GMP Testing Service Market to reach USD 2.41 Bn by 2029 at a CAGR of 6.8% over 2023-2029 – says Maximize Market Research

Pune, June 02, 2023 (GLOBE NEWSWIRE) — A global business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “GMP Testing Service Market”. The report is a combination of primary data and secondary data and domain experts have analyzed the GMP Testing Service Market from a global point and regional standpoint. Over the forecast period, Maximize Market Research expects, the market to grow from USD 1.52 Bn in 2022 to USD 2.41 Bn in 2029 at a CAGR of 6.8 %

GMP Testing Service Market Report Scope and Research Methodology

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GMP Testing Service Market Overview

GMP (Good Manufacturing Practice) Testing Service refers to a range of quality control and compliance testing services provided to the pharmaceutical, biotechnology, and medical device industries. GMP is a set of guidelines and regulations that ensure the quality, safety, and efficacy of products manufactured in these industries. GMP testing services help companies adhere to these guidelines and meet regulatory requirements.

GMP Testing Service Market Dynamics

The GMP testing service market is poised for robust growth in the near future, primarily driven by the growing need for drug and device manufacturers to ensure compliance with good manufacturing practices (GMP) in their research and development activities. Adhering to GMP guidelines is crucial for obtaining smooth regulatory approval for target products. Furthermore, many pharmaceutical companies are opting to outsource GMP services to mitigate the financial burden associated with product recalls resulting from non-compliance with GMP standards. A recent example highlighting the significance of GMP compliance is the issuance of a Warning Letter by the US FDA to Foshan Biours Biosciences Co. Ltd, a Chinese manufacturer of over-the-counter (OTC) drug products, for substantial violations of cGMP regulations. The company failed to establish written procedures for equipment cleaning and maintenance, as well as a stability-testing program for the active ingredient. Given the increasing demand for GMP compliance and the strategic initiatives taken by key players in the market, steady growth is anticipated in the GMP testing service market.

GMP Testing Service Market Regional Insights

North America dominated the GMP Testing Service Market in 2022, and it is projected to exhibit substantial growth at a significant CAGR of 7.11% throughout the forecast period. According to MMR, the United States alone witnesses more than 868,000 deaths attributed to heart disease annually, nearly 600,000 deaths from cancer, and a staggering 35.4 million individuals living with diabetes. The rising incidence of fatalities and the growing prevalence of chronic diseases have led to the expansion of drug manufacturing facilities. These factors are anticipated to drive the growth of the GMP testing services market. For instance, the United States already has approximately 4,676 active drug manufacturing sites, with many others in reserve. In the United States, the Food and Drug Administration (FDA) establishes comprehensive and stringent current GMP standards to ensure a minimum level of quality in the design, production, and maintenance of manufacturing processes for various products. The implementation of these good manufacturing practices (GMP) regulations by regulatory bodies worldwide supports the growth and maintenance of high-quality standards in the industry.

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GMP Testing Service Market Segmentation

•         GMP Testing Service Market by Service Type

• Product Validation Process
• Environmental Monitoring
• Bio analytical Services
• Packaging and Shelf-life Testing

•         GMP Testing Service Market by Service Provider

• In-house facilities
• Outsourced facility

•         GMP Testing Service Market by Application

• Pharmaceutical Industry
• Cosmetic Industry
• Food and Beverage Industry
• Medical Device Industry
• Others

Among this application segment, the pharmaceutical segment is the dominant segment for the GMP Testing Service market in 2022. According to the report of the European Federation of Pharmaceutical Industries and Associations, the global pharmaceutical market was estimated to reach a sales value of USD 1,077,856 million in 2020. The study published in the International Journal of Environmental Research and Public Health highlighted that approximately 40 drugs are recalled each year in the United States and South Korea.

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GMP Testing Service Market Key Competitors include:

• Almac Group

• PPD, Inc.

• Pace Analytical Services

• Microchem Laboratories

• Sartorius AG.

• North American Science Associates Inc.

• GMP Testing Laboratories

• Covance, Inc.

