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- Bioanalytical Testing Services Market offer Industry Size Estimation, Share Investment, Sales revenue, Business Opportunity and Regional Demand
Bioanalytical Testing Services Market Analysis
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.
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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.
Bioanalytical Testing Services 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.
Bioanalytical Testing Services Market 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.
Bioanalytical Testing Services Market Studied by 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.).
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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