The development of biosimilars, combination products, and other medicines that raised the demand for specific testing procedures drives the growth of the global GMP testing service market.
PORTLAND, Ore., July 5, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "GMP Testing Service Market by Service Type (Product Validation Testing, Bioanalytical Services, Packaging and Shelf-Life Testing, Others), by End User (Pharmaceutical and Biopharmaceutical Companies, Medical Device Companies): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global GMP testing service industry generated $1.3 billion in 2021, and is expected to reach $2.5 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031.
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Drivers, Restraints and Opportunities
Surge in usage of bioanalytical testing outsourcing services for drug development & validation and the development of biosimilars, combination products, and other medicines that raised the demand for specific testing procedures drive the growth of the global GMP testing service market. However, lack of stringent regulatory framework related to outsourcing of GMP testing services hinders the market growth. On the other hand, increase in adoption of GMP testing services in R&D activities present new opportunities in the coming years.
Covid-19 Scenario
- Owing to rise in new drug development activities to combat the Covid-19 pandemic, the adoption of GMP testing service increased considerably. This led to surge in the revenue of GMP testing services.
- The ban on import-export activities by many countries hindered the market growth during the pandemic as the supply chain disrupted and raw material shortage occurred.
The product validation testing segment contributed to the highest share in 2021
Based on service type, the product validation testing segment contributed to the highest market share in 2021, contributing to more than one-third of the global GMP testing service market. This is attributed to rise in number of drugs manufacturing plants and increase in demand for improved quality and safe management of service. However, the bioanalytical services segment is expected to manifest the fastest CAGR of 7.9% from 2022 to 2031, owing to surge in various types of bioanalytical services for testing the drugs.
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The pharmaceutical and biopharmaceutical companies segment to maintain its leadership status by 2031
Based on end user, the pharmaceutical and biopharmaceutical companies segment held the highest share in 2021, accounting for more than two-thirds of the global GMP testing service market, and is projected to maintain its leadership status by 2031. Moreover, this segment is projected to witness the highest CAGR of 7.4% from 2022 to 2031. This is due to rise in innovation activities and new service development along with increase in large number of key players. The report also analyzes the medical device companies segment.
North America to continue its lead position by 2031
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global GMP testing service market, and is projected to continue its lead position by 2031. This is attributed to robust infrastructure provided to carry out research activities and the presence of leading players in this region. However, Asia-Pacific is estimated to witness the largest CAGR of 9.0% during the forecast period. This is due to increase in utilization of GMP testing services in the pharmaceutical sector, surge in R&D activities for launching new products, and rise in investments in the healthcare sector.
Leading Market Players
- Almac Group
- Charles River Laboratory
- Intertek Group PLC
- Merck KgaA
- Eurofins Scientific
- Nelson Laboratories
- Wuxi App Tec
- Sartorius AG
- Icon Inc.
- Microchem Laboratory
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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