• Nelson Laboratories LLC

• Wuxi AppTec

• ÅKRN, Now Part of NAMSA

• Jaguar Transport Holdings, LLC

• UL Solutions

• Sigma-Aldrich

• Eurofins Scientific Finland Oy

The GMP Testing Service Market report includes a comprehensive analysis of emerging trends, market drivers, growth opportunities, and major restraints in the industry. It also provides a detailed analysis of the major segments of the GMP Testing Service Market with their sub-segments. The MMR report covers historical data for understanding past trends and forecasting future trends in the GMP Testing Service industry. To understand the structure of the market and the prevailing competition in the industry, a thorough regional and competitive analysis of the GMP Testing Service Market is covered in the report. The competitive landscape includes key players in the GMP Testing Service Market along with new entrants. Regional analysis of the market is covered at the global, regional, and country levels for understanding the market penetration, dominant players, and growth strategies used by them.

The bottom-up approach was used to estimate the global and regional GMP Testing Service Market size. The main research methodology used by the Maximize Market Research team is data triangulation, which involves data mining, analysis of the impact of data variables on the GMP Testing Service Market, and primary (industry expert) validation. The report includes extensive use of secondary sources directories and databases such as Bloomberg, Hoovers, Statista and other government associations. The company websites and private websites have also been used to identify and collect information useful for the technical, market-oriented, and commercial study of the GMP Testing Service Market. To provide strengths, weaknesses, opportunities, and threats in the GMP Testing Service Market, a SWOT analysis was used. PESTLE was employed to understand the potential impact of the micro-economic and macro-economic factors affecting the GMP Testing Service Market.

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• GMP Testing Service market Size, Share, Size & Forecast by different segment | 2022−2029
• GMP Testing Service market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• GMP Testing Service market Segmentation – A detailed analysis by Offering, Deployment Mode, Enterprise Size, Industry Vertical and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Key questions answered in the GMP Testing Service Market are:

• What is the growth potential of the GMP Testing Service Market?
• What was the GMP Testing Service Market size in 2022?
• What are the global trends in the GMP Testing Service Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the GMP Testing Service Market?
• How is the intervention from the regulatory authority shaping the GMP Testing Service Market?
• What growth strategies are the players considering to increase their presence in the GMP Testing Service Market?
• Who are the leading companies and what are their portfolios in the GMP Testing Service Market?
• What are the major challenges posed to the GMP Testing Service Market?
• Who held the largest market share in the GMP Testing Service Market?

Maximize Market Research is leading research firm, has also published the following reports:

Sterility Testing Market: Total Market size was valued at US$ 947.25 Mn in 2021 and the total revenue is expected to grow at 12.40% through 2022 to 2029, reaching nearly US$ 2413.21 Mn. Steady demand for Sterility Testing from end-user industries is expected to boost market growth.

Biological Safety Testing Products & Services Market: Total Market size was valued at US$ 4.03 Bn. in 2021 and the total revenue is expected to grow at 12.3% through 2021 to 2029, reaching nearly US$ 10.20 Bn. Steady demand for Biological Safety Testing Products & Services from end-user industries is expected to boost market growth.

Feed Testing Market: Total Market Size was valued at USD 2.41 Billion in 2021, and it is expected to reach USD 4.20 Billion by 2029, exhibiting a CAGR of 7.2 % during the forecast period (2022-2029). Steady demand for Feed Testing from end-user industries is expected to boost market growth.

Drug Discovery Services Market: Total Market size was valued at USD 16.8 Billion in 2021 and is expected to reach USD 53.58 Billion by 2029 at a CAGR of 15.6% during the forecast period. Steady demand for Drug Discovery Services from end-user industries is expected to boost market growth.

Seed Testing Services Market: Total Market size was valued at US$ 863.4 Mn. in 2021 and the total revenue is expected to grow at a CAGR of 6.0% through 2021 to 2029, reaching nearly US$ 1376.2 Mn. Steady demand for Seed Testing Services from end-user industries is expected to boost market growth.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.