Worldwide Bioanalytical Testing Services Industry to 2027 - Increased Necessity of Specific Types of Tests in R&D Activities is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Bioanalytical Testing Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Bioanalytical Testing Services Market was estimated to be USD 2,573.86 in 2020 and is projected to grow at a CAGR of 11.59%.
- Pharmaceutical Product Development LLC
- ICON PLC
- Laboratory Corporation of America Holdings
- Charles River Laboratories International Inc.
- Syneos Health
- SGS SA
- Toxikon Corporation
- Intertek Group PLC
- Wuxi Apptec Co.,Ltd
Key Market Trends
The Small Molecule Sub-segment is Expected to Show Better Growth in the Bioanalytical Testing Services Market
The small molecule testing services sub-segment is anticipated to witness growth in the Bioanalytical Testing Services market due to their pivotal role in the development of generic versions of branded drugs. Bioanalytical testing plays a major role in proving the efficiency to simulate generic drug release profiles with that of branded drugs resulting in the growth of the segment.
On the other hand, the large molecule segment is expected to witness lucrative growth during the forecast period. Bioanalytical testing of large molecules is one of the challenging tasks for the biopharmaceutical industry. Hence, various techniques are used, such as Maldi-TOF-MS, Ligand Binding Assays, size exclusion affinity chromatography, etc. Bioanalytical testing of large molecules is generally conducted in the well-established R&D by the biopharmaceutical industries, followed by other Phase II studies, and long-term toxicity studies are mostly outsourced. Hence, outsourcing bioanalytical testing of these molecules is likely to be the prevailing trend over the forecast period.
Moreover, in the context of COVID-19, many biotech and pharmaceutical firms have been focusing on the effective and rapid technologies for the fast diagnosis of COVID-19 and to develop the vaccines/therapeutics that can help mitigate the spread by ensuring the appropriateness of care across all healthcare settings and achieve high-quality outcomes which are further driving the demand for the bioanalytical testing services globally. For instance, in July 2020, CIRION BioPharma Research Inc., a US-based GLP-certified contract research laboratory announced that the company is expanding its bioanalytical services by expanding its existing laboratory facilities to support drug and vaccine developments related to COVID-19. Thus, owing to the above-mentioned factors, the small molecule sub segment is expecetd to contribute significantly over the forecast period.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the bioanalytical testing services market, and this trend is expected to continue over the forecast period. This is majorly attributed to the rising demand for bioanalytical services with a high volume of ongoing research activities and clinical trials, which fuels the market growth in the region.
In North America, the United States holds the largest market share due to the increased patient pool of various chronic diseases and increased adoption of the peptides, other large molecule therapeutics as an alternative for small molecules that have more side effects. For instance, According to the Centers for Disease Control and Prevention, around USD 3.5 trillion of the amount is spent on chronic diseases in the United States. Therefore, the companies have been taking initiatives to meet the greater demand, which is expected to fuel the studied market.
Moreover, according to the International Diabetes Federation in 2020, about 48 million adults in North America were living with diabetes, and the trend is expected to continue resulting in higher demand for bioanalysis of the novel therapeutics to stop the growing volume of patient pool with diabetes. Thus, the rising demand for bioanalytical services, the large number of ongoing clinical trials, and the huge investment by many of the major pharmaceutical companies are the key factors driving the growth of the studied market in the country.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Necessity of Specific Types of Tests in R&D Activities
4.2.2 Increased Trend of Outsourcing Laboratory Testing Services
4.3 Market Restraints
4.3.1 Complex Regulatory Framework for Maintaining Laboratories
4.3.2 Challenges in the Development of Proper Analytical Techniques
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Molecule Type
5.1.1 Small Molecules
5.1.2 Large Molecules
5.2 By Test Type
5.2.1 Bioavailability and Bioequivalence Studies
5.2.4 Other Test Types
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/utvzll
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900