The global bioanalytical testing services market is expected to exhibit a solid 12.95% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global bioanalytical testing services market is expected to reach a valuation of more than USD 1.8 billion by 2023, according to the MRFR report. The report presents a detailed look at the global bioanalytical testing services market, including a detailed look at the major drivers and restraints affecting the global market. The major players operating in the global bioanalytical testing services market are also profiled in the report to give readers a clear overview of the competitive landscape of the market.
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Bioanalytical testing services are methods used to determine the quantity and nature of active drugs inside the human body. Drugs and their metabolites in the body are analyzed through bioanalytical testing services to determine the effect of drugs and their breakdown in the body. Due to this, bioanalytical testing services play a crucial role in expediting drug development. Bioanalytical testing services have taken on a vital role in drug development due to their usefulness in determining the nature of the breakdown of drugs in the body and the nature of metabolites produced in the body as a result of the drug. This is likely to remain a major driver for the global bioanalytical testing services market over the forecast period.
The growing pharmaceutical industry and the need for rapid action drugs to treat chronic diseases are likely to remain major drivers for the global bioanalytical testing services market over the forecast period. The rising number of biopharmaceutical drugs in the pipeline is likely to be a major driver for the global bioanalytical testing services market over the forecast period. Biopharmaceuticals are likely to rise in popularity over the forecast period due to their benefits over conventional pharmaceutical products. This is likely to lead to a growing demand for bioanalytical testing services over the forecast period. The increasing prevalence of cancer, other noninfectious diseases, as well as other infectious diseases is likely to be a major driver for the global bioanalytical testing services market over the forecast period.
Bioanalytical Testing Services Market- Competitive Leaderboard:
Leading players in the global bioanalytical testing services market include Intertek Group plc, ICON plc, Pace Analytical Services LLC, SGS SA, inVentiv Health, Charles River Laboratories Inc., Toxikon, Pharmaceutical Product Development, Covance Inc., WuXi AppTec, and Laboratory Corporation of America Holdings.
Bioanalytical Testing Services Market- Segmentation:
The global bioanalytical testing services market is segmented on the basis of molecule type, test type, and region.
By molecule type, the global bioanalytical testing services market is segmented into small molecule and large molecule. The small molecule segment is further sub-segmented into generics and proprietary, while the large molecules segment is further sub-segmented into biomarkers, biosimilars, vaccines, and others. The small molecule segment is likely to remain a highly important part of the global bioanalytical testing services market over the forecast period, as small molecule treatments have become important in oncological treatments.
By test type, the global bioanalytical testing services market is segmented into pharmacokinetics, pharmacodynamics, bioavailability, bioequivalence, and others.
Bioanalytical Testing Services Market-Regional Analysis:
The Americas segment holds the largest share in the global bioanalytical testing services market, accounting for more than 39% in 2017. The U.S. is the global leader in the global bioanalytical testing services market due to the presence of large players in the region. Due to the strong government support to innovation in the healthcare sector in the region, many major healthcare industry players have strong bases in North America, especially the U.S. This is a major driver for the global bioanalytical testing services market. The growing prevalence of cancer in the region is also likely to be a major driver for the global bioanalytical testing services market over the forecast period. Europe is also a major regional market for bioanalytical testing services and is likely to retain an important share in the market over the forecast period.
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