Worldwide Analysis On Bioanalytical Testing Services Market due to Strong Presence of Medical Research Sector Says MRFR
Market Synopsis:
With the mounting demand for healthcare services, there has been a subsequent rise in demand for drug research. New technologies such as bioanalytical testing have been developed for facilitating drug development, which is likely to revolutionize the healthcare and pharmaceutical industries over the next couple of years. Market Research Future (MRFR) has unfolded in its latest report that the global bioanalytical testing services market is anticipated to mark 12.95% CAGR across the review period 2018 to 2023 to reach a valuation of USD 1867.30 Mn by 2023.
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Bioanalytical testing services are used to detect and measure the presence of drugs and related metabolites in the human body. The bioanalytical testing services market comprises a major part of the biomedical research sector, as it plays a crucial role in determining whether a drug can deliver its expected efficacy and whether it is safe for human consumption. Thus, bioanalytical testing services play a vital part in expediting the drug delivery process and make it more convenient and easier for manufacturers to gather relevant results in the shortest time. The increasing demand for advanced bioanalytical testing services from the medical research sector is likely to be the major driver for the market over the forecast period.
The growing global medical research sector is likely to drive the global bioanalytical testing services market over the forecast period. Due to the growing prevalence of communicable as well as noncommunicable diseases, the global medical research sector has been driven at a strong pace. This growth is likely to result in steady growth of the global bioanalytical testing services market over the forecast period, as bioanalytical testing services play a vital role in medical research. The growing prevalence of cancer has become a major concern for the healthcare sector and significant research efforts have been dedicated towards the eradication of cancer in the last few years. The increasing prevalence of communicable diseases is also likely to be a major driver for the bioanalytical testing services market over the forecast period.
Competitive Analysis:
Leading players in the global bioanalytical testing services market include Laboratory Corporation of America Holdings, Covance Inc., Toxikon, inVentiv Health, Pace Analytical Services LLC, Intertek Group plc, ICON Plc, SGS SA, Charles River Laboratories Inc., Pharmaceutical Product Development, and WuXi AppTec.
Industry Updates:
In January 2019, SGS expanded its Glasgow facility by adding more testing capacity.
Segmentation:
The global bioanalytical testing services market is segmented on the basis of test type, molecule type, and region.
By test type, the global bioanalytical testing services market is segmented into pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others.
By molecule type, the bioanalytical testing services market is divided into small and large molecules. The small molecules segment is sub-segmented into proprietary and generics, while the large molecules segment is divided into biomarkers, biosimilars, vaccines, and others.
Regional Analysis:
The global bioanalytical testing services market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa on the basis of region. The Americas is likely to be the major regional segment of the global bioanalytical testing services market over the forecast period due to the strong presence of medical research facilities in developed North American countries such as the U.S. and Canada. The strong presence of government support to medical research in these countries has also helped advance the cause of medical research and is likely to remain a major driver for the bioanalytical testing services market in the region over the forecast period. The growing prevalence of cancer and other noncommunicable chronic diseases in North America is also a major driver for the bioanalytical testing services market in the region. The U.S. is a global hotspot for medical research, with several leading medicine and drug manufacturers having a strong presence in the country and the government providing a solid research infrastructure with solid scope for further development in the coming years.
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