Report : Asia Pacific GMP Testing Service Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Service Type (Product Validation Testing, Bioanalytical Services, Packaging & Shelf Life Testing, and Other Services Type) and End User (Pharmaceutical and Biopharmaceutical Companies, and Medical Device Companies)
At 7.2% CAGR, the Asia Pacific GMP Testing Service Market is speculated to be worth US$ 515.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific GMP testing service market was valued at US$ 339.72 million in 2022 and is expected to reach US$ 515.79 million by 2028, registering a CAGR of 7.2% from 2022 to 2028. Continuous production of pharmaceuticals industry and flourishment of medical device business are the critical factors attributed to the Asia Pacific GMP testing service market expansion.
The medical devices industry is responsible for the development of medical technology that can help diagnose and treat various illnesses, in addition to the manufacturing of medical devices. The equipment produced by the medical devices industry range from common supplies such as surgical masks to high-tech imaging equipment. Medical devices such as insulin delivery systems, glucose monitors, oxygen concentrators, and nebulizers are increasingly being used for the at-home diagnosis and treatment of a few medical disorders. These devices are integrated with the patient’s EMR, wearables, cellphones, and telehealth platforms to provide critical insights for enhanced clinical and operational decision-making. According to the data provided by PRODSMART, the medical devices manufacturing industry was valued at ~US$ 4.2 billion in 2020. A rise in the incidence of chronic diseases and the growth of the geriatric population are the major factors that are expected to influence the progress of the medical device industry in the coming years. The operations of medical devices with Internet of Medical Things (IoMT) systems involve smart gadgets, smart sensors, and other lightweight communication devices. Such innovations assist healthcare companies in improving patient outcomes, lowering costs, and increasing efficiency. The GMPs are enormously important in the manufacturing of medical devices because they ensure a level of quality, safety, purity, and strength in any products that are released to the public. Adhering to these practices helps manufacturers in preventing adverse effects, product recalls, and defects, which may lead to costly liability lawsuits in the future. As quality control and consistent testing environments are pivotal for a successful manufacturing cycle, the focus on GMPs is increasing for avoiding product contamination, failure, and quality deviation. Thus, by establishing a strong system of well-regulated operational management led by GMPs, a medical device manufacturer can develop vast volumes of quality products, along with reducing cost delays. This is expected to drive the Asia Pacific GMP testing service market during the forecast period.
On the contrary, deficiency of uniform regulatory framework related to GMP testing services hurdles the growth of Asia Pacific GMP testing service market.
Based on service type, the Asia Pacific GMP testing service market is categorized into product validation testing, bioanalytical services, packaging & shelf-life testing, and other services type. The product validation testing segment held 38.4% share of the Asia Pacific GMP testing service market in 2022, amassing US$ 130.34 million. It is projected to garner US$ 203.72 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on end user, the Asia Pacific GMP testing service market is bifurcated into pharmaceutical and biopharmaceutical companies and medical device companies. The pharmaceutical and biopharmaceutical companies segment held 72.6% share of the Asia Pacific GMP testing service market in 2022, amassing US$ 249.78 million. It is projected to garner US$ 383.45 million by 2028 to expand at 7.4% CAGR during 2022–2028.
Based on country, the Asia Pacific GMP testing service market has been categorized into the China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.4% share of the Asia Pacific GMP testing service market in 2022. It was assessed at US$ 113.50 million in 2022 and is likely to hit US$ 176.56 million by 2028, exhibiting a CAGR of 7.6% during the forecast period.
Key players dominating the Asia Pacific GMP testing service market are Eurofins Scientific; Almac Group; INTERTEK GROUP PLC; WuXi AppTec; Sartorius AG; North American Science Associates, Inc.; Nelson Laboratories, LLC.; and Thermo Fisher Scientific Inc. (PPD Inc.) among others.
- In Feb 2022, Nelson Labs Launched Verification Program to Help Consumers Identify Properly Tested Masks and Respirators.
- In April 2021, PPD to Expanded GMP Lab in Ireland to Enhance Biopharmaceutical Testing Capabilities.
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