Global Bioanalytical Testing Services Market is expected to grow at a CAGR of 11.41% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Bioanalytical Testing Services Market by Product (Bioavailability, Bioequivalence, ADME, Pharmacokinetics, Pharmacodynamics), Application (Pharmaceuticals, Scientific Research), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The Global Bioanalytical Testing market is expected to grow from USD 1.92 Billion in 2019 to USD 4.56 billion by 2027, at a CAGR of 11.41% during the forecast period 2020-2027.
The diagnostic technique used for the examination of biotechnological or biological items is known as bioanalytical testing. Bioanalytical tests are utilized in drug detection, drug development, and in the commercialization of drugs. The increased focus of biopharmaceutical organizations on research and development services has created opportunities for the market growth in future. Increasing recurrence of outsourcing innovative development activities by many biopharmaceutical companies in order to focus on their core competencies is expected to propel the expansion of the global bioanalytical testing services market during the forecast period.
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The increasing frequency of outsourcing R&D activities by the major pharmaceutical companies in order to focus on their core competencies is the vital impact rendering driver for this market over the forecast period. Growing demand for analytical services for biologics and large-molecule drugs, increasing outsourcing of analytical testing by pharmaceutical companies, and growing acceptance of the quality-by-design approach in pharmaceutical research/manufacturing are driving the market growth. In addition, the high-quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics market, and presence of a large pool of analytical testing providers are further expected to drive the growth of this market. The government policy can be used to describe any course of action which intends to change a certain situation. This includes broad range of testing requirements from high-throughput, routine testing of samples for human consumption to highly technically challenging analytical test development and implementation. This act as a restraint for the market.
The market has been segmented on the basic of product, application, and region. Product segment includes bioavailability, bioequivalence, ADME, pharmacokinetics, and pharmacodynamics. Bioavailability segment expected to grow with highest owing to increased demand for bioanalytical testing services in generic drug development. Also the demand for bioanalytical testing services has increased in generic drug development. Application segment includes pharmaceuticals, scientific research, and other applications. Pharmaceuticals segment held the largest market share of 47.55% and valued at USD 915.24 million in 2019. The rapid increase in the manufacturing of the pharmaceuticals to meet the rising demand for efficient healthcare. The growing pressure on drug manufacturers to deliver high-quality products and increasing outsourcing of analytical testing services are the major factors driving the growth of the market for pharmaceutical.
The major companies for global bioanalytical testing services market are LabCorp, SGS SA, Intertek Group, and PPD, ICON plc. LabCorp held the largest market share of 14.32% in 2019.
About the report:
The global Bioanalytical Testing Services market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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