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Bioanalytical Testing Services Market Growth, Trends, Forecast and COVID-19 Impacts (2019 - 2023)
Global Bioanalytical Testing Services Market Research Report: by Molecule Type (Small Molecule, Large Molecule), by Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others), and Region - Forecast to 2023Overview:
The global bioanalytical testing services market is expected to touch a valuation of USD 1,867.30 million by 2023, as per the latest report by Market Research Future (MRFR). High needs of blockbuster drugs to treat chronic diseases is one of the major factors predicted to drive the market growth over the forecast period (2018-2023). Rising research and development activities conducted in biotechnology and pharmaceutical sectors can spur market growth.
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Segmentation:
The bioanalytical testing services market can be segmented by molecule type and test type.
By molecule type, the market is segmented into small and large. The small segment accounted for nearly 66% market share, while the large segment accounted for 34.9% share in 2017. Small molecules can exhibit a 11.94% CAGR over the forecast period owing to its advantages against battling chronic diseases. Large molecules can grow at a higher CAGR (14.76%) than its counterpart due to large scale development of biologics. Biologics are an essential component in the manufacture of vaccines, proteins, and others. Testing of large molecules can turn out to be a lucrative opportunity for the bioanalytical testing services market.
By tests, it is segmented into pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. Within this segment, PD accounted for 39% share of the bioanalytical testing services market in 2017. It can touch a size of USD 467.25 million by 2023. This can be credited to this branch of testing capable of determining dose concentration-response relationships of drugs. PK assumed the second position by capturing close to 25% share in the same year. This segment is touted to generate revenues at 13.96% CAGR over the forecast period.
Regional Analysis:
The bioanalytical testing services market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas region accounted for 39.3% share in 2017, followed by Europe (31.3%), APAC (22.1%), and MEA (7.3%). The large share of Americas can be credited to presence of major pharmaceutical manufacturers, high incidence of chronic diseases, and technological advances in preclinical and clinical testing phases. The huge patient pool residing in the region can generate close to USD 716.73 million by 2023 at a CAGR of 12.39% over the forecast period.
The APAC bioanalytical testing services market can grow at a rapid clip owing to presence of CROs in India and China. India is touted to be the prime destination owing to the low production cost of drugs in the country. Factors such as developing healthcare infrastructure, investments by pharmaceutical giants of Europe and U.S., and numerous research organizations are expected to augment the market size to USD 435.05 million by 2023.
Europe can experience 12.94% CAGR over the forecast period, while the MEA region is likely to experience a modest growth rate.
Competitive Landscape
Key players in the bioanalytical testing services market include Laboratory Corporation of America Holdings (U.S.), WuXi AppTec (U.S.), Covance, Inc. (U.S.), Pharmaceutical Product Development (U.S.), Toxikon (U.S.), Charles River Laboratories, Inc. (U.S.), inVentiv Health (U.S.), SGS SA (Switzerland), Pace Analytical Services, LLC (U.S.), ICON plc (Ireland), and Intertek Group plc (U.K.).
Industrial Audience
• Global Pharmaceutical manufacturers & suppliers
• Research and development (R&D) companies
• Hospitals and clinics
• Academic institutes and universities
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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