Bioanalytical Testing Services Market Overview
The bioanalytical testing services market is estimated to reach a CAGR of 13.40 % between 2020 to 2030 in the forecast period, says Market Research Future (MRFR). The growing focus on analytical testing of biologics and biosimilars and the ongoing development in biologics is set to drive the demand of the bioanalytical testing services market. The rise in the number of cancer cases and other chronic illnesses in the developing and developed regions will accelerate the market’s growth in the forecast period. The Bioanalytical Testing Services play a vital role in the biopharmaceutical industry.
The higher adoption of Quality by Design (QbD) will show effective results with cost-effective and time-saving methods; these factors drive the market with greater growth opportunities.
The rise in demand to cure chronic illnesses is one of the primary reasons for expanding the market at the global level. The research and development activities in biotechnology and pharmaceutical will strengthen the market during the review period.
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During the outbreak of COVID-19, it has led to government initiatives to control the virus spread by increasing the testing services, which helped the bioanalytical testing services market to strengthen. The demand for bioanalytical assessment is anticipated to significantly contribute to supporting the global bioanalytical testing services market.
Bioanalytical Testing Services Market Segmentation
The bioanalytical testing services market is segmented into molecule type and test type.
The molecule type segment of the market is divided into small molecules and large molecules. The small molecule segment has acquired a good CAGR, and it is expected to continue its growth in the forecast period due to its benefits for fighting against chronic diseases. The large molecules will register a higher due to the large-scale advancements in biologics.
The tests-type segment of the market is classified into pharmacodynamics, bioanalysis, bioequivalence, pharmacokinetics, bioavailability, and others. Pharmacodynamics will obtain a good market value by 2023 due to the growing testing capability to determine the dose-response concentration and the relationship. Pharmacokinetics will acquire the second position in terms of share with a sound CAGR value during the forecast period.
Bioanalytical Testing Services Market Regional Analysis
According to the geographical data, the bioanalytical testing services market covers major regions such as the Americas, Asia Pacific, Europe, the Middle East and Africa.
The Americas is dominating the market due to the presence of chief players. The growing chronic illness is another reason driving the regional market. The Asia Pacific will obtain a good growth rate during the forecast period due to the availability of CROs in India and China. India will be emerging as a lucrative market among other countries of APAC.
Europe will witness a significant CAGR over the forecast period due to the rise in demand for bioanalytical services. The research and development activities and clinical trials conducted are propelling the regional market.
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The Middle East and Africa will show sluggish growth rates due to a lack of awareness and underdeveloped healthcare infrastructure. But the market is expected to emerge in the coming years due to the increase in the contribution of the regional countries owing to maintain economic stability.
Bioanalytical Testing Services Industry News
In November 2020, Eurofins, an international group of laboratories located in Luxembourg, revealed the acquisition of Taiyo Techno Research, a Japan-based laboratory specialized in asbestos testing.
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