, /PRNewswire/ -- The global is estimated to be valued at in 2024 and is expected to reach by 2031, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031. According to Coherent Market Insights.
Growing generics market has also fueled outsourcing of stability testing and storage services by pharmaceutical companies who aim to reduce costs. Stringent regulations surrounding product stability have made stability testing mandatory at various stages of drug development. The pharmaceutical stability and storage services market is being primarily driven by the growing demand for outsourcing services in the pharmaceutical industry.
Companies are increasingly outsourcing stability testing and storage services to specialized third-party providers to focus on core operations and reduce operational costs. Additionally, stringent regulatory requirements mandating stability testing for drug approval are also fueling the market growth. Two key trends driving the pharmaceutical stability and storage services market include the increasing adoption of advanced technologies for stability testing, such as high-performance liquid chromatography (HPLC) and mass spectrometry, to ensure accurate results and faster testing turnaround time.
Another trend is the rising demand for personalized medicine and biopharmaceuticals, leading to the need for specialized storage conditions, such as cryogenic storage and controlled room temperature to maintain drug efficacy. The pharmaceutical .