The global outsourced testing services market is experiencing unprecedented growth, projected to be valued at US$ 36.4 billion in 2022 and expected to achieve a remarkable CAGR of 7.7%, reaching US$ 76.3 billion by 2032. These insights, highlighted in a recent analysis by Future Market Insights, underscore the industry’s robust trajectory and present a significant opportunity for companies operating within this space.
In 2021, pharma/biopharmaceutical testing emerged as the dominant force in the global market, capturing an impressive 40.8% market share. This sector’s ascendancy reflects the increasing demand for outsourced testing services, particularly in the pharmaceutical and biopharmaceutical industries.
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A key driver of this market expansion is the surge in the prevalence of infectious and chronic diseases worldwide. Conditions such as cardiac arrests, diabetes, cancer, stroke, and arthritis have witnessed a substantial uptick, contributing to the escalating demand for testing services. This trend is expected to persist as these health challenges continue to grow at an alarming rate, making outsourced testing services a critical component in the healthcare ecosystem.
As a leading player in the outsourced testing services sector, Future Market Insights is strategically positioned to capitalize on this industry surge. With our commitment to delivering high-quality testing solutions, cutting-edge technology, and a client-centric approach, we are well-equipped to meet the evolving needs of the market.
Future Market Insights offers a comprehensive suite of testing services, tailored to the unique requirements of pharmaceutical and biopharmaceutical companies. Our state-of-the-art facilities, coupled with a team of highly skilled professionals, ensure accurate and timely results, further enhancing the reliability of our services.
As Future Market Insights continues to play a pivotal role in the outsourced testing services landscape, the company remains focused on innovation, client satisfaction, and industry leadership. With an eye on the future, Future Market Insights is prepared to navigate the evolving landscape and contribute to the growth and success of the global outsourced testing services industry.
Key Takeaways from Market Study:
- Pharma/biopharmaceuticals tests dominated the market with a 40.8% market share in the test segment of the outsourced testing services market in 2021.
- Contract research organizations by end user dominated the market in 2021 with a share of 51.5% of the outsourced testing services market.
- Europe dominates among the seven regions, with a market share of 32.3% in 2021.
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Market Competition:
The outsourced testing services market is highly fragmented because of the large number of key players in the market. There is a broad range of products that can be categorized under the outsourced testing services market; therefore, it is a broad market. The strategies that are majorly followed by the key players of the outsourced testing services market include product launches, expansions, collaborations and partnerships, and mergers and acquisitions.
- On March 8, 2021, Sotera acquired BioScience Laboratories, LLC with one location in Bozeman, Montana. BioScience is a provider of outsourced topical antimicrobial product testing in the pharmaceutical, medical device, and consumer industries. BioScience’s expertise in analytical testing and clinical trial services will complement Nelson Labs’ existing strengths in antimicrobial and virology testing.
- Labcorp announced the opening of a new, integrated bioanalytical laboratory in Singapore during the fourth quarter of 2021, expanding customer access in the Asia-Pacific region
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the outsourced testing services market in its latest study, presenting a historical demand assessment of 2015 – 2021 and projections for 2022 – 2032.
Key Companies Profiled:
- Eurofins Scientific
- Sotera Health (Nelson Labs)
- Laboratory Corporation of America Holdings
- Thermo Fisher Scientific Inc.
- IQVIA Inc.
- Elements Group (Element Materials Technology)
- Lucideon Limited
- Canadian Analytical Laboratories Inc.
- Intertek Group plc
- North American Science Associates, LLC
- WuXiAppTec
- Syneos Health
- Charles River Laboratories
- Parexel International Corporation
- West Pharmaceutical Services, Inc.
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Key Market Segments Covered in outsourced testing services Industry Research:
By Test Types:
- Pharma/Biopharmaceuticals
- Clinical Trials Testing
- Bioanalytical Testing
- Biocompatibility & Toxicology Testing
- Extractables & Leachables Testing
- Clinical Stability Testing
- Sterilization Testing
- Facility & Process Validation
- Medical Devices
- Clinical Trials Testing
- Bioanalytical Testing
- Biocompatibility & Toxicology Testing
- Chemical Characterization & Product Stability Testing
- Microbial & Sterility Testing
- Others
- Cosmetics
- Microbiological testing
- Stability testing
- Safety and Toxicological testing
- Performance Testing
- Compatibility testing with packaging
- Others
- Nutraceuticals
- Clinical Trials Testing
- Bioanalytical Testing
- Contamination Testing
- Allergen Testing
- Others
- Food & Beverage Testing
- Analytical Chemistry Testing
- Sensory Testing
- Nutrition Analysis
- Microbiology Testing
By End User:
- Contract Research Organization
- Contract Development And Manufacturing Organization
- Academic and Research Institutes
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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