PHARMACEUTICAL ANALYTICAL TESTING MARKET ANALYSIS

Pharmaceutical Analytical Testing Market, By Service Type (Bioanalytical Testing, Method Development and Validation, Stability Testing, Drug Substances Testing, and Others), By End User (Biopharmaceutical Companies, Contract Research Organizations, Medical Device Companies, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024
Code : CMI5383
Pages :173
Formats :
Excel and PDF
Industry : Medical Devices

Market Challenges: Stringent regulatory approval process for new drug molecules

Stringent regulations and compliance standards set by global regulatory bodies have increased the compliance burden for companies. Additionally, the cost of analytical method development and validation combined with pressure to reduce drug development timelines and costs has made it difficult for labs to scale operations profitably. Finding skilled analytical chemists and maintaining aging testing equipment also impacts market players. Adopting newer technologies like artificial intelligence and automation comes with associated training and investment costs.

Market Opportunities: Government initiatives to strengthen analytical testing

Government initiatives to enhance analytical testing capabilities offer growth opportunities in the pharmaceutical analytical testing market. For instance, according to the WHO, around 349 vaccines were in development as of April 15, 2022. This is anticipated to drive up the demand for analytical testing services for COVID-19 vaccines that are undergoing clinical trials. Johnson & Johnson tested Ad26.COV2.S, an investigational COVID-19 vaccine candidate, with support from Eurofins Scientific.