Outsourced Testing Services Market is expected to reach US$ 76.3 Billion by 2032

The global outsourced testing services market is expected to be worth $36.4 billion in 2022 and to grow at a 7.7% CAGR to $76.3 billion by 2032. According to a new Future Market Insights analysis, pharma/biopharmaceuticals testing will command a 40.8% share of the global market in 2021.

The increase in the number of infectious and chronic diseases has resulted in the expansion of the entire outsourced testing services industry. The volume of testing is rapidly increasing as the prevalence of such diseases rises. The prevalence of illnesses such as cardiac arrests, diabetes, cancer, stroke, and arthritis has been steadily growing. These situations have become one of the leading causes of death worldwide.

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According to World Cancer Research Fund International estimates, there would be 18.1 million cancer cases worldwide in 2020. Similarly, according to WHO data for 2021, over 422 million individuals worldwide have diabetes.

As a result of the quick rise and high incidence of certain illness problems, as well as improved patient awareness, testing services are constantly in demand and increasing in preference.

Furthermore, the industry is quickly expanding as the number of service offers for various examinations increases. Emerging markets such as China and India are also experiencing rapid expansion in the market.

Key Takeaways from Market Study

• Pharma/biopharmaceuticals tests led the market in 2021, accounting for 40.8% of the test segment of the outsourced testing services market.
• Contract research firms dominated the market by end user in 2021, accounting for 51.5% of the outsourced testing services industry.
• Europe leads the seven regions, with a 32.3% market share in 2021.

“Limited In-house production capability, rising demand for testing and manufacturing services for bulk products and cost-effective of the outsourcing services is set to propel the sales of the outsourced testing services market across the globe,” says an analyst of Future Market Insights.

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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.

• Sotera bought BioScience Laboratories, LLC, which had one site in Bozeman, Montana, on March 8, 2021. BioScience is an outsourced topical antimicrobial product testing supplier in the pharmaceutical, medical device, and consumer industries. Nelson Labs’ existing strengths in antimicrobial and virology testing will be supplemented by BioScience’s experience in analytical testing and clinical trial services.
• Labcorp announced the launch of a new integrated bioanalytical laboratory in Singapore during the fourth quarter of 2021, which will increase client access in the Asia-Pacific region.

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

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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