Pharma ADMET Testing Market 2024 - By Growth Rat, Share, Analysis, Outlook and Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Pharma ADMET Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The pharma admet testing market size has grown rapidly in recent years. It will grow from $8.62 billion in 2023 to $9.61 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to growth in biopharmaceuticals and biosimilars, rise in drug development activities, growing awareness of drug safety, globalization of clinical trials, shift towards in silico modeling.

The pharma admet testing market size is expected to see rapid growth in the next few years. It will grow to $14.87 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to environmental toxicology and safety assessment, awareness of pharmacogenomics, focus on precision medicine, growth of biologics and biosimilars, integration of artificial intelligence (ai), expanded regulatory requirements, rise in orphan drug development. Major trends in the forecast period include increasing collaboration in research, rapid technological innovations, advancements in analytical technologies, continuous monitoring of drug safety, environmental impact considerations.

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Market Drivers and Trends:

The rising number of product approvals is driving the pharma ADMET testing market. Product approvals refer to the process by which regulatory authorities, such as the Food and Drug Administration (FDA) in the United States or the European Medicines Agency (EMA) in Europe, grant permission for a product to be marketed and sold to the public. ADMET testing is beneficial for determining the safety and efficacy of novel products and is mandatory in product regulatory approvals. For instance, in January 2022, according to the Center for Drug Evaluation and Research, a US-based Government agency, in 2020, 53 drugs were approved, up from 48 drugs approved in 2019. Therefore, the rising number of product approvals drives the pharma ADMET testing market.

Product innovations are a key trend gaining popularity in the pharma ADMET testing market. Major companies in the pharma ADMET testing market are introducing innovative products such as Logica to sustain their position in the market. For instance, in April 2022, Charles River Laboratories International Inc., a US-based pharmaceutical company, and Valo Health Inc., a US-based AI-health solution company, launched Logica, an AI-based drug development solution. The new solution leverages Valo's AI-powered Opal Computational Platform to provide users with ADMET testing services and other drug delivery solutions. Logi¬ca makes use of industry-leading predictive models, chem¬i¬cal design and syn¬the¬sis capabil¬i-ties, DNA-encod¬ed libraries, and in sil¬i¬co high through¬put screen¬ing from Valo's Opal Com¬pu¬ta¬tion¬al Plat-form, in addition to the Charles River's lead¬ing capa¬bil¬i¬ties in all aspects of dis¬cov¬ery opti¬miza¬tion includ¬ing high through¬put screen¬ing, med¬i¬c¬i¬nal chem¬istry, ADME, biol¬o¬gy, phar¬ma¬col¬o¬gy, and ulti¬mate¬ly safe¬ty test-ing and IND sub¬mis¬sion.

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Major Key Players of the Market:

Thermo Fisher Scientific Inc., Abbott Laboratories, The Merck Group, Laboratory Corporation of America Holdings, IQVIA Inc., PPD ICON plc, Agilent Technologies Inc., Wuxi AppTec Co. Ltd., Catalent Inc., Covance Inc., Charles River Laboratories International Inc., Eurofins Scientific SE, Beckman Coulter Inc., Perkinelmer Inc., Bio-Rad Laboratories Inc., Albany Molecular Research Inc., Evotec A.G., CMIC Holdings Co. Ltd., Promega Corporation, Aptuit LLC, Symeres B.V., Biovia Corp., BioIVT LLC, Cyprotex Limited, InSphero AG, Admescope Ltd., Accelrys Inc.

Pharma ADMET Testing Market 2024 Key Insights:

• The pharma admet testing market size is expected to see rapid growth in the next few years. It will grow to $14.87 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• The Influence Of Increasing Product Approvals On The Pharma Admet Testing Market
• The Impact Of Product Innovations On The Pharma Admet Testing Market
• Asia-Pacific was the largest region in the pharma ADMET testing market in 2023

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