GMP Testing Market is predicted to reach USD 3.2 billion at a CAGR of 7.00% during the forecast period 2023-2032
GMP Testing Market Trends, Growth, Forecast 2032 | MRFR
Market Research Future (MRFR) has published on the “Global GMP Testing Market”.
Testing Market is estimated to register a CAGR of 7.00% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global GMP Testing Market— Eurofins Scientific, PPD Inc., Microchem Laboratory, Sartorius AG, North American Science Associates Inc., Laboratory Corporation of America Holdings (Covance Inc.), Sotera Health (Nelson Laboratories LLC), Almac Group, Pace Analytical, Wuxi AppTec, Intertek Group PLC, Charles River Laboratories.
GMP Testing Market Highlights
The global GMP Testing Market is accounted to register a CAGR of 7.00% during the forecast period and is estimated to reach USD 3.2 billion by 2032.
The global GMP testing market is quickly developing as combination products, biosimilars, and other medications increase demand for specific testing processes. However, the lack of rigid standards connected with the outsourcing of GMP testing services limits market growth to some extent. Nonetheless, the increased adoption of GMP testing processes in R&D operations will provide numerous growth prospects in the next years.
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Segmental Analysis
The global GMP Testing Market has been segmented based on Service Type and End Use.
The Service Type segments in the market include product validation testing, bioanalytical services, packaging and shelf-life testing, and other service types. The product validation testing segment led the global market in 2023 and is expected to continue this trend during the forecast period. This is attributable to an increase in demand for higher-quality, safer service management. The growing number of medicine production plants has an impact on market segment growth.
The global GMP Testing Market is divided into two segments based on end-use: Pharmaceutical and Biopharmaceutical Companies and Medical Device Companies. Pharmaceutical and biopharmaceutical companies gained the most market share in 2023 and are predicted to continue dominating during the projection period. This is due to a rise in innovation and new service creation by the pharmaceutical and biopharmaceutical companies.
Regional Analysis
The global GMP Testing Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe GMP Testing Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The GMP Testing Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World GMP Testing Market comprises the Middle East, Africa, and Latin America.
North America dominated the GMP Testing Market in 2023 and is predicted to grow at a considerable CAGR during the forecast period. According to market research, more than 868,000 Americans die each year from heart disease, almost 600,000 from cancer, and over 35.4 million have diabetes. As the number of chronic diseases and deaths rises, so does the number of medication manufacturing plants. For example, the United States has around 4,676 pharmaceutical manufacturing locations, with many more on standby.
Moreover, Europe has a substantial portion of the worldwide market since key biopharmaceutical and pharmaceutical companies are headquartered in the region. The growth of big pharmaceutical companies and their R&D efforts in the region is another factor boosting the need for GMP testing.
Additionally, in the Asia Pacific region, the market is primarily influenced by the increase in population and the spread of various chronic diseases. The pharmaceutical industry's expansion, as well as the growing demand for innovative medications and medical devices and quality assurance, are likely to propel the GMP Testing Service Market. The pharmaceuticals sector is primarily concerned with the research and development, production, and distribution of medicinal medications and other pharmaceutical products.
The rest of world GMP testing market is divided into three regions: the Middle East, Africa, and Latin America. The region has a flourishing biotechnology sector, with rapid innovation and product development emphasizing the importance of reliable GMP testing. All of these considerations help to explain the significant demand for GMP testing services throughout the Middle East, Africa, and Latin America.
Key Findings of the Study
- The global GMP Testing Market is expected to reach USD 3.2 billion by 2032, at a CAGR of 7.00% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the increase in population and the spread of various chronic diseases.
- Based on End-use, Pharmaceutical and Biopharmaceutical Companies category gained the most market share in 2023.
- Eurofins Scientific, PPD Inc., Microchem Laboratory, Sartorius AG, North American Science Associates Inc., Laboratory Corporation of America Holdings (Covance Inc.), Sotera Health (Nelson Laboratories LLC), Almac Group, Pace Analytical, Wuxi AppTec, Intertek Group PLC, and Charles River Laboratories are the key market players.