Bioanalytical Testing Services Market Shows A Rapid Growth by 2028 | Industry Trends, Size, Key Players, COVID-19 Impact, Forecast
Market Research Future (MRFR) studied the global bioanalytical testing services market 2020 across the assessment period till 2023. The bioanalytical testing services market can rise at 12.95% CAGR between 2018 and 2023 (forecast period). By 2023, the bioanalytical testing service market can earn about USD 435.05 Mn revenue. The thriving pharmaceutical sector can underpin the bioanalytical market growth. The growing focus on introduction of different drug type creating the need for effective analytical testing of biosimilars and biologics can contribute to the market expansion. Reputed biopharmaceutical companies are observed to outsource analytical testing solutions and hike in R&D expenditure by well-established pharmaceuticals can add to the market growth. The increase in adoption of quality by design approach for drug formulation due to its efficacy can improve the market momentum. However, the lack of professionals to handle modern technologies can restrain the market rise in the review period.
Request Sample Copy:
The segment study of the bioanalytical testing services market is based on test type and molecule type.
The molecule type-based segments of the market are large and small. The small segment can earn above 66% market share by 2023. The segment for small molecules can earn 11.94% CAGR across the study period. The Large molecules segment can grow (14.76% CAGR as they are extensively used in the development of biologics.
The test-based segments of the bioanalytical testing services market are pharmacodynamics (PD), pharmacokinetics (PK), bioavailability, and bioequivalence among others. The PD segment accounted for about 39% share of the global bioanalytical testing services market by 2023. The segment is likely to generate revenue of about USD 467.25 Mn by 2023. The PK segment can earn 25% share of the market and can rise at 13.96% CAGR in the analysis period.
In Asia Pacific, the bioanalytical testing services market can thrive along the review period. The presence of multiple CROs and their contribution in the field of biotech can support regional expansion of the market. India is expected to earn considerable for the regional market due to the benefit of low production cost of drugs availed by the country. The presence of robust healthcare base and giant pharmaceutical can add to the expansion of APAC market.
In North America, the bioanalytical testing services market can surge in the near future due to increase in pharmaceutical start-ups and expansion of product portfolio by existing biopharmaceutical companies. The increase in contract development activities and robust manufacturing action by wealthy biotech organizations can support the regional market expansion. North America market can earn about USD 716.73 Mn by 2023 at 12.39% CAGR.
In Europe, the rise in outsourcing of clinical trials and laboratory testing services by pharmaceutical companies can increase profit margins by slashing capital expenditure and curb time for the completion of product life cycle and to for the validation of processes and products. The rise in R&D in the oncology field can add to the regional bioanalytical testing services market expansion. Europe market can register about 12.94% CAGR by 2023.
Prominent players operating in the bioanalytical testing services market include Toxikon (U.S.), Intertek Group plc (U.K.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Pharmaceutical Product Development (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Pace Analytical Services, LLC (U.S.), inVentiv Health (U.S.), and Laboratory Corporation of America Holdings (U.S.). Collaborations, mergers & acquisitions, and product portfolio expansions are core strategies deemed to be employed by these players during the forecast period.
Browse Full Report @
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
+1 646 845 9312