Global Bioanalytical Testing Services Market will grow exponentially by 2023, registering a CAGR of 12.95 % throughout the forecast period (2018 – 2023).
Bioanalytical Testing Services comprise a range of methods that play a vital role in expediting drug development and in the success of the drug. These methods are used in determining the quantity of active drugs and their metabolites in the human body. Bioanalytical testing services can also be used in revitalizing some drugs that were deemed ineffective and abandoned during the initial phases of development.
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Over recent years, continuous advances in research and development (R&D) activities for new drug discoveries is accelerating the demand for bioanalytical testing services which is increasing the market growth of these services. The augmenting demand for the developments of breakthrough drugs to treat chronic diseases drives market growth predominantly. Furthermore, the latest trend of pharma companies to outsource R&D to contract research organizations (CROs) is escalating the market on the global platform.
Additional factors supporting the market growth include increased utilization of medication revelation processes, growing interest and the success ration of adequacy trials. The emergence of new healthcare technologies and rapid advancements like pharmacodynamics (PD), pharmacokinetics (PK), bioanalysis, and bioequivalence are fostering the growth of the bioanalytical testing services market.
With the increasing demand for diagnostic tests led by rising genetic disorders & mutational diseases, the market for bioanalytical testing services is expanding rapidly. Moreover, the government’s initiatives and investments in R&D programs are providing impetus to the market growth. As bioanalytical testing services are in the embryonic stage, currently its uses are quite limited. However, the new approaches are on its way for clinical trials.
Rapid developments of biologics are expected to accelerate clinical trials which can have a direct impact on treatment options for serious ailments such as cancer. Soon, bioanalytical testing services will even be used in the development of pharmacogenomic to treat a wide range of health problems, including Alzheimer disease, cardiovascular disease, cancer, cardiovascular disease, asthma, and HIV/AIDS.
The global bioanalytical testing services market is led by some of the fervent players including WuXi AppTec (U.S.), Laboratory Corporation of America Holdings (U.S.), Covance, Inc. (U.S.), Toxikon (U.S.), Pharmaceutical Product Development (U.S.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), inVentiv Health (U.S.), Pace Analytical Services, LLC (U.S.), Intertek Group plc (U.K.), and ICON plc (Ireland).
MRFR has segmented the global bioanalytical testing services market into three key dynamics
By Molecule Type: Small Molecules (proprietary and generics) and Large Molecules (biomarkers, biosimilars, vaccines, and others.).
By Test Type: Pharmacodynamics (PD), Pharmacokinetics (PK), Bioanalysis, and Bioequivalence, among others
By Regions: North America, Europe, APAC and Rest-of-the-World.
Industry/Innovation/ Related News:
November 19, 2018 – Ampersand Capital Partners (US), a middle market private equity firm dedicated to growth-oriented investments in the healthcare sector announced the completion of the acquisition of Pacific Biomarkers, merging it with existing portfolio company NEOMED-LABS.
Pacific Biomarkers is a biomarker testing service and Bioanalytical GLP and GCLP compliant biomarker laboratory services provider, and the merger brings together two leading bioanalytical CROs with unrivaled credentials in immunology and particular expertise in assay development, custom biomarker validation, and high-throughput clinical sample testing.
Globally, North America leads the global market of bioanalytical testing services with the largest market share. Factors substantiating the growth include the greater expenditure on healthcare. Additionally, the prevalence of various chronic diseases such as cardiovascular diseases coupled with greater awareness among patients towards the benefits of good healthcare has boosted the growth of the market in America. The rapid uptake of new techniques for developments of new medicines especially in the US is also an essential driver for the regional market growth.
The European region stands the second position in terms of the market size, growing at a considerable CAGR. Well penetrated healthcare sector coupled with the resurging economy in the region is expected to foster the regional market growth. Moreover, increasing funding and government support for the R&D activities along with the presence of enormous patient pool in the region will drive the market growth during the review period.
The Asia Pacific market for the bioanalytical testing services is expected to perceive a phenomenal growth, accounting for the fastest growing market, globally. The market growth will be led mainly by China and India, owing to the huge population and the fastest growing healthcare sector coupled with the large unmet clinical needs in these countries.
Vietnam, Thailand, and Malaysia among the other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the Bioanalytical Testing Services market in the in the Asia Pacific region.
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The MEA region (the Middle East & Africa) owns a tiny share in the global bioanalytical testing services market due to the least contribution, mainly from Africa due to the poor economy, low per capita healthcare expenditure and stringent government policies.
The Middle Eastern bioanalytical testing services market, on the other hand, perceives a spurting growth owing to the proliferation of healthcare sector and huge investments made in the development of healthcare facilities. Moreover, favorable policies, initiatives, and funding by the government are playing a key role in the market growth in ME.
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