Bioanalytical Testing Services Market Overview
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.
During the projected period of 2018 to 2023, the worldwide bioanalytical testing services market size will rise at a CAGR of 12.95 percent. The bioanalytical testing services market is expected to grow in value. According to market researchers, the global market is expected to increase as a result of factors such as a growing focus on biologics and biosimilars analytical testing, as well as an increasing focus on biologics and biosimilars analytical testing. However, during the forecast period of 2018 to 2023, the bioanalytical testing services market would encounter challenges and restrictions due to a lack of knowledge and complications in business expansion.
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. 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.
Global Bioanalytical Testing Services Market 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%.
Bioanalytical Testing Services Market Competitive Landscape:
Bioanalytical testing services has seen tremendous growth, due to the growing focus on the analytical testing and the on-going RD in the pharma and pharmaceutical sectors. However, the lack of expertise and high expenses associated with drug discovery would challenge the companies active in the market. Furthermore, companies using growth strategies to stay ahead in the global market are expected to help the market during the forecast period 2018 to 2023. As the market report suggests that the market will register a CAGR of 12.95% and reach a higher valuation by 2023, the market report highlights key areas bioanalytical testing services market-based companies need to focus on. The market research report projects a long-term growth till 2023. Based on market’s analysis on the basis of SWOT and Porters’ Five Force Model, the market will rise during the forecast period 2018 to 2023, however the companies need to move ahead with caution. The bioanalytical testing services market research report highlights such key areas.
Bioanalytical Testing Services Market 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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