Pharma Testing Market Surges with Rising Demand for Biologics

The pharmaceutical analytical testing market is experiencing substantial expansion due to increased complexity in drug development and growing need for biologics and biosimilars, as per the report by Straits Research Pvt. Ltd. 

According to their analysis, it is estimated that the market will surpass $15.46 billion by the year 2032. Between 2024 and 2032, the market is projected to experience a CAGR of 7.3 percent.

The market is experiencing growth due to a rising trend of outsourcing, with pharmaceutical companies using advanced testing capabilities and improving their drug development processes. Furthermore, according to the report, the market's position is further strengthened by the need for advanced testing techniques due to advancements in biotechnology and personalised medicine.

Integrating automation and AI into pharmaceutical analytical testing offers groundbreaking opportunities for the industry. The study predicted that the merging of AI and automation would lead to significant advancements, resulting in a more economical pharmaceutical analytical testing process.

The Asia Pacific region is projected to experience the highest CAGR, driven by various factors like rapid growth in its pharmaceutical and biotechnology sectors, increased need for high-quality testing services, and a surge in clinical trial and drug development projects.

The report emphasized that AI speeds up the launch of new pharmaceuticals and enhances precision in complex testing scenarios as a predictive analytics tool in pharmaceutical development.