Bioanalytical Testing Services Market Outlook Might Surprise You in Future 2020-2027
Global Bioanalytical Testing Services Market Research Report: By Molecule Type (Small Molecule, Large Molecule), By Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others) - Forecast to 2027
The Global Bioanalytical Testing Services Market is expected to exhibit a CAGR of 12.95% over the forecast period from 2018 to 2023, according to a new research report from Market Research Future (MRFR). The report presents readers with a clear picture of the global bioanalytical testing services market’s growth potential over the forecast period based on a detailed study of the market’s major historical growth drivers and restraints. The leading players operating in the global bioanalytical testing services market and their successful strategies are also assessed in detail in the report to provide readers with a clear picture of the competitive landscape of the market.
Bioanalytical testing services are used to detect and measure the presence of drugs and related metabolites in the human body. The bioanalytical testing services market comprises a major part of the biomedical research sector, as it plays a crucial role in determining whether a drug can deliver its expected efficacy and whether it is safe for human consumption.
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Thus, bioanalytical testing services play a vital part in expediting the drug delivery process and make it more convenient and easier for manufacturers to gather relevant results in the shortest time. The increasing demand for advanced bioanalytical testing services from the medical research sector is likely to be the major driver for the market over the forecast period.
The growing global medical research sector is likely to drive the global bioanalytical testing services market over the forecast period. Due to the growing prevalence of communicable as well as noncommunicable diseases, the global medical research sector has been driven at a strong pace. This growth is likely to result in steady growth of the global bioanalytical testing services market over the forecast period, as bioanalytical testing services play a vital role in medical research. The growing prevalence of cancer has become a major concern for the healthcare sector and significant research efforts have been dedicated towards the eradication of cancer in the last few years. The increasing prevalence of communicable diseases is also likely to be a major driver for the bioanalytical testing services market over the forecast period.
Competitive Analysis:
Leading players in the global bioanalytical testing services market include Laboratory Corporation of America Holdings, Covance Inc., Toxikon, inVentiv Health, Pace Analytical Services LLC, Intertek Group plc, ICON Plc, SGS SA, Charles River Laboratories Inc., Pharmaceutical Product Development, and WuXi AppTec.
Industry Updates:
In January 2019, SGS expanded its Glasgow facility by adding more testing capacity.
Segmentation:
The global bioanalytical testing services market is segmented on the basis of test type, molecule type, and region.
By test type, the global bioanalytical testing services market is segmented into pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. The pharmacodynamics segment accounted for a strong 39% share in the global bioanalytical testing services market in 2017 and is likely to reach a valuation of USD 467.25 million by 2023.
By molecule type, the bioanalytical testing services market is divided into small and large molecules. The small molecules segment is sub-segmented into proprietary and generics, while the large molecules segment is divided into biomarkers, biosimilars, vaccines, and others. The small molecules segment accounted for a dominant 66% market share in 2017 and is likely to exhibit growth at a smooth CAGR of 11.94%.
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Regional Analysis:
The Global Bioanalytical Testing Services Market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa on the basis of region. The Americas is likely to be the major regional segment of the global bioanalytical testing services market over the forecast period due to the strong presence of medical research facilities in developed North American countries such as the U.S. and Canada. The strong presence of government support to medical research in these countries has also helped advance the cause of medical research and is likely to remain a major driver for the bioanalytical testing services market in the region over the forecast period. The growing prevalence of cancer and other noncommunicable chronic diseases in North America is also a major driver for the bioanalytical testing services market in the region. The U.S. is a global hotspot for medical research, with several leading medicine and drug manufacturers having a strong presence in the country and the government providing a solid research infrastructure with solid scope for further development in the coming years.
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