BURLINGAME, Calif., May 22, 2024
/PRNewswire/ -- The global pharmaceutical stability and
storage services market is estimated to be valued at
USD 3.18 Bn in 2024 and is expected
to reach USD 4.71 Bn by 2031, growing
at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
According to Coherent Market Insights. Growing generics market has
also fueled outsourcing of stability testing and storage services
by pharmaceutical companies who aim to reduce costs. Stringent
regulations surrounding product stability have made stability
testing mandatory at various stages of drug development.
Pharmaceutical Stability And Storage Services Market Report
Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$3.18 billion
|
Estimated Value by
2031
|
$4.71 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 5.8%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Service Type, By
Product Type, By End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
• Strict regulatory
requirements to monitor drug stability
• Increasing adoption
of specialized packaging solutions
|
Restraints &
Challenges
|
• High costs associated
with stability testing and storage services
• Lack of standardized
regulations globally
|
Market Dynamics:
The pharmaceutical stability and storage services market is
being primarily driven by the growing demand for outsourcing
services in the pharmaceutical industry. Companies are increasingly
outsourcing stability testing and storage services to specialized
third-party providers to focus on core operations and reduce
operational costs. Additionally, stringent regulatory requirements
mandating stability testing for drug approval are also fueling the
market growth.
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Market Trends:
Two key trends driving the pharmaceutical stability and storage
services market include the increasing adoption of advanced
technologies for stability testing, such as high-performance liquid
chromatography (HPLC) and mass spectrometry, to ensure accurate
results and faster testing turnaround time. Another trend is the
rising demand for personalized medicine and biopharmaceuticals,
leading to the need for specialized storage conditions, such as
cryogenic storage and controlled room temperature to maintain drug
efficacy.
The pharmaceutical stability and storage services market is
experiencing significant growth due to the increasing demand for
these services in the pharmaceutical industry. With the growing
number of biopharmaceutical companies and the need for stringent
regulatory compliance, the demand for stability testing and storage
services is on the rise. Pharmaceutical companies are outsourcing
these services to specialized providers to ensure the quality and
stability of their products throughout the supply chain. This
market opportunity presents a lucrative option for service
providers to expand their offerings and cater to the rising demand
from pharmaceutical companies.
Another market opportunity in the pharmaceutical stability and
storage services market lies in the growing importance of stability
testing for different types of pharmaceutical products. With a wide
range of product types, including tablets, capsules, injectable
solutions, oral suspensions, combination products, and others, the
need for specialized stability testing services is becoming
increasingly essential. Pharmaceutical companies are looking for
service providers that can offer comprehensive stability testing
solutions for various product types to ensure product quality and
shelf-life. This market opportunity allows service providers to
diversify their service offerings and cater to the specific needs
of pharmaceutical companies for different types of products.
Recent Developments:
In January 2024, Alcami
Corporation declared the grand inauguration of a new 65,000 square
foot facility in Garner, North
Carolina, close to biotech and pharmaceutical core of
Research and Triangle Park.
In March 2022, Alcami declared
intentions to expand Masy BioServices biostorage footprint.
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Key Market Takeaways:
Pharmaceutical Stability and Storage Services Market is
anticipated to witness a CAGR of 5.8% during the forecast period
2024-2031, owing to the increasing demand for stability testing and
storage services in the pharmaceutical industry.
On the basis of service type, the stability segment is expected
to hold a dominant position, owing to the critical role of
stability testing in ensuring the quality and shelf-life of
pharmaceutical products.
On the basis of product type, the tablets segment is expected to
dominate the market, given the high usage of tablets in the
pharmaceutical industry and the need for robust stability testing
for these products.
On the basis of end use, biopharmaceutical companies are
expected to dominate the market, as they have stringent regulatory
requirements and need reliable stability testing services to ensure
product quality and compliance.
In terms of region, North
America is expected to hold a dominant position over the
forecast period, due to the presence of a large number of
pharmaceutical companies and the high demand for stability testing
services in the region.
Key players operating in the Pharmaceutical Stability and
Storage Services market include Intertek Group plc, Eurofins
Scientific, SGS Société Générale de Surveillance SA., Q
Laboratories, and others. These key players offer a wide range of
stability testing and storage services to pharmaceutical companies,
enabling them to meet regulatory requirements and ensure product
quality and safety. Overall, the pharmaceutical stability and
storage services market presents lucrative opportunities for
service providers to expand their offerings and cater to the
growing demand from the pharmaceutical industry.
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Detailed Segmentation:
By Service Type:
-
- Stability
- Accelerated Stability Testing
- Photostability
- Long Term Drug Stability Testing
- Forced Degradation Testing
- Others
- Storage
- Cold Storage
- Controlled 15-25°C
- Refrigerated 2-8°C
- Frozen -24°C
- Cryogenic -170°C
- Non - Cold Storage
By Product Type:
- Tablets
- Capsules
- Injectable Solutions
- Oral Suspensions
- Combination Products
- Others
By End User:
- Biopharmaceutical Companies
- CMO
- CRO
- Others
By Region:
- North America
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East &
Africa
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SOURCE Coherent Market Insights