, expanded its Ireland GMP laboratory, significantly increasing the size of its current facility as well as adding cell and gene therapy testing to its portfolio of services. Thus, the increased demand for GMP testing services for vaccines has boosted the GMP testing service market growth.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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