Market Research Future (MRFR) Conducted an Elaborate Study on the Global Bioanalytical Testing Services Market that predicts the growth of the market with a substantial Growth during the forecast period of 2019-2023. Covered All the Segments and Sub Segments, Along With Top Industry Players and Geological Region.
The Global Bioanalytical Testing Services Market will be closing in on the valuation of USD 1,867.30 million by 2023, concludes Market Research Future (MRFR) after careful analysis of the current trends. Furthermore, the market is set to register a CAGR of 12.95% during the forecast period (2018-2023).
Market Drivers and Key Challenges
The growth in the outsourcing research and development (R&D) activities being undertaken by prominent pharmaceutical vendors striving to focus on their core competencies is expected to be an important driver in the market development. Moreover, the economic benefits received from outsourcing instead of conducting an in-house study will augment the demand for bioanalytical testing services in the near future, enhancing the market growth in the process.
A large number of established sellers are going off patent, which is expected to bring in massive investments from drug manufacturers to refill their product pipelines. This is touted to be a significant reason supporting the growth of the bioanalytical testing services market. The Contract Research Organizations (CROs) have a diversified expertise in this field, compared to the pharma vendors when it comes to conducting clinical trials in a vast array of regions as well as the invention of drugs in certain therapeutic areas. This factor is bound to raise the demand for bioanalytical testing services in the pharmaceutical industry in the years ahead.
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The augmented degree of complexity along with the rising standards to be complied with by a single molecule is another fundamental driving point of the bioanalytical testing services market. On top of this, numerous companies are needed to stay alert of every regulatory update, with the expertise as well as advisory services required to tally with the changing standards. These factors are deemed to elevate the market position of bioanalytical testing services in the following years.
The global bioanalytical testing services market has been segmented on the basis of molecule type and test type.
The molecule types in the global market are small and large, where the small molecular type held for close to 66% of the total market share, whereas the large molecular type controlled 34.9% of the total market share in 2017. The small molecules are on track to exhibit a CAGR of 11.94% over the conjectured period on account of their chronic diseases fighting properties. Large molecules, on the other hand, will be growing at a higher CAGR of 14.76% in the forthcoming years as a result of the large-scale development of biologics. A profitable opportunity can come in the form of large molecules testing for the bioanalytical testing services market.
Based on the types of tests, the market is considered for pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. Out of these, in 2017, pharmacodynamics held 39% of the total share of the worldwide bioanalytical testing services market. MRFR predicts the segment is on its way to touch the valuation of USD 467.25 million by 2023, backed by the fact that this type of testing has the ability to determine the dose concentration-response ratio of drugs. Additionally, in the same year, pharmacokinetics had assumed the second spot in the global market, acquiring almost 25% of the total market share. It is estimated that the segment will be highly lucrative at a CAGR of 13.96% during the assessment time frame.
The overall bioanalytical testing services market is spread across the key regions of Europe, Americas, Asia Pacific (APAC), as well as the Middle East & Africa (MEA).
The Americas, comprising of North America and South America, held a market share of around 39.3% in 2017, with Europe (31.3%), APAC (22.1%), and MEA (7.3%) treading on its heels. The regional market has turned into a bankable venture owing to the existence of renowned pharmaceutical manufacturers, growing incidence of chronic diseases and rising development of technology in preclinical as well as clinical testing phases. It is estimated that the burgeoning patient pool within the region will be generating almost USD 716.73 million by 2023, and is set to rise at the growth rate of 12.39% over the review period.
The bioanalytical testing services market in Asia Pacific is exhibited to depict a vigorous growth rate on account of the presence of clinical research organizations (CROs) in countries like India and China. As per analysis, India has been identified as the prime destination resulting from the cheap production cost of drugs. Growth drivers such as the expanding healthcare infrastructure, massive investments made by well-known pharmaceutical companies from the United States (U.S.) and Europe as well as a number of research organizations will establish the size of the regional market to the value of USD 435.05 million by 2023.
The future of the market in Europe seems to hold promise, as MRFR predicts it to surge at a CAGR of 12.94% in the forthcoming period, whereas the Middle East and Africa region is projected to note a modest growth rate. The growing investments for carrying out researches in the field combined with the increasing amendments in the evaluation standards for clinical trials has led to the robust performance of the market in Europe to a large extent.
The players at the top in the worldwide bioanalytical testing services market include Pharmaceutical Product Development (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Toxikon (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Intertek Group plc (U.K.), Pace Analytical Services, LLC (U.S.), Charles River Laboratories Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), inVentiv Health (U.S.), and others.
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Pharmascience Inc. is set to launch a new division called Royalmount Laboratories, which will raise the company’s expertise in bioanalytical operations. This will be possible owing to more efficiency in Cannabis testing for other companies.
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