GMP Testing Service Market: Global Industry Analysis and Forecast 2023 – 2030
Global GMP Testing Service Market was valued at USD 1.17 Billion in 2021 and is expected to reach USD 1.88 Billion by the year 2028, at a CAGR of 6.97% .
Major factors contributing to the market expansion for GMP testing services include the pharmaceutical industry's explosive growth and the ongoing trend of drug and device development. The trend of biopharmaceutical companies developing more medications and devices is being driven by the increasing burden of chronic diseases, rising healthcare costs, and the impending patent expiration of blockbuster drugs. This is projected to propel the expansion of the studied industry. The launch of novel medications with cutting-edge features and strategic partnerships, as well as the growing R&D efforts of pharmaceutical companies, are anticipated to fuel the market's expansion.
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