Pharmaceutical analytical testing ensures the quality, safety and efficacy of drugs through various validation processes during development and manufacturing. These tests help identify the composition, strength and purity of drug products. Analytical techniques like chromatography, spectroscopy and titrimetry are commonly used for testing the identity, potency and impurities in drug formulations. With stringent regulations mandating thorough quality checks, this testing assumes great significance.
The global Pharmaceutical Analytical Testing Market is estimated to be valued at US$ 10.2 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Chromatography techniques have witnessed increased adoption in recent years owing to their ability to separate components of complex mixtures. Advancements in liquid chromatography techniques like UPLC (ultra-performance liquid chromatography) allow faster analysis and enable detection of smaller compounds at parts-per-billion levels. Growing demand for generic drugs following patent expirations of blockbuster drugs has also augmented the need for bioanalytical methods to analyze biosimilars and ensure therapeutic equivalence. Emergence of advanced spectroscopy methods combined with multivariate data analysis further aid in identification and quantification of drug formulations. Their non-destructive analysis has facilitated quality control testing at various manufacturing stages.
Porter’s Analysis
Threat of new entrants: The pharmaceutical analytical testing market requires high capital investment and strict regulatory compliance. This poses significant barriers for new companies to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several pharmaceutical analytical testing service providers. However, differentiation of services provides companies with some customer retention.
Bargaining power of suppliers: A few global players dominate the supply side. This gives them significant influence over pricing but the availability of alternative suppliers limits their bargaining power.
Threat of new substitutes: There are no close substitutes for pharmaceutical analytical testing services. New technologies like automation marginally impact demand.
Competitive rivalry: The market is highly fragmented with the presence of global and regional players. Competition is based on service quality, pricing, and technical expertise.
Key Takeaways
The Global Pharmaceutical Analytical Testing Market Share is expected to witness high growth over the forecast period driven by increasing generic and biosimilar drug development. The global Pharmaceutical Analytical Testing Market is estimated to be valued at US$ 10.2 billion in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global market holding over 35% share in 2022 driven by significant investments in research and increasing outsourcing of analytical testing. Stringent approvals drive demand. The Asia Pacific region is expected to grow at the fastest rate over 7% CAGR owing to increasing investments by global players and developed analytical infrastructure in major countries.
Key players: Key players operating in the pharmaceutical analytical testing market are Eurofins Scientific, SGS SA, Merck KGaA, Element Materials Technology, Pace Analytical Services, Intertek Group plc and TOXIKON. Players focus on strategic partnerships and development of advanced and automated analytical techniques to gain market share.
For more insights, Read- https://www.insightprobing.com/pharmaceutical-analytical-testing-market-size-and-share/
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