by The pharmaceutical stability and storage services market involves stability testing and storage of pharmaceutical drugs to ensure their safety, efficacy and quality throughout their shelf life. Stability testing includes testing of drug samples under various conditions of temperature, humidity and light exposure to see how the drug’s chemical and physical properties change over time. This helps determine recommended storage conditions and expiry dates for drugs.
The global pharmaceutical stability and storage services market is estimated to be valued at US$ 3.18 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.
Key Takeaways
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.
The key opportunities in the market include rising demand for outsourcing of stability testing and need for full suite of pharmaceutical testing and stability storage services. Pharmaceutical companies are increasingly outsourcing stability testing to stability testing service providers owing to high costs of in-house stability testing facilities.
The market is witnessing global expansion driven by growing pharmaceutical outsourcing in developing countries of Asia Pacific and Latin America. Additionally, service providers are expanding their presence across various countries to leverage the low-cost advantage and cater to the rising demand.
Market drivers
Stringent regulations on stability testing by regulatory agencies like the FDA and EMA have driven the growth of this market. Extensive stability testing and data submission is mandated as part of drug approval process which is boosting demand for outsourced stability services. Shortening of drug development cycles have further fuelled the need for timely stability studies through outsourcing. Rising generic drug production globally has also increased the requirement for stability testing services from pharmaceutical and biotechnology companies.
PEST Analysis
Political: The pharmaceutical stability and storage services market is regulated by various government agencies such as the Food and Drug Administration (FDA) in the US. Regulations related to pharmaceutical stability testing, transportation and storage can affect the demand for these services.
Economic: Rising healthcare spending worldwide will boost the pharmaceutical industry and drive the need for stability and storage services to ensure efficacy and safety of drugs over their shelf life. Economic downturns may negatively impact the market.
Social: An aging global population and rising lifestyle diseases are increasing the demand for medicines. This fuels the requirement for stability testing and compliant transportation/storage to guarantee product quality.
Technological: Advances in real-time stability testing methods, temperature and humidity control technologies, and digital monitoring solutions are enabling faster and more reliable stability studies. Blockchain and IoT based track-and-trace solutions are also being explored.
Geographical Regions of Concentration
North America accounts for the largest share of the pharmaceutical stability and storage services market owing to presence of major pharmaceutical companies and stringent regulatory norms enforced by authorities like FDA. Europe follows as a major revenue generator supported by well-established pharmaceutical industry and rising generics market in the region.
Fastest Growing Regional Market
Asia Pacific is poised to be the fastest growing regional market during the forecast period owing to increasing local pharmaceutical production, rising affordability of medications, and strict quality control mandated by global health agencies. Expanding biologics manufacturing base in economies like China and India is further augmenting regional demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
