South America GMP Testing Service Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Service Type (Product Validation Testing, Bioanalytical Services, Packaging & Shelf Life Testing, and Other Services Type) and End User (Pharmaceutical an

South America GMP Testing Service Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Service Type (Product Validation Testing, Bioanalytical Services, Packaging & Shelf Life Testing, and Other Services Type) and End User (Pharmaceutical and Biopharmaceutical Companies, and Medical Device Companies)

The South America GMP testing service market is expected to grow from US$ 91.66 million in 2022 to US$ 130.82 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2022 to 2028.

Flourishment of Medical Device Industry Propels the South America GMP Testing Service Market Growth

The medical devices industry is responsible for the development of medical technology that can help diagnose and treat various illnesses, in addition to the manufacturing of medical devices. The equipment produced by the medical devices industry range from common supplies such as surgical masks to high-tech imaging equipment. Medical devices such as insulin delivery systems, glucose monitors, oxygen concentrators, and nebulizers are increasingly being used for the at-home diagnosis and treatment of a few medical disorders. These devices are integrated with the patient’s EMR, wearables, cellphones, and telehealth platforms to provide critical insights for enhanced clinical and operational decision-making. According to the data provided by PRODSMART, the medical devices manufacturing industry was valued at ~US$ 4.2 billion in 2020. A rise in the incidence of chronic diseases and the growth of the geriatric population are the major factors that are expected to influence the progress of the medical device industry in the coming years. The operations of medical devices with Internet of Medical Things (IoMT) systems involve smart gadgets, smart sensors, and other lightweight communication devices. Such innovations assist healthcare companies in improving patient outcomes, lowering costs, and increasing efficiency. The GMPs are enormously important in the manufacturing of medical devices because they ensure a level of quality, safety, purity, and strength in any products that are released to the public. Adhering to these practices helps manufacturers in preventing adverse effects, product recalls, and defects, which may lead to costly liability lawsuits in the future. As quality control and consistent testing environments are pivotal for a successful manufacturing cycle, the focus on GMPs is increasing for avoiding product contamination, failure, and quality deviation. Thus, by establishing a strong system of well-regulated operational management led by GMPs, a medical device manufacturer can develop vast volumes of quality products, along with reducing cost delays.

South America GMP Testing Service Market Overview

The South America GMP testing service market is subsegmented into Brazil, Argentina, and the Rest of South America. The region holds the smallest portion of the global market. The GMP testing services market in South America is expected to grab fascinating growth opportunities during the forecast period. The projected market growth in the region is attributed to the factors such as the favored establishment of pharmaceutical manufacturing facilities in the region and rising healthcare expenditure by countries. Brazil has been dominating the domestic production of pharmaceutical products, which enables its trade activities that contribute significantly to the national GDP of Brazil. The proliferation of the pharmaceuticals industry landscape is one of the major factors contributing to the GMP testing services market growth in the country.

South America GMP testing service Market Revenue and Forecast to 2028 (US$ Million)

South America GMP testing service Market Segmentation

The South America GMP testing service market is segmented on the basis of service type, end user, and country. Based on service type, the South America GMP testing service market is segmented into product validation testing, bioanalytical services, packaging & shelf-life testing, and other services type. The product validation testing segment held the largest market share in 2022.

Based on end user, the South America GMP testing service market is bifurcated into pharmaceutical and biopharmaceutical companies and medical device companies. The pharmaceutical and biopharmaceutical companies segment held a larger market share in 2022.

Based on country, the South America GMP testing service market is segmented into the Brazil, Argentina, and Rest of South America. The Brazil dominated the market share in 2022.

Eurofins Scientific; Almac Group; INTERTEK GROUP PLC; WuXi AppTec; Sartorius AG; North American Science Associates, Inc.; Nelson Laboratories, LLC.; and Thermo Fisher Scientific Inc. (PPD Inc.) are among the leading companies operating in the South America GMP testing service market.

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