Research on Bioanalytical Testing Services Market (2020-2023) | MRFR

Bioanalytical research tools provide a variety of techniques used to assess the quantities and metabolites of active drugs in the human body. It plays a crucial role in promoting the development of drugs and is essential to the efficacy of drugs. Due to the boom in the pharmaceutical industry, the global demand for bioanalytical testing services is expected to exhibit a 12.95 percent CAGR from 2018 to 2023 (forecast period), as per the report by Market Research Future (MRFR).

The need for fast-acting drugs to treat chronic diseases is expected over the forecast period to increase market demand. This is backed by steady advances in research and development (R&D). Rapid production of biologics to accelerate clinical trials that can directly impact treatment choices for severe illnesses including cancer.

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Report Overview

Bioanalytical testing services include a set of methods used to assess the quantities and metabolites of active drugs in the human body. It is important to the production of medicines and the effectiveness of medicines. During the forecast period, the need for quick action medicines to treat chronic diseases is expected to fuel market demand. This cycle is assisted by continuous advancement in research and development (R&D). Rapid biologic development to speed up clinical trials that can directly affect treatment choices in cases of serious diseases, such as cancer. However, due to comprehensive research related to these medications, they are costly. The entire manufacturing cycle incurs high costs, resulting in a rise in the overall cost of the pharmaceutical product, which can be a barrier to the consumer. However, their potential to cure people of their diseases will drive the market for bioanalytical testing services away from any long-lasting adverse effects.

Segmentation 

The global market for bioanalytical testing services can be segmented based on tests, molecules, and geography. Based on the test, the global market for bioanalytical testing services can be segmented into the pharmacokinetic test, the pharmacodynamic test, the bioequivalence test, the bioavailability test, and other tests. The bioavailability and bioequivalence test segment are expected to gain a significant share of the global market for bioanalytical testing services due to increased demand for bioanalytical testing services in the development of generic drugs. As far as molecules are concerned, the global market for bioanalytical testing services can be categorized into small molecules and large molecules. The large segment of molecules is expected to expand at a high CAGR during the forecast period due to a rich clinical biologics pipeline. Furthermore, the testing of these molecules requires the development of infrastructure and advanced analytical tools, which are expected to provide significant opportunities for the market for bioanalytical testing services.

Based on geography, the global bioanalytical testing services market can be segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America, followed by Europe, dominated the global market for bioanalytical services due to an increase in demand for bioanalytical services; a large number of ongoing clinical trials; and the presence of highly reliable, complex and high-end pharmaceuticals. The market in the Asia Pacific is expected to expand at a significant CAGR during the forecast period. Rising investment by the bioanalytical testing services organization in the region, increasing the number of companies relying on bioanalytical testing services, and business and regulatory reforms are contributing to the expansion of the global market in the Asia Pacific. The Asia-Pacific market is expected to be dominated by India and China. Focusing on the development of the biologic pipeline by domestic companies in China and India and the increase in the adoption of advanced technologies such as single-use technologies by the organization of bioanalytical testing services have contributed to the expansion of the market.

Key Players 

Key players in the bioanalytical testing services market include Laboratory Corporation of America Holdings (U.S.), WuXiAppTec (U.S.), Covance, Inc. (U.S.), Pharmaceutical Product Development (U.S.), Toxikon (U.S.), Charles River Laboratories, Inc. (U.S.), inVentiv Health (U.S.), SGS SA (Switzerland), Pace Analytical Services, LLC (U.S.), ICON plc (Ireland), and Intertek Group plc (U.k).

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