Pharmaceutical Equipment Testing Market Overview 2030
Pharmaceutical equipment consist of medical equipment which ranging from pharmaceutical machinery, medical instruments, and devices used in healthcare sector. This pharmaceutical equipment are used in manufacturing and processing of pharmaceutical drugs which are used in diagnosis, treatment, and analysis of medical conditions. Pharmaceutical equipment are tested time to time to check quality and performance of this equipment. Equipment testing such as texture analyzer, vibration tester, moisture meter, functional testing, and package drop tester among others are the testing types of pharmaceutical testing. This testing ensures error free functionality, accuracy, and quality of the pharmaceutical equipment.
COVID-19 Impact Analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Coronavirus disease 2019 (COVID-19) has created an economic crisis in addition to the healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide; developed countries are expected to cause economic recession. The pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March. Many small hospitals, clinics, and nursing homes, have been forced to shut their operations. In addition, social distancing and localized curfews have resulted in delayed elective surgical procedures. Further, visa cancellations have led to an interruption in medical tourism and can negatively impact the healthcare services market growth.
Top Impacting Factors
- Surge in requirement of modern pharmaceutical manufacturing machinery, increase in launch of advance manufacturing facilities, rise in demand for modern pharmaceutical equipment, surge in usage of accurate testing services, and increase in focus on regulations regarding assurance are the key factors that drive the growth of pharmaceutical equipment testing market.
- In addition, increase in adoption of advance healthcare services, rise in rate of innovation in pharmaceutical industry, rise concerns about safety & quality of drugs, increase in number of end users, surge in R & D activities to improve efficiency of pharmaceutical equipment, rise in investment on healthcare sector and increase in demand for specific types of equipment test are some factors that fuel the growth of pharmaceutical equipment testing market.
- However, high cost associated with equipment testing hinder the growth of market.
- Contrarily, rise in development in pharmaceutical manufacturing machinery and benefits associated with testing of equipment are expected to offer lucrative opportunities for the expansion of the market.
Market Trend
Business Expansion Strategies by Key Market Players
In 2019, Intertek Group Plc announced the expansion of their pharmaceutical equipment testing services in Milbourn. This new testing service help pharmaceutical companies for audit of their pharmaceutical equipment to boost their manufacturing.
In 2019, Boston Analytical announced opening of new testing service office in Cambridge. This company is based on delivering top notch pharmaceutical equipment testing services to their clients.
Key Benefits of the Report
- This study presents the analytical depiction of pharmaceutical equipment testing market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the pharmaceutical equipment testing market share.
- The current market is quantitatively analyzed to highlight the pharmaceutical equipment testing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Pharmaceutical Equipment Testing Market Report
- Which are the leading players active in the pharmaceutical equipment testing market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What is "pharmaceutical equipment testing"?
- What is "pharmaceutical equipment testing" market prediction in the future?
- Who are the leading global players in the "pharmaceutical equipment testing" market?
- What are the current trends and predicted trends?
- What are the key benefits of the "pharmaceutical equipment testing" market report?
Pharmaceutical Equipment Testing Market Report Highlights
| Aspects | Details |
 By Equipment |
|
 By Service |
|
 By End User |
|
 By Region |
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 Key Market Players | Albany Molecular Research, inc., Eurofins ScientificNelson Laboratories, LLC, West Pharmaceutical Services, Inc., TEN-E Packaging Services, Inc., TM Electronics, Inc., TASI Group, Labthink, Edwards Analyticals, Qualitest International, Inc., NSF International |
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