Global Bioanalytical Testing Services Market is expected to touch a valuation of USD 1,867.30 million by 2023, as per the latest report by Market Research Future (MRFR). High needs of blockbuster drugs to treat chronic diseases is one of the major factors predicted to drive the market growth over the forecast period (2018-2023). Rising research and development activities conducted in biotechnology and pharmaceutical sectors can spur market growth.
Increasing development of biologics can induce marketdemand over the forecast period. Patent expiry of various drugs and need forthem to expedite clinical trials can positively impact the bioanalyticaltesting services market. Outsourcing of testing services to contract researchorganizations (CROs) in developing economies to curtail operational expenditurecosts can propel market growth over the forecast period.
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Rising prevalence of cancer and other chronic ailmentswhich require blockbuster drugs can bolster market demand in the forthcomingyears. But high costs of drug discovery can pose a challenge to market growth.
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The bioanalytical testing services market can be segmented by molecule type and test type.
By molecule type, the market is segmented into small and large. The small segment accounted for nearly 66% market share, while the large segment accounted for 34.9% share in 2017. Small molecules can exhibit a 11.94% CAGR over the forecast period owing to its advantages against battling chronic diseases. Large molecules can grow at a higher CAGR (14.76%) than its counterpart due to large scale development of biologics. Biologics are an essential component in the manufacture of vaccines, proteins, and others. Testing of large molecules can turn out to be a lucrative opportunity for the bioanalytical testing services market.
By tests, it is segmented intopharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence,and others. Within this segment, PD accounted for 39% share of thebioanalytical testing services market in 2017. It can touch a size of USD467.25 million by 2023. This can be credited to this branch of testing capableof determining dose concentration-response relationships of drugs. PK assumedthe second position by capturing close to 25% share in the same year. Thissegment is touted to generate revenues at 13.96% CAGR over the forecast period.
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Regional Analysis:
The bioanalytical testing services market covers the latest trends and opportunities across Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas region accounted for 39.3% share in 2017, followed by Europe (31.3%), APAC (22.1%), and MEA (7.3%). The large share of Americas can be credited to presence of major pharmaceutical manufacturers, high incidence of chronic diseases, and technological advances in preclinical and clinical testing phases. The huge patient pool residing in the region can generate close to USD 716.73 million by 2023 at a CAGR of 12.39% over the forecast period.
The APAC bioanalytical testing services market can grow at a rapid clip owing to presence of CROs in India and China. India is touted to be the prime destination owing to the low production cost of drugs in the country. Factors such as developing healthcare infrastructure, investments by pharmaceutical giants of Europe and U.S., and numerous research organizations are expected to augment the market size to USD 435.05 million by 2023.
Europe can experience 12.94% CAGR over the forecast period, while the MEA region is likely to experience a modest growth rate.
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