Pharmaceuticals Analytical Testing Outsourcing Market Worth $9.6 Billion By 2025
February 9, 2017The global pharmaceutical analytical testing outsourcing market is expected to reach $9.6 billion by 2025, according to a new report by Grand View Research, Inc.
The analytics reported that the performance of market players in pharmaceutical analytical testing domain is highly influenced by the level of demand from end-user side. Due to intense market efforts, increasing awareness level, improving accessibility, and government initiatives, consumers, these days, are more concerned about self-care, resulting in higher consumption of pharmaceutical products, Grand View Research said.
Furthermore, the consumption levels are anticipated to rise exponentially over the forecast period. The companies and government organizations are working collaboratively to bridge the gap between supply and demand. As a result, the Grand View Research says the companies have to realign their manufacturing capabilities to meet the increasing demand.
According to the analyst, a major price difference between conducting analytical tests in-house and outsourcing has been observed. Companies may lack the required set-up and expertise to perform every possible test in-house. In addition, Grand View Research says, there is serval no routine activities that are needed to be performed only once. These include registration stability storage & testing, process & facility validation work, cleaning validations, analytical testing using expensive equipment & method development. For such tests, the best option is to outsource it to a specialty firm that has expertise and experience in this vertical. Outsourcing benefits companies with various aspects such as personnel management and reduction of equipment, validation & maintenance cost, Grand View Research concluded
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