PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 964948
PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 964948
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The GMP testing service market is expected to register a CAGR of 6.5% during the forecast period due to the growing pharmaceutical industry and the increasing need for developing novel devices and drugs. According to the European Federation of Pharmaceutical Industries and Associations, the overall sales of the pharmaceutical industry worldwide were recorded to be approximately USD 852,647 million in 2017. Furthermore, according to the International Journal of Environmental Research and Public Health's published study, around 40 medications are recalled per year in the United States and South Korea. This emerges the need for testing the products and the manufacturing process. Furthermore, outsourcing these services enables companies to reduce capital investments. Hence, these factors are expected to play a major role in the GMP testing services market growth. However, the precise requirement of the regulatory framework concerning GMP outsourced activities may hinder the market growth.
North America is expected to be a dominant region in the GMP testing services market due to the emerging need for developing new drugs and devices. According to the Centre for Disease Control and Prevention, around USD 3.5 trillion of the amount is spent on chronic diseases in the United States. According to the same source, around 859,000 people die due to heart stroke in the United States. The number of increasing drug manufacturing plants is expected to drive the GMP testing services market growth. According to the United States Food & Drug Administration (FDA), the United States had approximately 4,676 manufacturing sites for drugs. Hence, these factors demand developing new drugs and are expected to boost the demand for GMP testing services market growth.
The GMP testing service market consists of several major players. In terms of market share, few of the major players are currently dominating the market. Furthermore, the companies are taking initiatives to meet the higher demand for medicines and devices. For instance, PPD, Inc., in 2018, set up a new plant facility dedicated to the testing of biologics. Some of the companies which are currently dominating the market are Eurofins Scientific, PPD, Inc., Microchem Laboratory, Sartorius AG, North American Science Associates Inc., Covance, Inc., Nelson Laboratories, LLC, Almac Group, Pace Analytical, and Wuxi AppTec.