GMP Storage Market Predicted to Reach US$ 11,019.9 Million at a CAGR of 5.3% by 2034

The GMP storage industry in the United States is projected to have a market value of approximately US$ 2,844 million in 2024, representing a dominant share of 87.7% in the North American region. The sales of GMP storage are expected to demonstrate a Compound Annual Growth Rate (CAGR) of 5.3% until the year 2034.

The worldwide GMP storage market is approximated to reach a valuation of US$ 6,568.3 million in 2024. Forecasts suggest a noteworthy expansion at a Compound Annual Growth Rate (CAGR) of 5.3% until 2034. The expected growth trajectory is poised to elevate the market to an impressive scale of US$ 11,019.9 million by 2034. The surge in demand for pharmaceutical and biotechnology products, combined with stringent regulatory standards, has been instrumental in driving this exponential growth in the market.

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The pharmaceutical industry is experiencing unprecedented growth, driven by advancements in medical science, increased demand for innovative therapies, and a global focus on healthcare. As pharmaceutical manufacturing expands to meet these demands, the need for stringent quality control measures becomes paramount. Good Manufacturing Practice (GMP) storage facilities have emerged as a critical component in ensuring the integrity and compliance of pharmaceutical products.

Pharmaceutical Manufacturing on the Rise:

The pharmaceutical sector is witnessing a surge in manufacturing activities as the industry responds to the global demand for life-saving medications, vaccines, and biotechnological products. This growth is spurred by factors such as an aging population, the prevalence of chronic diseases, and heightened awareness of health and well-being. Pharmaceutical companies are scaling up production capacities to meet the increasing need for a diverse range of medical treatments.

Importance of GMP Compliance:

GMP guidelines are a set of quality assurance principles that ensure the consistent production and control of pharmaceutical products according to established quality standards. Compliance with GMP regulations is not only a regulatory requirement but also a fundamental aspect of ensuring the safety, efficacy, and quality of pharmaceutical products. GMP storage facilities play a pivotal role in maintaining the integrity of raw materials, intermediates, and finished products throughout the manufacturing process.

Preserving Product Integrity:

GMP storage facilities are designed to meet strict regulatory standards, providing controlled environments for storing pharmaceutical materials under optimal conditions. These facilities help prevent contamination, degradation, and cross-contamination, which are critical factors in maintaining the efficacy and safety of pharmaceutical products. The controlled storage conditions also contribute to extending the shelf life of products, reducing waste, and ensuring a reliable supply chain.

Global Expansion of GMP Storage Market:

The growing emphasis on GMP compliance has led to an increased demand for specialized storage solutions worldwide. The GMP storage market is witnessing substantial growth as pharmaceutical manufacturers recognize the importance of maintaining a robust quality management system. Regions such as North America, Europe, and Asia-Pacific are witnessing significant investments in state-of-the-art GMP storage facilities to support the expanding pharmaceutical manufacturing landscape.

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Competitive Landscape

The global GMP storage market is filled with a multitude of companies, such as ThermoGenesis Holdings, Inc., ThermoFisher Scientific Inc., BioLife Solutions, Inc., Danaher (Cytiva), MEDIPOST, etc. These companies have a strong foothold in the international marketplace due to their prolonged presence in the industry. There is a presence of smaller companies in the market. However, these companies have to face substantial challenges due to the dominance of the industry giants.

Almac Sciences, a member of the Almac Group, officially opened a new custom-built GMP warehouse and dispatch hub at its global headquarters in Craigavon, UK in February 2023. This facility consolidated existing warehouses and supply chain offices, providing support for all active pharmaceutical ingredient (API) manufacturing. Belgian testing solutions provider and one of the leading companies in the GMP storage market, Eurofins has inaugurated its largest biopharma services campus in Genome Valley, Hyderabad, India. The facility will cater to the life sciences, agrisciences, and environmental sectors.

In August 2023, Avantor inaugurated its expanded Singapore Hub, which included newly added cGMP manufacturing and a world-class quality control laboratory. The hub served as a one-stop facility, meeting the needs of customers across Asia, the Middle East, and Africa (AMEA)

Key Segments Covered in GMP Storage Industry Research

By Product & Service:
Products
Refrigerators and Freezers
Cryogenic Storage
Services

By Application:
Cell & Gene Therapy
Cell Banking
Biologics
Small Molecules
Others

By End User:
Biopharmaceutical Companies
Contract Manufacturing Organizations
Contract Research Organizations
Research & Academic Institutes

By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa

The surging demand for pharmaceutical products globally is reshaping the landscape of pharmaceutical manufacturing. In this dynamic environment, GMP storage facilities are emerging as essential components in ensuring the quality, safety, and compliance of pharmaceutical products. As the industry continues to expand, the demand for advanced and compliant GMP storage solutions is expected to grow, making it a pivotal segment in the pharmaceutical supply chain and contributing to the overall advancement of global healthcare.

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This release was published on openPR.