by The Pharmaceutical stability and storage services market involves providing quality assurance and regulatory compliance services to pharmaceutical and biotechnology companies. These services play a key role in ensuring drug efficacy and safety by testing stability parameters like potency, degradation and interactions related to storage conditions over an extended period of time and adherence to good manufacturing practices.
The global pharmaceutical stability and storage services market is estimated to be valued at US$ 3.18 Billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period between 2024 to 2031.
Key players operating in the Pharmaceutical Stability And Storage Services Market Growth are Intertek Group plc, Eurofins Scientific, SGS Société Générale de Surveillance SA., Q Laboratories, BioLife Solutions Inc., Cencora, Inc., Alloga, PCI Pharma Services, Pharmaserv GmbH, Catalent, Inc, Almac Group, Charles River Laboratories, Lucideon, Alcami Corporation, Element Materials Technology, Nelson Laboratories, LLC, ALS.
Key Takeaways
Key players: Intertek Group plc is one of the leading players providing integrated stability storage and test services. Eurofins Scientific offers stability testing and data generation services to support drug development and regulatory submissions.
Key opportunities: Growing generics market and biosimilars development present lucrative opportunities for players. Increasing outsourcing of stability services by pharma companies to CROs is another major opportunity.
Global expansion: Leading players are expanding their presence in high-growth Asia Pacific and Latin American markets through partnerships and acquisitions to tap the increasing R&D expenditure in these regions.
Market drivers:
Increasing R&D costs necessitate the need for stable formulations to reduce development timelines and costs significantly. Adherence to stringent regulations also drives demand for stability testing and data generation throughout the product lifecycle. Growing penetration of generics and biosimilars further propels the market growth.
PEST Analysis
Political: Regulations set by government agencies like FDA in US and EMA in Europe regarding drug stability testing, temperature-controlled transportation and warehousing may affect market.
Economic: Growing biopharmaceutical industry and spending on healthcare is driving demand for stability testing and storage services. However, economic slowdowns may impact market.
Social: Aging population and growing incidence of chronic diseases is increasing demand for new drugs, driving need for stability testing and proper storage.
Technological: Advancements in analytical techniques like HPLC and mass spectrometry are improving accuracy and speed of stability testing. Sensors and data loggers help better monitor storage conditions. Internet of Things and automation aid remote monitoring.
Geographical Regions with High Market Concentration
North America, especially United States, holds the largest share of pharmaceutical stability and storage services market in terms of value. This is attributed to presence of many global pharma companies and biotech startups involved in drug R&D. Europe is the second largest regional market owing to stringent regulations regarding drug stability testing.
Fastest Growing Regional Market
Asia Pacific region is poised to grow at the fastest pace during the forecast period. This is due to increasing domestic pharmaceutical production in countries like China, India and Japan. Rising healthcare investments and expanding biologics industry are propelling the demand for stability testing and storage services in Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
