Market Trends of GMP Testing Service Industry
Pharmaceutical and Biopharmaceutical Companies Segment Expected to Hold Significant Share in the GMP Testing Service Market
GMP is a system that guarantees goods are consistently produced and controlled by quality standards, emphasizing the importance of GMP Validation and Quality Control Testing. The hazards associated with pharmaceutical production that cannot be removed through testing the finished product are intended to be reduced as much as possible, highlighting the role of Pharmaceutical Quality Control. The pharmaceutical and biopharmaceutical companies segment is expected to grow during the forecast period.
The innovative drug development in the pharmaceutical and biopharmaceutical industries is anticipated to fuel market expansion in this sector, particularly in the GMP Testing Market. According to the International Federation of Pharmaceutical Manufacturers and Associations' "Facts & Figures Report 2021," 24 were in Phase I, 34 were in Phase II, and 23 were in Phase III trials. The same report states that as of March 2021, the European Medicines Agency (EMA) had given Pfizer-BioNTech, Janssen, Moderna, and AstraZeneca's COVID-19 vaccines a conditional marketing authorization. The United States Food and Drug Administration (FDA) also approved COVID-19 vaccines from Pfizer BioNTech, Janssen, and Moderna. These approvals reflect the importance of Regulatory Compliance Testing and GMP Certification in the pharmaceutical industry. According to the Food and Drug Administration (FDA) Drug Recall Statistics published in July 2021, approximately 1,279 drugs are recalled each year globally, with 94% of FDA drug recalls occurring in the United States, followed by 4% in Canada. The FDA issued 12,028 drug recalls in the United States between 2012 and 2021. These recalls necessitate rigorous GMP Testing of manufacturing plants and the assurance of public safety through Quality Assurance Testing before products are marketed.
The strategic activities of the market players are expected to boost the market over the forecast period. For instance, in April 2021, PPD Inc., a leading global contract research organization, announced its plans to expand its Good Manufacturing Practice (GMP) lab in Ireland to enhance its biopharmaceutical testing capabilities, providing advanced GMP Lab Services. As a result, the category of pharmaceutical and biopharmaceutical businesses is driving market expansion. It is anticipated to favorably affect the GMP Testing Services Market growth during the projected year, aligning with current GMP Trends.
North America is Expected to Hold Significant Share in the GMP testing Services Market Over the Forecast Period
North America is projected to hold a significant market share over the forecast period, owing to the presence of key market players and the availability of advanced technologies. Furthermore, favorable regulatory infrastructure and high medical demand are projected to boost regional market growth. FDA ensures product quality by closely monitoring drug manufacturers' compliance with its Current Good Manufacturing Practice (CGMP) regulations, including rigorous CGMP Testing and Regulatory Compliance Testing. The CGMP regulations for drugs include minimum requirements for the methods, facilities, and controls used in manufacturing, processing, and packaging a drug product. The regulations ensure a product is safe and contains the ingredients and strength it claims.
Moreover, the growing burden of chronic diseases is expected to spur increased demand for novel drugs, likely increasing drug manufacturing activities, thereby driving market growth. This increase in manufacturing activity requires GMP Testing, boosting the GMP Market growth.
The rising government investments in companies to improve their manufacturing technologies and the rising number of pharmaceutical manufacturers fueled market growth over the forecast period. These factors are driving the GMP Growth and aligning with current GMP Trends in the industry. For instance, in January 2021, Continuus Pharmaceuticals received a USD 69.3 million contract from the United States government to facilitate the domestic production of vital medicines to treat critically ill patients. Contract manufacturing organizations are expected to register a notable growth rate over the forecast period, owing to the increase in these organizations in developing regions. Moreover, the escalating number of drug approvals and the need for more manufacturing facilities to meet the studied market's demand are anticipated to boost the GMP Testing Market growth.
Thus, all the factors above are expected to propel the growth of the studied market over the forecast period.
