Bioanalytical Testing Services Market Overview
Market Research Future (MRFR) studied the global bioanalytical testing services market 2020 across the review forecast period (2018-2023). The bioanalytical testing service market can value USD 1,867.30 million by 2023, reveals MRFR analysis. The surge in the demand for blockbuster drugs for the management of chronic diseases observed in a large populace can cause the expansion of the market. The increase in funding for research and development activities promising long-term benefit for pharmaceutical and biotechnology sectors can add momentum to the bioanalytical testing service market.
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Bioanalytical Testing Services Market Segmentation
The segment assessment of the bioanalytical testing services market is done by test type and molecule type.
The molecule type based segment of the bioanalytical testing services market are small and large. The small molecule type segment can acquire about 66% market share and the large segment can secure 34.9% share of the market on the conclusion of the analysis period. The Small molecules type segment can rise at 11.94% CAGR in the forecast period as the awareness about its advantages to treat several chronic diseases spreads. The large molecules segment can thrive at 14.76% CAGR due to the large scale advances in the biologics field. Biologics form an integral part for the production of vaccines and proteins. Recently, the continuous struggle for the production of vaccine for COVID 19 is observed to support the expansion of the bioanalytical testing services market.
The tests based segments of the bioanalytical testing service market are pharmacodynamics (PD), pharmacokinetics (PK), bioequivalence, and bioavailability among others. The PD segment can acquire about 39% share of the worldwide bioanalytical testing services market by 2023. The segment can earn about USD 467.25 Mn by 2023. The PK assumed segment can expand at 13.96% CAGR in the review period.
Bioanalytical Testing Services Market Regional Analysis
Trends and factors of the bioanalytical testing services market analysis based on region spans across Americas, EU, MEA, and MEA.
America bioanalytical testing services market can hold 39.3% share, Europe to secure 31.3% share, APAC and MEA to garner 22.1% and 7.3% share of the worldwide market, respectively. In the America region, the bioanalytical testing service expansion can be attribute to existence of a large count of well-established pharmaceutical manufacturers. The growing cases of chronic diseases and the intervention of modern medical technological for their diagnosis and treatment, and effective preclinical and clinical testing can contribute the expansion of the bioanalytical testing service market in the region. The existence of a considerable patient pool in the region can to the generation of about USD 716.73 Mn at 12.39% CAGR by 2023.
In APAC, the bioanalytical testing services market can value at USD 435.05 Mn by 2023. The increase in the number of CROs across India and their activities supported by low production cost of drugs can promote the regional market expansion. Other causes, such as developments in the healthcare infrastructure and rise in funding by pharmaceutical giants in R&D can impact the bioanalytical testing service market in the near future. In Europe, dynamics of pharmaceuticals can cause the bioanalytical testing service market to rise at 12.94% CAGR in evaluation period. In MEA, the market can experience moderate expansion.
Bioanalytical Testing Services Market Competitive Dashboard
Pace AnalyticalServices, LLC (U.S.), Intertek Group plc (U.K.), Toxikon (U.S.), Charles River Laboratories, Inc. (U.S.), Pharmaceutical Product Development (U.S.), SGS SA (Switzerland), ICON plc (Ireland), WuXi AppTec (U.S.), Covance, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), and inVentiv Health (U.S.) are some of the top-notch enterprises in the bioanalytical testing services market, listed by MRFR.
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