Fort Collins, Colorado, Sept. 27, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Pharmaceutical Stability and Storage Services Market Size, Trends, Growth, Share, Statistics Analysis Report, By Services Type, By Molecule (Small Molecules And Large Molecules), By Mode (In-house And Outsourcing), By Region And Segment Forecasts 2023-2032."
According to DataHorizzon Research, The pharmaceutical stability and storage services market size was valued at USD 3.0 Billion in 2022 and is expected to reach the market size of USD 5.2 Billion by 2032 with a CAGR of 5.7%. The global report offers a comprehensive market analysis and detailed insights at global and regional levels. The world of pharmaceuticals is constantly evolving, and it's crucial to ensure the quality and effectiveness of products over time. That's where the Pharmaceutical Stability and Storage Services market comes in. This market offers specialized solutions like stability testing, storage, and other related services to assess product stability under varying conditions. The pharmaceutical stability and storage services industry is booming, with pharma companies increasing their R&D spending to remain competitive and versatile. And it's not just the big players - both large and small molecule industries are experiencing centralization and globalization, increasing novel approval applications.
In the current market, there is a strong focus on providing services to pharmaceutical companies to ensure that their products comply with regulations, are effective, and are safe for public consumption. This is achieved through conducting comprehensive stability studies in controlled environments. Key trends in the industry include personalized medicine, expanded biopharmaceuticals, and data-driven analysis for faster decision-making. These trends are reshaping the market and ensuring that drug formulations are reliable, adhere to regulations, and adapt to their complex environment.
Total expenditure on research and development in the pharmaceutical industry has increased significantly. The stability and activity of pharmaceutical products during storage and shipment are crucial for biopharmaceutical companies to improve and distribute delicate biomolecules. Biosimilars are becoming more popular in treating cancer, autoimmune diseases, and other chronic illnesses. The global burden of these diseases is expected to drive demand for biosimilars, promoting the need for stability and storage. Various regulatory authorities have different data requirements and testing rules for stability testing, making it challenging to market products across other markets.
Moreover, due to the continuous growth of biological drugs, the global pharmaceutical stability and storage sector is anticipated to experience significant expansion. Medical companies are transitioning towards a decentralized approach for stability testing and centralized management and reporting to streamline operations. In addition, pharmaceutical companies are combining stability storage and limiting testing to a single service provider.
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Report Snapshot:
| Report Title | Pharmaceutical Stability and Storage Services Market |
| Market Size in 2022 | USD 3.0 Billion |
| Market Size by 2032 | USD 5.2 Billion |
| CAGR from 2023 to 2032 | 5.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, estimations, competitor analysis, trends, and growth factors |
| By Services | Stability: Accelerated stability testing, stability indicating method validation, drug substance and photostability testing, and others storage: cold & non-cold |
| By Molecule | Small Molecule and Large Molecules |
| By Mode | In-house and outsourcing |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Catalent Inc., Almac Group, Intertek Group plc, Masy Bioservices, Q Laboratories, PD Partners, ALS Ltd., Lucideon Limited, Precision Stability Storage, BioLife Solutions, Charles River Laboratories International. |
Segmentation Overview:
The global pharmaceutical stability and storage services market is segmented based on services, molecule, mode, and region.
The stability services played a significant role in the market. To obtain regulatory approval for their products, pharmaceutical companies must conduct stability testing and report their findings. These tests involve storing pharmaceutical drugs in environmentally controlled chambers under varying temperatures, humidity, and light conditions to determine if their quality changes over time.
The pharmaceutical stability and storage services market worldwide mainly depends on the small molecule industry. The development of small-molecule drugs has made significant strides, effectively treating migraines, diabetes, cancer, fever, and a host of other ailments. As a result of this contribution, the demand for stable testing and storage has increased significantly.
North America holds the pharmaceutical stability and storage market's largest revenue share due to the significant presence of pharmaceutical companies in the U.S. and Canada. The market growth is expected to be significantly contributed to by major market players providing stability and storage services in this region.
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Key Developments in the Pharmaceutical Stability and Storage Services Market:
- Almac Diagnostic Services recently acquired and installed the first Illumina NovaSeq™ X Plus instrument in Northern Ireland. This state-of-the-art technology is set to revolutionize Almac's DNA and RNA sequencing services for their esteemed BioPharma partners. By expanding its Next Generation Sequencing capabilities, Almac is committed to providing its clients with more accurate and efficient services. This investment is a significant step towards achieving their goal of becoming a leader in the field of genomic analysis.
- Alcami, a prominent pharmaceutical company, has proudly announced the completion of Phase II of its state-of-the-art cGMP biostorage at the Masy BioServices facility in Amherst, New Hampshire. This impressive milestone has effectively doubled the company's biostorage capacity to 14,000 pallet locations. Timothy Compton, the esteemed Chief Business Officer at Alcami, expressed his unmistakable satisfaction with this exceptional project's successful, on-time completion.
Pharmaceutical Stability and Storage Services Market Report Highlights:
- The pharmaceutical stability and storage services market size is expected to reach the market size of USD 5.2 Billion with a CAGR of 5.7% by 2032. Pharmaceutical Stability and Storage Services offer specialized solutions to assess product stability. The industry is expanding due to increased R&D spending and a focus on compliance with regulations. Key trends include personalized medicine and data-driven analysis. The stability and activity of pharmaceutical products during storage and shipment are crucial for biopharmaceutical companies. Biosimilars are becoming more popular, driving demand for stability and storage. The industry faces challenges with different data requirements and testing rules across markets. Pharmaceutical companies are transitioning towards a decentralized approach for stability testing and centralized management.
- Pharmaceutical companies must conduct stability testing to get regulatory approval for their products. This involves storing drugs in controlled chambers to see if their quality changes over time. The market for stability and storage services has grown thanks to the development of small-molecule drugs.
- North America dominates the pharmaceutical stability and storage market thanks to the presence of major pharmaceutical companies in the U.S. and Canada. Key market players providing storage services in the region are expected to contribute significantly to market growth.
- Some of the prominent players in the global pharmaceutical stability and storage services market report include Catalent Inc., Almac Group, Intertek Group plc, Masy Bioservices, Q laboratories, PD Partners, ALS Ltd., Lucideon Limited, Precision Stability Storage, BioLife Solutions, Charles River Laboratories International, Inc.
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Pharmaceutical Stability and Storage Services Market Report Segmentation:
Pharmaceutical Stability and Storage Services Market, By Services (2023-2032)
- Stability Services
- Storage Services
Pharmaceutical Stability and Storage Services Market, By Molecule (2023-2032)
- Small Molecules
- Large Molecules
Pharmaceutical Stability and Storage Services Market, By Mode (2023-2032)
- In-house
- Outsourcing
Pharmaceutical Stability and Storage Services Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
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