IMARC Group's report "GMP Testing Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" provides an extensive analysis of the industry, including GMP testing service market size, share, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market.
The global GMP testing service market size reached US$ 1.43 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.08 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2023-2028.
The GMP Testing Service is a quality control and regulatory compliance service that tests and analyzes pharmaceutical products, medical devices, and other healthcare products to ensure compliance with GMP guidelines and maintenance of quality standards. As part of the GMP Testing Service, product samples are collected from the manufacturing facility, subjected to various tests, analyzed to generate a report, and reviewed for compliance by the manufacturer. This ensures accurate testing and analysis of products and guarantee their safety and freedom from harmful contaminants. Some of the advantages of GMP testing include providing analytical and testing support for new product development, avoiding costly product recalls and penalties from manufacturers, and improved customer satisfaction, and cost-effectiveness.
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The global market is primarily driven by the augmenting demand for GMP-compliant products, particularly in the pharmaceutical, biotechnology, and food and beverage sectors. This can be attributed to the rising awareness regarding the safety and quality of essential products among consumers. In line with this, the introduction of stringent policies and regulations by regulatory agencies to ensure product safety and quality is resulting in an increased demand for GMP testing services for demonstrating compliance. Moreover, significant growth in the pharmaceutical industry leading to an escalating demand for novel drug and therapy approvals are also resulting in a higher uptake of GMP testing services. In addition to this, the rising trend of outsourcing of the testing services is also acting as a major growth-inducing factor for the market. Furthermore, continual technological developments in testing procedures such as automation and robotics are also providing an impetus to the market. Some of the other factors contributing to the market include rapid industrialization, inflating disposable income levels, and extensive research and development (R&D) activities conducted by key players.
The report has segmented the market into the following categories:
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