Australia GMP Testing Service Market Analysis

Australia GMP Testing Service Market Executive Summary

Australia GMP Testing Service Market is valued at around $16.8 Bn in 2022 and is projected to reach $31.6 Bn by 2030, exhibiting a CAGR of 8.2% during the forecast period 2023-2030.

In order to maintain a level of quality, safety, purity, and strength in any products that are distributed to the general public, GMPs are very crucial in the production of medical devices. Following these protocols helps producers prevent unfavourable outcomes, product recalls, and flaws that could later lead to expensive liability action. The importance of GMPs is rising as a result of the realisation that quality control and consistent testing conditions are essential for a productive production cycle and can help reduce product contamination, failure, and quality variation.

The emergence of biosimilars, combination products, and other novel medications has fueled the market for GMP Testing Service expansion by raising the demand for particular testing methods. Additionally, a number of biopharmaceutical firms use bioanalytical testing outsourcing services for assay validation and drug development at both the preclinical and clinical stages. As more patents expire, generic producers must conduct and submit the results of bioanalytical testing. This further fuels the market's expansion.

Pharmaceutical and biotechnology firms like Eurofins Scientific, PPD Inc., Microchem Laboratory, Sartorius AG, North American Science Associates Inc., Covance Inc., Nelson Laboratories LLC, Almac Group, Pace Analytical, Wuxi AppTec., Intertek Group PLC, and Charles River Laboratories, are some of the major players in the GMP Testing Service Market.

Due to the growing need for drug and device manufacturers to adhere to good manufacturing practices in their ongoing research and development activities, for the smooth approval of the target products by regulatory bodies, the market for GMP Testing Services is predicted to experience healthy growth in the upcoming years. Future demand for GMP testing services is anticipated to increase as a result of major pharmaceutical and biopharmaceutical firms' increased emphasis on the development of multiple therapies and medical devices intended to offer effective treatment for a range of chronic conditions.

The advancements in technologies such as the advent of chromatography, spectroscopy, and spectrometry are projected to fuel the market for GMP Testing Services in the years to come. The market may yet face difficulty in expansion due to the precise regulatory framework requirements for GMP outsourced activities.

Market Dynamics

Drivers of Australia GMP Testing Service Market:

Rising Demand for Medical Devices: Growing demand for gadgets that are linked to the patient's EMR, wearables, telephones, and telemedicine platforms to deliver essential data for better clinical and operational decisions are driving the growth of the market for GMP Testing Services.

Increasing Chronic Illnesses: The two main factors anticipated to affect the medical device industry's advancement and, hence, influence the growth of the market for GMP Testing Services are the increase in the prevalence of chronic illnesses and the rising older population.

Technological Advancements: The integration of medical equipment with the Internet of Medical Things (IoMT) systems uses smart devices, smart sensors, and other portable communication tools. These developments aid medical practitioners in better patient outcomes while lowering expenses and increasing productivity, boosting the growth of the market for GMP Testing Services.

Developments in GMP Testing Service Market:

In 2022, Almac Diagnostic Services, a subsidiary of the Almac Group, inked a Master Collaboration Agreement (MCA) with AstraZeneca to develop and market a number of companion diagnostic (CDx) products. Almac will work with AstraZeneca to provide novel treatments to patients in places with significant unmet medical needs.

In 2022, Almac Group announced an investment worth $ 536682.50 in NMR technology to enhance the security, flexibility, and capacity of its analytical services. High-resolution NMR is a key technology that delivers advanced characterization and purity assessment abilities, meeting all necessary regulatory requirements. The service helps deliver comprehensive solutions to support active pharmaceutical ingredient (API) and drug product development programs, from the early phases to commercialization.

In 2022, Eurofins Scientific acquired a majority stake in the QSAI Analysis and Research Center Co., Ltd. (QARC). The acquisition will complement the Eurofins network's extensive food testing capabilities with pesticides, veterinary drugs, foreign objects, and sensory testing services. The acquisition will further strengthen Eurofins' presence in Japan and the Eurofins network's offering to customers importing and exporting food products.