Bioanalytical research tools provide a variety of techniques used to assess the quantities and metabolites of active drugs in the human body. It plays a crucial role in promoting the development of drugs and is essential to the efficacy of drugs. Due to the boom in the pharmaceutical industry, the global demand for bioanalytical testing services market growth is expected to exhibit a 12.95 percent CAGR from 2018 to 2023 (forecast period), as per the report by Market Research Future (MRFR).
The need for fast-acting drugs to treat chronic diseases is expected over the forecast period to increase market demand. This is backed by steady advances in research and development (R&D). Rapid production of biologics to accelerate clinical trials that can directly impact treatment choices for severe illnesses including cancer.
Report Overview
Bioanalytical testing services include a set of methods used to assess the quantities and metabolites of active drugs in the human body. It is important to the production of medicines and the effectiveness of medicines. During the forecast period, the need for quick action medicines to treat chronic diseases is expected to fuel market demand. This cycle is assisted by continuous advancement in research and development (R&D). Rapid biologic development to speed up clinical trials that can directly affect treatment choices in cases of serious diseases, such as cancer. However, due to comprehensive research related to these medications, they are costly. The entire manufacturing cycle incurs high costs, resulting in a rise in the overall cost of the pharmaceutical product, which can be a barrier to the consumer. However, their potential to cure people of their diseases will drive the market for bioanalytical testing services away from any long-lasting adverse effects.
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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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