The global outsourced testing services market is experiencing remarkable growth, with Future Market Insights projecting a market value of USD 36.4 billion in 2022. This growth is set to accelerate, with the market expected to achieve a robust Compound Annual Growth Rate (CAGR) of 7.7%, reaching an impressive USD 76.3 billion by 2032.
This substantial growth reflects a growing reliance on outsourced testing services across various industries, with the pharmaceutical and biopharmaceutical sectors leading the charge. In 2021, the pharma/biopharmaceutical testing segment commanded a significant 40.8% share of the market, underscoring the vital role these services play in maintaining stringent quality standards and ensuring regulatory compliance.
Future Market Insights commented on this trend, stating, “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 rise in outsourced testing services is driven by several factors, including the increasing complexity of products and processes, stringent regulatory frameworks, and a heightened emphasis on quality and safety standards. Additionally, advancements in technologies such as artificial intelligence (AI), automation, and the Internet of Things (IoT) are transforming the testing services landscape. These innovations are facilitating faster turnaround times, improved accuracy, and cost-effective solutions.
As the outsourced testing services market continues to evolve, stakeholders are well-positioned to capitalize on emerging opportunities and address challenges effectively. Collaboration, innovation, and an unwavering commitment to quality will be crucial for success in this dynamic and rapidly growing market.
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
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.
Outsourced Testing Services Trends on the Rise: Uncover the Full Scope with Our In-Depth Report!
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
