Companies In The Pharmaceutical Testing Market Are Launching New Products & Services
26 May, 2020
Companies in the pharmaceutical testing market are launching new pharmaceutical sterility testing products and services to increase their product portfolio and expand presence in the market. The companies are launching technologically advanced products and well-equipped services to exploit growth potential of the growing pharmaceutical sterility market. For instance, in 2019, RSSL launched a sterility testing service for pharmaceutical and medical device companies which offers fast, responsive and flexible test services. RSSL’s new sterility testing service includes two methods, membrane filtration for aqueous, alcohol, solvent and oil-based products, and direct inoculation tests for non-soluble products to determine the presence of contaminating microorganisms in sterilized or aseptic drug products. Similarly, in December 2018, Merck, a leading sterility testing device manufacturer, launched Steritest NEO Device, a convenient and effective sterility device used for pharmaceutical drug testing.
The global pharmaceutical sterility testing market is expected to decline from $1.02 billion in 2019 to $1 billion in 2020 at a compound annual growth rate (CAGR) of -3%. While the overall sterility testing market will decline in 2020 due to COVID-19, some market segments (medical devices and drugs used for covid19), will grow significantly. Ceasing of pharmaceutical and medical devices production due to COVID-19 has impacted the sterility testing market. The market is then expected to recover and reach $1.39 billion in 2023 at a CAGR of 8%.
Increase in the number of drug launches and rising investments on research and development (R&D) will contribute to the growth of the pharmaceutical sterility testing market. Sterility is an important step in the manufacture of drugs to avoid product contamination and make the drugs free from any viable microorganism. According to a report published by the International Federation of Pharmaceutical Manufacturers & Associations in 2017, around $149.8 billion was spent by the global pharmaceutical industry for R&D activities. Additionally, according to the Pharma and Annual Review 2019 report, 1,273 new drugs were launched in the global market in 2019, a 6.2% increase from the previous year.
Increased emphasis on quality and sterility, coupled with increasing R&D activities in the pharmaceutical sector and rising production and launch of drug and medical devices is driving the market.
The pharmaceutical sterility testing market is segmented by sample into sterile drugs, medical devices, biologics, and therapeutics. It is also segmented by product type into instruments, kits and reagents, and services. By type, it is segmented into in- house, and outsourcing. By test type, the market is segmented into sterility testing, bioburden testing, and bacterial endotoxin testing, and by end-user it is segmented into compounding pharmacies, medical devices companies, and pharmaceutical companies.