PUBLISHER: Grand View Research | PRODUCT CODE: 1750817
PUBLISHER: Grand View Research | PRODUCT CODE: 1750817
The North America and Europe pharmaceutical stability & storage services market is anticipated to reach USD 1.92 billion by 2030. It is anticipated to expand at a CAGR of 6.4% during the forecast period, according to a new report by Grand View Research, Inc. Stringent regulatory requirements, increasing R&D investments, and globalization of clinical trials are some of the major factors driving market growth.
The rising demand for biosimilars is expected to drive market advancement. In recent years, the approval rate for biosimilars has significantly improved. As per the Amgen Biosimilars Trend Report published in 2020, the number of biosimilar approvals in the U.S. increased by 65% since the preceding year. As of 2023, 41 biosimilars were approved in the U.S., and over 70 were approved in the EU. The growing approval of biosimilars is likely to impact the market positively.
In addition, the shift toward personalized medicine in these regions necessitates stability testing tailored to the distinct features of individualized treatments, ensuring that patient-specific therapies remain effective. Technological innovations have also transformed the landscape, integrating automation, advanced data analytics, and real-time monitoring technologies, streamlining stability testing processes, and accelerating decision-making. These advancements enhance operational effectiveness and provide immediate insights into product behavior, further propelling market growth.
Furthermore, the pharmaceutical industries in North America and Europe benefit from highly developed infrastructure equipped with state-of-the-art facilities for stability testing and storage, supporting the complex requirements of modern pharmaceuticals, including temperature-sensitive products. The increasing pipeline of new drugs, especially biologics and specialty medicines with unique storage needs and shorter shelf lives, also drives demand for advanced stability and storage solutions.