|Status : Published||Published On : Oct, 2021||Report Code : VRSME9077||Industry : Semiconductor & Electronics||Available Format :||Page : 125|
The testing, inspection, and certification market in the pharmaceuticals and biotech industry was USD 12.5 billion in 2020, registering a CAGR of 5.6% during the forecast period 2021-2027. Testing, inspection, and certification services will enhance the quality of the manufacturing and production process by complying with regulations across the globe. Inspection and testing are the quality control operating parts and play a significant role in the survival of a manufacturing company. Quality control goes in direct proportion to cost, productivity, on-time delivery, and market share.
The pharmaceutical and biotech industry develops drugs and other products so that people and animals can live healthier lives, recover from injuries, and fight diseases. Moreover, globalization, urbanization, stringent safety regulations, increasing trade of counterfeit and pirated products, growth in networking and communication technology, favorable government initiatives, rules & regulations by the government has propelled the growth of the TIC market in the pharmaceuticals and biotech industry. Quality, assurance, and transparency are significant for manufacturers in the pharmaceuticals & biotech industry. Manufacturers of pharmaceutical products must strictly control the distribution of their products to ensure the correct dosage and minimize the risk of overdose or dependence on the patient., resulting in the growth of TIC services.
TIC services are used by pharmaceutical & biotech companies, diagnostic centers, medical devices, clinical research, and digital health applications in the healthcare sector to curb the spread of coronavirus. Pharmaceutical companies are producing medicines, remedies, and injections to battle against the coronavirus. Countries are spending huge amounts of money on R&D vaccines, increasing their budgets for the healthcare industry, and need to work closely with regulators and policymakers resulting in the growth of TIC services in the pharmaceuticals and biotech industry.
Insight by Sourcing Type
Based on sourcing type, the TIC market for the pharmaceuticals and biotech industry is categorized into in-house and outsourced. Among the two segments, the in-house segment contributes in holding the largest share during the forecast period 2021-2027. The in-house testing provides benefits of controlling the technology, skilled personnel, full-service laboratories, and testing and measurement equipment. Moreover, it can also help manufacturers in reducing in-house compliance costs and easily respond to global market demands. Therefore, the pharmaceuticals and biotech industry chose in-house services over outsourced services due to the criticality of applications.
Insight by Service Type
Based on service type, the TIC market for the pharmaceuticals and biotech industry is segmented into testing, inspection, and certification. Testing dominates the TIC market in the pharmaceutical and biotech industry in 2020 due to diverse standards, mandatory regulations, rising adoption for improved safety, industrialization, and a need to provide credibility. Testing in the pharmaceutical industry should be on quality assurance, ingredient validation, and label reviews, microbiological testing, benchmarking analysis, and testing according to U.S. FDA and others.
Insight by Industry Vertical
Based on industry vertical, the TIC market for the pharmaceuticals and biotech industry is divided into extractable and leachable studies, environmental monitoring, biopharmaceutical, and biologics analysis, sterile compounding, pharmaceutical method development, and research, pharmaceutical X-ray diffraction, excipient raw materials, and container testing, material sciences testing, disinfection qualification, trace metal services, and others. There is a need to study the impact of extractable and leachable substances on the safety and drug product interaction and is significant in order to protect the patient and comply with regulations. Medications that need to be sterile include injectables, IV, intraocular, and compounding medications will allow pharmacists to make individual prescriptions for patients that require unique dosing, allergies, or rare diseases to prevent them from taking commercially available formulations.
The TIC market for the pharmaceuticals and biotech industry is characterized by various industry trends like AI and machine learning in drug discovery, the evolution of cloud computing in providing innovation in pharmaceuticals, and molecular computers are developing the future of medicine, rising mergers & acquisitions by the market players.
The mandatory regulatory standards are anticipated to affect the pharmaceuticals & biotech industry during the forecast period. The global market growth, huge investment in R&D, the transformation of digital platforms, considerable healthcare standards, certification requirements are projected to drive the demand for TIC in the pharmaceuticals & biotech industry. Moreover, manufacturing companies are providing quality products to retain the customers, and rising demand for connected devices and IoT will boost the growth of the TIC market in the pharmaceuticals & biotech industry.
Trade wars, growth fluctuations, massive investment in automation, increasing costs involved due to various standards and regulations globally, lack of testing facilities, and lack of skilled personnel are the challenges faced by the TIC market for the pharmaceuticals and the biotech industry. Furthermore, pharmaceutical products have a specified shelf life, the challenge in the supply chain, and storage conditions may restrict the growth of the pharmaceutical & biotech industry.
Technologies such as AI, robotics, drones, big data analytics, next-generation automation, and cloud and cybersecurity are the opportunities in the TIC market for the pharmaceuticals and the biotech industry.
Geographically, APAC is projected to have a high CAGR during the estimated period due to the rising investment in R&D, urbanization, huge manufacturing capabilities and exports, changes in lifestyle, and growing consumer awareness about the importance of certification. Moreover, the increasing dependence of European and American countries on Asia-Pacific companies for medical devices, PPE kits, pharmaceuticals, and other necessary equipment, will result in bolstering the growth of the TIC market in the pharmaceuticals & biotech industry. Nevertheless, the rising middle-class population will create growth in private consumption and bolstering demand for safety and product quality, resulting in providing opportunities in pharmaceutical and biotech testing.
The industry players are making technological changes to enhance their product portfolio, prioritizing their R&D, technological transformation, and providing a global market presence. Moreover, the industry players in the TIC market have started building strategies like mergers and acquisitions to generate new revenue channels.
Intertek announced that IntertekMedical Notified Body AB (IMNB) was designated against MDR 2017/745 by the Swedish Competent Authority. This designation may help the company to better penetrate its service and solutions in the European region.
Some of the key players operating in the TIC market in the mining industry: Intertek Group plc, Bureau Veritas, UL LLC, SGS SA, Eurofins Scientific, The British Standards Institution, ALS Limited, DEKRA SE, Applus+, and TUV SUD.
Source: VynZ Research