The global pharmacokinetics services market size is expected to reach USD 1.2 billion by 2025, according to a new report by Grand View Research, Inc., registering an 8.3% CAGR during the forecast period. Rising adoption of pharmacokinetic and toxicology studies for determination of several parameters such as no-observed-effect levels (NOEL), human equivalent doses (HED) levels, and pharmacokinetic/pharmacodynamic (PK/PD) drivers are expected to fuel market growth.
Thorough understanding of the pharmacokinetic profile of a potential drug candidate plays a major role in the success of a drug discovery program. In addition to this, regulatory bodies have played a major role in the progress of this market through establishing defined guidelines for conducting PK studies. There are a substantial number of CROs engaged in conducting PK studies in accordance with relevant EMEA, ICH, FDA, GCP, and other regulatory guidelines.
Growing concern for effective implementation of PK services in the drug development process is anticipated to drive investments in this sector. Several conferences and certification courses are being conducted across the world to increase the understanding of various paradigms associated with pharmacokinetics application in clinical and preclinical drug development.
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Further key findings from the report suggest:
• Based on drug type, PK services for small molecules dominated the market in 2017 and is expected to maintain its lead during the forecast period fueled by high service penetration and growing popularity of generics
• PK services for large molecules are expected to grow significantly during the forecast period, driven by presence of significant number of biologics and biosimilars in the clinical development phase
• Presence of a large number of biopharmaceutical and pharmaceutical manufacturing entities in U.S. has resulted in North America accounting for the largest share in 2017
• Asia Pacific is expected to grow lucratively throughout the forecast period thanks to constant economic growth in several countries, which has attracted significant attention from global CROs and resulted in business expansions
• Pharmaceutical Product Development, LLC; Charles River Laboratories International, Inc.; PAREXEL International Corporation; and Eurofins Scientific, Inc. are some of the key service providers
• These CROs are undertaking various initiatives in order to capitalize on new market avenues and enhance their share in the future market.
Grand View Research has segmented the global pharmacokinetics services market on the basis of drug type and region:
Pharmacokinetics Services Drug Type Outlook (Revenue, USD Million, 2013 - 2025)
• Small Molecules Pharmacokinetics Services
• Large Molecules (Biopharmaceuticals) Pharmacokinetics Services
Pharmacokinetics Services Regional Outlook (Revenue, USD Million, 2013 - 2025)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
• Middle East & Africa
o South Africa