Pharmaceutical Quality Control Market Scope, Product Estimates & Strategy by 2027
The vaccines under development to protect against coronavirus would require pre-filled injection or vials made of type 1 borosilicate glass. High-quality standards for customers in the pharmaceutical industry, alongside the high research and development expenditures, boost market growth. Besides, rapid advancements in technologies and a rise in government policies & regulations push the market further. Growing awareness for pharmaceutical quality control acts as key tailwinds for market growth.
On the flip side, technical issues associated with quality control systems are key factors projected to impede the growth of the market. Also, complicated and time-consuming regulatory policies act as a headwind for the growth of the pharmaceutical quality control market. Nevertheless, changes in drug policies and regulations by the government to assure that pharmaceutical products meet safety requirements would support market growth throughout the predicted period.
According to Market Research Future (MRFR), the global pharmaceutical quality control market is expected to reach USD 9,696.72 MN by 2027, registering over 12.1% CAGR throughout the forecast period (2020–2027). Rising numbers of pharmaceutical, biotech, and medical device companies create massive demand for quality control solutions. Moreover, the recent COVID-19 outbreak is estimated to increase the size of the market, promoting the demand for injection vials for vaccines.
Global Pharmaceutical Quality Control Market – Geographical Analysis
Additionally, the presence of notable key players and well-developed healthcare infrastructure, alongside favorable reimbursement scenarios in the region, fuel the growth of the market. Advances in biotechnology and rising R&D spending to develop new test kits act as a significant tailwind for the market growth. The North American pharmaceutical quality control market is estimated to retain its dominance over the global market throughout the review period.
Europe stands second in the global pharmaceutical quality control market. The market is predominantly driven by the increase in research and development expenditures. European governments spend substantially on R&D to develop new tests and to improve existing test kits. The European pharmaceutical quality control market is expected to grow pervasively in the years to come, continuing with the same trends.
The Asia pacific pharmaceutical quality control market is growing rapidly. Factors such as the presence of highly qualified lab professionals and increasing numbers of biotechnology companies boost the regional market growth. Also, ongoing programs to raise awareness and developments in healthcare propel the growth of the market. India and China are the leading markets for pharmaceutical quality control in the region. Moreover, the growing per capita income in the region pushes market growth.
Pharmaceutical Quality Control Market – Competitive Analysis
The pharmaceutical quality control market appears highly competitive. To gain a larger competitive share, these players incorporate strategies such as mergers & acquisitions, collaboration, expansion, and product launch. Industry players invest substantially in R&D and trials to develop tests for quality control of medical products.
Major Players:
Players leading the global pharmaceutical quality control market include Merck KGaA, bioMérieux SA, Charles River Laboratories International, Inc., Sartorious AG, WuXi AppTec, Thermo Fisher Scientific, Inc., SGS S.A., Eurofins Scientific, and Toxikon Corporation, among others.
Read More:https://www.marketresearchfuture.com/reports/pharmaceutical-quality-control-market-9711