GMP Testing Service Market Value to Register a Healthy 5.4% CAGR until 2032: Analysis by Persistence Market Research

December 22, 2022

New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global GMP testing service market size is expected to reach US$ 1900 Million by 2032, according to a new report by Persistence Market Research, expanding at a CAGR of 5.4% from 2022 to 2032. GMP, which stands for Good Manufacturing Practices, is the standard necessary for the aseptic production of goods and services to the highest standards. The plant layout and structure of the labs must be built in accordance with the criteria imposed by the individual GMP regulatory bodies where production is carried out. GMP testing services are important for producers in the food and beverage sector, cosmetics production, pharmaceutical medications, and medical devices. GMP testing services are required when acquiring a licence to begin manufacturing, where principally safety and quality are examined. Adherence to the GMPs of the exporting country is required for export-oriented firms. One of the primary drivers of GMP testing services is the growing number of businesses in the pharmaceutical and biopharmaceutical sectors throughout the world. The requirement to publish quality assurance criteria is expected to be a major driving force for GMP testing services. The demand for aseptic and sterile manufacturing equipment and spaces is projected to fuel expansion in GMP testing services. GMP testing services are expected to be driven by adulterant-free and allergen-free bioreactors used in food and beverage manufacturing. “Because of the growing demand for creating innovative pharmaceuticals and technologies, North America is likely to be a dominating region for the GMP testing services market,” says an analyst at Persistence Market Research. Request for sample copy of report: Key Highlights of GMP Testing Service Market The global GMP Testing Service market accounts for a revenue of US$ 1,900 Million in 2022.The global market for GMP Testing Service is expected to reach US$ 3,200 Million by 2032.Demand for GMP Testing Service from 2022 to 2032 is projected to expand at a stellar CAGR of 5.4%.North America to be an opportunistic market for GMP Testing ServiceBy 2032, the pharmaceutical and biopharmaceutical companies segment is projected to hold a maximum share of the market. GMP testing services are required for process validation to verify adherence to standards and compliances, resulting in increased demand for the GMP testing services market. The need for innovative medications and distinctive medical devices is projected to drive up demand for GMP testing services. Know the methodology of report: Key Market Players Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand for fatty amides. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Key suppliers of GMP Testing Service are Eurofins Scientific, North American Science Associates Inc., Almac Group, PPD Inc., Intertek Group PLC, Nelson Laboratories LLC, Wuxi AppTec., Sartorius AG, Boston Analyticals and Pace Analyticals. Recent Developments In June 2022, Almac Diagnostic Services, a subsidiary of the Almac Group, inked a Master Collaboration Agreement (MCA) with AstraZeneca to develop and market a number of companion diagnostic (CDx) products. Almac will work with AstraZeneca to provide novel treatments to patients in places with significant unmet medical needs.In December 2021, Eurofins stated that the BioPharma product testing network of laboratories has extended its footprint of GMP testing laboratories with the acquisition of Astellas Analytical Science Laboratories, Inc. (ASL). ASL created Eurofins' first Good Manufacturing Practice (GMP) testing facility in Japan with this purchase. Get full access of report: Want to Know More? Persistence Market Research, a research and consulting firm, has published a revised market research report on the electric cargo bike market that contains a global industry analysis of 2017–2021 and an opportunity assessment for 2022–2032. The report provides in-depth analysis of the market through different segments, namely, product type, battery type, end use, and region. Other Trending Reports: About Persistence Market Research: Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges. Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part. 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