The global bioanalytical
testing services market is likely to touch USD 1,867.30 million at a
12.95% CAGR between 2018-2023, as per the recent Market Research Future (MRFR)
report. Bioanalytical tests are utilized in the commercialization of drugs,
drug development, and drug discovery.
Numerous factors are adding to the global
bioanalytical testing services market growth. These
factors, according to the recent Market Research Future report, comprise the
rising prevalence of chronic diseases, especially cancer that needs blockbuster
drugs, outsourcing of testing services to CROs in developing economies for
curtailing operational expenditure costs, patent expiry of certain drugs, and
rising development of biologics.
On the contrary, high drug discovery costs may hamper the
bioanalytical testing services market growth during the forecast period.
Market Segmentation
The Market Research Future report provides an inclusive
segmental analysis of the global bioanalytical testing services market based on
test type and molecule type.
By molecule type, the bioanalytical testing services market is
segmented into large and small. Of these, the small segment will dominate the
market during the forecast period. It is predicted to grow at an 11.94% CAGR
for its key benefits against fighting chronic diseases. The large molecules, on
the other hand, will grow at a higher CAGR of 14.76% for the development of
biologics on large scale. Biologics are a key element in the manufacturing of
proteins, vaccines, and others. Testing large molecules will become a lucrative
opportunity for the market.
By tests, the bioanalytical testing services market is segmented
into bioequivalence, bioavailability, pharmacodynamics, and pharmacokinetics.
Of these, the pharmacodynamics segment will lead the market during the forecast
period. It is predicted to touch USD 467.25 million by 2023 as it is capable of
determining the drugs’ dose concentration-response relationships. This will be
followed by the pharmacokinetics market that is predicted to grow at a 13.96%
CAGR.
Regional Analysis
By region, the global bioanalytical testing services market
report covers the latest trends and growth opportunities across the Americas,
Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of
these, the Americas will dominate the bioanalytical testing services market
over the forecast period. Factors adding to the growth of the bioanalytical
testing services market in the region include constant technological advances
in clinical and preclinical testing phases, rising prevalence of chronic
diseases, and the presence of key pharmaceutical manufacturers in the region.
It is predicted to touch USD 716.73 million at a 12.39% CAGR by 2023.
The global bioanalytical testing services market in the APAC
region is predicted to grow at the fastest pace over the forecast period for
the presence of CROs in China as well as India. India is predicted to be the
key destination for the region’s low production cost of drugs. Besides, factors
such as huge investments being made by pharmaceutical giants as well as
research organizations and developing healthcare infrastructure are also adding
to the market growth. It is predicted to touch USD 435.05 million by end of
2023.
The global bioanalytical testing services market in Europe is
predicted to have a notable growth during the forecast period. It is likely to
grow at a 12.94% CAGR.
The global bioanalytical testing services market in the MEA will
have a modest growth rate during the forecast period.
Key Players
Leading players profiled in the global bioanalytical testing
services market report include Intertek Group plc (U.K.), ICON plc (Ireland),
Pace Analytical Services, LLC (U.S.), SGS SA (Switzerland), inVentiv Health
(U.S.), Charles River Laboratories, Inc. (U.S.), Toxikon (U.S.), Pharmaceutical
Product Development (U.S.), Covance, Inc. (U.S.), WuXi AppTec (U.S.), and
Laboratory Corporation of America Holdings (U.S.).
Industry News
February 2020: PharmaFluidics, a leading name in analytical chromatography,
has extended its product portfolio into capillary LC. The company’s
high-resolution and unique µPAC™ micro-Chip technology will be used in various
new markets, including proteomics and metabolomics and bioanalytical
testing.
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Market Research Future
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Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
NOTE
: Our team of researchers are studying Covid19 and its impact on various
industry verticals and wherever required we will be considering covid19
footprints for a better analysis of markets and industries. Cordially get in
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