The global GMP testing service market size is expected to reach US$ 2,863.42 million by 2028, registering a CAGR of 6.7% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Based on service type, the GMP testing service market is segmented into product validation testing, bioanalytical services, packaging & shelf-life testing, and another services type. The product validation testing segment held the largest share of the market in 2021, and this segment is anticipated to register the highest CAGR in the market during the forecast period. Based on end user, the GMP testing service market is bifurcated into pharmaceutical and biopharmaceutical companies, and medical device companies. The pharmaceutical and biopharmaceutical companies segment held a larger share of the market in 2021, and it is also anticipated to register a higher CAGR in the market during the forecast period.
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Good Manufacturing Practices (GMP) are designed to give manufacturers of regulated products with a system for consistently producing high-quality and safe items. Subsequently, manufacturers are needed to ensure their suppliers (testing laboratories, raw material providers, etc.) are also following GMP standards. GMP Laboratory services support manufacturers in their mission to comply with GMP specifications not just because it is required, but because it is the right thing to do. The GMP testing services are an essential obligation for medical device manufacturers to reduce product recall from the market. GMP testing services include services like product development testing, bioanalytical testing, shelf-life testing, and sterility testing.
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The pharmaceutical leaders operating in the market have undertaken various organic growth strategies in the GMP testing service market. The GMP testing service market majorly consists of the players including Eurofins Scientific; North American Sciences Associates, LLC; Almac Group; PPD, Inc; Intertek Group Plc; Nelson Laboratories; Wuxi Apptec; Sartorius AG; Boston Analyticals; Pace Analyticals and others. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.
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