The pharmaceutical stability and storage services market comprises stability testing and storage services provided to check the chemical, biological, and physical stability of pharmaceutical products over time under specific storage conditions. Stability testing helps ensure the safety and effectiveness of drugs and provides information about appropriate storage and handling conditions and expiration dates. Strategic partnerships with CDMOs and CROs help pharmaceutical companies focus on drug development while outsourcing storage and stability testing.
The global pharmaceutical stability and storage services market is estimated to be valued at US$ 3.18 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Pharmaceutical Stability And Storage Services Market Growth are Intertek Group plc, Eurofins Scientific, SGS Société Générale de Surveillance SA., Q Laboratories, BioLife Solutions Inc., Cencora, Inc., Alloga, PCI Pharma Services, Pharmaserv GmbH, Catalent, Inc, Almac Group, Charles River Laboratories, Lucideon, Alcami Corporation, Element Materials Technology, Nelson Laboratories, LLC, ALS.
The growing demand for outsourcing stability testing and storage services to CDMOs and CROs is driving the market growth. Pharmaceutical companies are increasingly outsourcing non-core activities like stability testing and storage to focus on drug development.
Technological advancements like accelerated stability testing methods and digital monitoring systems are helping decrease the time and cost of stability testing. Automation and advanced analytics are improving the efficiency, accuracy, and throughput of stability testing labs.
Market Trends
There is an increasing demand for real-time stability testing as pharmaceutical companies want to monitor drug stability continuously. Startups are developing wireless sensors and cloud-based platforms for round-the-clock monitoring of storage parameters.
Regulators are mandating longer-term stability testing to expand expiration dates and ensure product safety. This is boosting demand for services capable of executing stability protocols for extended periods like 5 years.
Market Opportunities
Emerging markets in Asia Pacific and Latin America are expected to drive significant growth as these regions witness increasing pharmaceutical manufacturing activities. Establishing local stability testing facilities and partnerships with drug makers can help seize opportunities.
The development of predictive stability testing using artificial intelligence and machine learning creates opportunities for innovating accelerated testing methods. This can help save costs and time for pharmaceutical manufacturers.
Impact of COVID-19 on Pharmaceutical Stability And Storage Services Market Growth
The outbreak of COVID-19 has had a severe impact on the Pharmaceutical Stability and Storage Services market. With the spreading of the virus, many countries went into lockdown and implemented strict containment measures which halted operations in various industries. This led to disruptions in supply chain networks and raw material supplies. Several pharmaceutical companies faced difficulties in maintaining stability testing and storage services of active ingredients and medicines due to restricted movements and workforce constraints.
However, with the pandemic increasing healthcare needs globally, demand for new drugs and vaccines also rose sharply. This provided opportunities for growth of the Pharmaceutical Stability and Storage Services market. Many contract service providers ramped up capacities to support vaccine and therapeutics developers with stability studies, method validations and regulated drug substance/ product storage facilities. They helped pharmaceutical companies meet regulatory requirements and accelerate clinical trials of COVID-19 treatments. Some regions also witnessed increased outsourcing of stability testing as drug makers prioritized core operations over non-core activities.
As the pandemic continues, focus on ensuring drug quality and stability throughout the supply chain from production to patient use will remain high. Adopting continuous monitoring technologies, utilizing alternate storage locations and establishing redundant testing sites are some strategies contract organizations can leverage to build resilience against future disruptions. Collaborating closely with drug regulators and customers will also help the market deliver stability and storage services flexibly according to evolving health priorities in a post-COVID world.
Geographical Regions with Highest Concentration in Pharmaceutical Stability And Storage Services Market
Currently, North America accounts for the largest share in the global Pharmaceutical Stability and Storage Services market in terms of value, estimated at over 35% in 2024. This is attributed to high outsourcing of non-core activities by US and Canada based drug manufacturers. Additionally, presence of many contract service providers and stringent regulatory norms support market growth. Europe is the second largest regional market driven by strong pharmaceutical industry and rising outsourcing trends in major countries like Germany, UK and France. Asia Pacific is identified as the fastest growing region for Pharmaceutical Stability and Storage Services. This growth can be credited to increasing generic and biosimilar production in India and China along with expanding biopharma R&D in Japan, South Korea and Australia. Other emerging regions such as Latin America and Middle East & Africa also present lucrative opportunities for the market.
Geographical Region with Fastest Growth in Pharmaceutical Stability And Storage Services Market
Asia Pacific region is poised to witness the fastest growth in the Pharmaceutical Stability and Storage Services market during the forecast period from 2024 to 2031. This projected growth can be attributed to the rapid expansion of pharmaceutical manufacturing capabilities and drug development research activities in major APAC economies. China, in particular, is strengthening its position as the leading global producer of APIs, generics and biologics. Major contract service providers are also enhancing their Asia Pacific networks by establishing new testing laboratories and storage depots to better support regional pharmaceutical companies and global drug majors with local manufacturing bases. Furthermore, several small molecule and large molecule drugs going off-patent are likely to see increased generic competition from India and China, driving demand for related stability studies and warehouse services. The favorable business environment, improving regulatory standards, and growing biopharma investment point towards the Asia Pacific market emerging as an important future growth driver for Pharmaceutical Stability and Storage Services globally.
Get more insights on Pharmaceutical Stability And Storage Services Market
Also read related article on Pharmaceutical Stability And Storage Services Market
Comments
0 comment