iCrowd Newswire
22 Jan 2021, 13:51 GMT+10
Overview:
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. 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).
Request Sample Copy:
https://www.marketresearchfuture.com/sample_request/6573
Increasing development of biologics can induce market demand over the forecast period. Patent expiry of various drugs and need for them to expedite clinical trials can positively impact the bioanalytical testing services market. Outsourcing of testing services to contract research organizations (CROs) in developing economies to curtail operational expenditure costs can propel market growth over the forecast period.
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.
Competitive Dashboard:
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.
Access Report @
https://www.marketresearchfuture.com/reports/bioanalytical-testing-services-market-6573
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.
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.
Tags: Bioanalytical Testing Services Market Growth, Bioanalytical Testing Services Market Trends, Bioanalytical Testing Services Market Share, Bioanalytical Testing Services Market, Bioanalytical Testing Services Market demand, Bioanalytical Testing Services Market scope, Bioanalytical Testing Services Market industry
See Campaign: https://www.marketresearchfuture.com/reports/bioanalytical-testing-services-market-6573Contact Information:Contact:
Akash Anand
Market Research Future
+1 646 845 9312
mail: sales@marketresearchfuture.comTags:, Reportedtimes, Research Newswire, English
Contact:
Akash Anand
Market Research Future
+1 646 845 9312
mail: sales@marketresearchfuture.com
Get a daily dose of Houston Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Houston Mirror.
More InformationIRVING, Texas: McKesson Corp began distributing the Johnson & Johnson COVID-19 vaccine in the United States on Monday. McKesson is ...
United Airlines will pay $49.5 million to settle criminal fraud charges and civil claims pertaining to fraudulent conduct in violation ...
SYDNEY, NSW, Australia - Stocks in Hong Kong and mainland China jumped sharply on Wednesday dragging up indices in Australia ...
WASHINGTON D.C.: As preparations are underway to begin shipping Johnson and Johnson's COVID-19 vaccines this week, reports have been released ...
The winter storms that swept across the U.S., particularly Texas, upending the energy market and knocking out power for millions ...
NEW YORK, New York - U.S. stocks fell Tuesday after a session which saw major indices moving in and out ...
WASHINGTON D.C.: The U.S. Justice Department has announced it will appeal a court ruling that the federal prohibition on evictions ...
WASHINGTON, DC - Following accusations of sexual harassment against New York Governor Andrew Cuomo, White House press secretary Jen Psaki ...
SAN FRANCISCO, CA: Small earthquakes reaching magnitude 3.7 were felt along California's Central Coast after midnight on Sunday, according to ...
WASHINGTON DC: Speaking to reporters on Sunday, Dr. Anthony Fauci said he would not hesitate to be inoculated with the ...
NEW YORK, New York: Following news reports that the National Football League (NFL) had signed a new agreement with Walt ...
WASHINGTON DC: Even as the U.S. Centers for Disease Control and Prevention is monitoring outbreaks of the Ebola virus in ...