PHARMACEUTICAL ANALYTICAL TESTING MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increase in outsourcing of analytical testing services 

The pharmaceutical analytical testing market is poised for growth over the forecast period due to the rising global demand for analytical testing services and solutions. For example, bio-pharmaceutical companies utilize analytical testing to characterize biologics and biosimilars, enhance productivity, and ensure real-time product quality control. In July 2021, LGM Pharma, a pharmaceutical outsourcing company, introduced its Analytical Services offering, providing analytical testing and stability services to pharmaceutical industry clients. LGM Pharma now extends its analytical services expertise and facilities as a standalone contract service for pharmaceutical industry clients. Furthermore, the surge in drug approvals and clinical trials worldwide is anticipated to bolster the expansion of the global pharmaceutical analytical testing market. Notably, the number of registered clinical trials has notably increased in recent years. Despite the ongoing impact of COVID-19, the U.S FDA's approval count remained consistent with recent trends last year. In 2021, the FDA's Center for Drug Evaluation and Research (CDER) greenlit 50 novel therapeutics, aligning with the five-year average of 51 drugs per year. A decade ago, the average was 24 drugs per year. This trend is expected to drive market growth.