Rising Prevalence of Chronic Diseases Poised to Expand Bioanalytical Testing Services Market
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
Market Synopsis:
With the mounting demand for healthcare services, there has been a subsequent rise in demand for drug research. New technologies such as bioanalytical testing have been developed for facilitating drug development, which is likely to revolutionize the healthcare and pharmaceutical industries over the next couple of years. Market Research Future (MRFR) has unfolded in its latest report that the global bioanalytical testing services market is anticipated to mark 12.95% CAGR across the review period 2018 to 2023 to reach a valuation of USD 1867.30 Mn by 2023.
Increasing prevalence of chronic diseases is projected to intensify the demand for research & development across the pharmaceutical industry. It is expected to drive the proliferation of the bioanalytical testing services market in the years to come. However, the high cost of bioanalytical testing is likely to undermine market growth in the forthcoming years.
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Market Segmentation:
By molecule type, the global bioanalytical testing services market has been segmented into small molecule and large molecule. The small molecule market is expected to reach USD 1167.23 Mn by 2023 from USD 663.99 Mn in 2018. It is estimated to exhibit a CAGR of 11.94% across the projection period. On the other hand, the large molecule segment is expected to exhibit a relatively higher CAGR of 14.76% over the review period.
By test type, the bioanalytical testing services market has been segmented into pharmacodynamics (PD), bioavailability, pharmacokinetic (PK), bioequivalence, and others. Among these, the pharmacokinetic (PK) segment is expected to reach a valuation of USD 757.61 Mn by 2023 at a CAGR of 13.86% across the forecast period. The pharmacodynamics (PD) segment, on the other hand, is projected to expand at 13.06% CAGR over the review period.
Regional Analysis:
The global bioanalytical testing services market has been segmented into four key regions - Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Americas is expected to lead the expansion of the market over the next couple of years. The regional segment is anticipated to scale a decent valuation of USD 716.73 Mn by 2023 up from USD 399.77 Mn in 2018. In addition, the report highlights that the regional bioanalytical testing services market is expected to register a CAGR of 12.39% over the assessment period. Increasing investments in drug research are being observed in the region, which is projected to catalyze market growth in the forthcoming years.
Europe is prognosticated to reach USD 585.61 Mn mark by 2023 at a CAGR of 12.945 across the review period. It has been assessed to exhibit a similar growth pattern as that of the Americas bioanalytical testing services market. The market in Asia Pacific is projected to develop rapidly over the next couple of years. China and India are the most prominent country-level bioanalytical testing services market of the region. Global leaders are expected to invest in the region owing to low manufacturing and labor cost. This, in turn, is projected to catapult Asia Pacific market on an upward trajectory. The Middle East & Africa is poised to scale a CAGR of 11.76% during the assessment period and reach a valuation of USD 129.92 Mn by 2023.
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Competitive Dashboard:
Charles River is one of the key participants of the global bioanalytical testing services market expected to have a share of 23.21% as assessed in the report. Other important players studies in the share analysis are Pharmaceutical Product Development (U.S.), ICON plc (Ireland), WuXi AppTec (U.S.), Covance, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S), inVentiv Health (U.S.), SGS SA (Switzerland), Intertek Group plc (U.K.), Toxikon (U.S.), and Pace Analytical Services, LLC (U.S.). The strategies developed by these players for strengthening market positions include, but are not limited to, mergers and acquisitions, collaborations, rising investments, partnerships, collaborations, etc.
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