Global Bioanalytical Testing Services Market Research Report: by Molecule Type (Small Molecule, Large Molecule), by Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others), and Region - Forecast to 2023
Global Market – Overview
The global bioanalytical testing services market is expected to touch a valuation of USD 1,867.30 million by 2023, as per the latest report by Market Research Future (MRFR). High needs of blockbuster drugs to treat chronic diseases is one of the major factors predicted to drive the market growth over the forecast period (2018-2023). Rising research and development activities conducted in biotechnology and pharmaceutical sectors can spur market growth.
Increasing development of biologics can induce market demand over the forecast period. Patent expiry of various drugs and need for them to expedite clinical trials can positively impact the bioanalytical testing services market. Outsourcing of testing services to contract research organizations (CROs) in developing economies to curtail operational expenditure costs can propel market growth over the forecast period.
Rising prevalence of cancer and other chronic ailments which require blockbuster drugs can bolster market demand in the forthcoming years. But high costs of drug discovery can pose a challenge to market growth.
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Segmentation:
The bioanalytical testing services market can be segmented by molecule type and test type.
By molecule type, the market is segmented into small and large. The small segment accounted for nearly 66% market share, while the large segment accounted for 34.9% share in 2017. Small molecules can exhibit a 11.94% CAGR over the forecast period owing to its advantages against battling chronic diseases. Large molecules can grow at a higher CAGR (14.76%) than its counterpart due to large scale development of biologics. Biologics are an essential component in the manufacture of vaccines, proteins, and others. Testing of large molecules can turn out to be a lucrative opportunity for the bioanalytical testing services market.
By tests, it is segmented into pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. Within this segment, PD accounted for 39% share of the bioanalytical testing services market in 2017. It can touch a size of USD 467.25 million by 2023. This can be credited to this branch of testing capable of determining dose concentration-response relationships of drugs. PK assumed the second position by capturing close to 25% share in the same year. This segment is touted to generate revenues at 13.96% CAGR over the forecast period.
Regional Analysis:
The bioanalytical testing services market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas region accounted for 39.3% share in 2017, followed by Europe (31.3%), APAC (22.1%), and MEA (7.3%). The large share of Americas can be credited to presence of major pharmaceutical manufacturers, high incidence of chronic diseases, and technological advances in preclinical and clinical testing phases. The huge patient pool residing in the region can generate close to USD 716.73 million by 2023 at a CAGR of 12.39% over the forecast period.
The APAC bioanalytical testing services market can grow at a rapid clip owing to presence of CROs in India and China. India is touted to be the prime destination owing to the low production cost of drugs in the country. Factors such as developing healthcare infrastructure, investments by pharmaceutical giants of Europe and U.S., and numerous research organizations are expected to augment the market size to USD 435.05 million by 2023.
Europe can experience 12.94% CAGR over the forecast period, while the MEA region is likely to experience a modest growth rate.
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Competitive Dashboard:
Prominent players operating in the bioanalytical testing services market include Toxikon (U.S.), Intertek Group plc (U.K.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Pharmaceutical Product Development (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Pace Analytical Services, LLC (U.S.), inVentiv Health (U.S.), and Laboratory Corporation of America Holdings (U.S.). Collaborations, mergers & acquisitions, and product portfolio expansions are core strategies deemed to be employed by these players during the forecast period.
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Overview:The global bioanalytical testing services market is expected to touch a valuation of USD 1,867.30 million by 2023, as per the latest report by Market Research Future (MRFR).
Rising research and development activities conducted in biotechnology and pharmaceutical sectors can spur market growth.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/6573Increasing development of biologics can induce market demand over the forecast period.
Patent expiry of various drugs and need for them to expedite clinical trials can positively impact the bioanalytical testing services market.
Outsourcing of testing services to contract research organizations (CROs) in developing economies to curtail operational expenditure costs can propel market growth over the forecast period.Rising prevalence of cancer and other chronic ailments which require blockbuster drugs can bolster market demand in the forthcoming years.
It can touch a size of USD 467.25 million by 2023.
PK assumed the second position by capturing close to 25% share in the same year.
COVID-19 Impact Analysis on Bioanalytical Testing Services Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the bioanalytical testing services market include Pharmaceutical Product Development, LLC.
(PPD), ICON plc, Covance, Inc., Charles River Laboratories International, Inc., Laboratory Corporation of America, inVentiv Health, SGS SA, Toxikon, Inc., Intertek Group plc, Pace Analytical Services, LLC.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Bioanalytical Testing Services Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bioanalytical-testing-services-market/download-sampleMarket DynamicsThe global bioanalytical testing services market is expanding at a fast pace due to the growing pharmaceutical and biopharmaceutical industry.
The significant growth in bioanalytical testing is attributed to increasing concentration on the analytical testing of biosimilars and biologics, increased applications in clinical trials, a growing trend of outsourcing analytical testing.
Global Bioanalytical Testing Services Market Research Report: By Molecule Type (Small Molecule, Large Molecule), By Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others) - Forecast to 2027Growing Prevalence of Cancer to Drive Bioanalytical Testing Services MarketThe Global Bioanalytical Testing Services Market is expected to exhibit a CAGR of 12.95% over the forecast period from 2018 to 2023, according to a new research report from Market Research Future (MRFR).
The leading players operating in the global bioanalytical testing services market and their successful strategies are also assessed in detail in the report to provide readers with a clear picture of the competitive landscape of the market.Request Free Sample Copy at https://www.marketresearchfuture.com/sample_request/6573Bioanalytical testing services are used to detect and measure the presence of drugs and related metabolites in the human body.
The bioanalytical testing services market comprises a major part of the biomedical research sector, as it plays a crucial role in determining whether a drug can deliver its expected efficacy and whether it is safe for human consumption.
Thus, bioanalytical testing services play a vital part in expediting the drug delivery process and make it more convenient and easier for manufacturers to gather relevant results in the shortest time.
The increasing demand for advanced bioanalytical testing services from the medical research sector is likely to be the major driver for the market over the forecast period.The growing global medical research sector is likely to drive the global bioanalytical testing services market over the forecast period.
The growing prevalence of cancer has become a major concern for the healthcare sector and significant research efforts have been dedicated towards the eradication of cancer in the last few years.
