The global outsourced testing services market is on an impressive upward trajectory, with recent analysis from Future Market Insights revealing a projected market value of USD 36.4 billion in 2022. The market is forecasted to achieve a robust Compound Annual Growth Rate (CAGR) of 7.7%, propelling its value to an astounding USD 76.3 billion by 2032.
This significant growth underscores the increasing reliance on outsourced testing services across various industries, particularly the pharmaceutical and biopharmaceutical sectors. In 2021, the pharma/biopharmaceutical testing segment led the market with a commanding 40.8% share, highlighting the critical role of these services in maintaining stringent quality standards and ensuring regulatory compliance.
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Commenting on the industry’s trajectory, FMI, stated, “The projected growth of the outsourced testing services market signifies a paradigm shift in the way industries approach quality assurance and regulatory compliance. As companies strive to enhance operational efficiency and focus on core competencies, outsourcing testing services emerges as a strategic imperative.”
The surge in outsourced testing services is attributed to several factors, including the increasing complexity of products and processes, stringent regulatory frameworks, and the growing emphasis on quality and safety standards across industries. Moreover, the advent of advanced technologies such as AI, automation, and IoT is reshaping the landscape of testing services, enabling faster turnaround times, enhanced accuracy, and cost-effectiveness.
As the outsourced testing services market continues to evolve are poised to capitalize on emerging opportunities and navigate challenges effectively. Collaboration, innovation, and a relentless commitment to quality will be integral to staying ahead in this dynamic landscape.
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.
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
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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.
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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