Bioanalytical Testing Services Market Profits as Number of Researches Grows

Bioanalytical Testing Services Market Snapshot:

The global Bioanalytical Testing Services Market Growth will be closing in on the valuation of USD 1,867.30 million by 2023, concludes Market Research Future (MRFR) after careful analysis of the current trends. Furthermore, the market is set to register a CAGR of 12.95% during the forecast period (2018-2023).

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Bioanalytical Testing Services Market Drivers and Key Challenges:

The growth in the outsourcing research and development (R&D) activities being undertaken by prominent pharmaceutical vendors striving to focus on their core competencies is expected to be an important driver in the market development. Moreover, the economic benefits received from outsourcing instead of conducting an in-house study will augment the demand for bioanalytical testing services in the near future, enhancing the market growth in the process.
A large number of established sellers are going off patent, which is expected to bring in massive investments from drug manufacturers to refill their product pipelines. This is touted to be a significant reason supporting the growth of the bioanalytical testing services market. The Contract Research Organizations (CROs) have a diversified expertise in this field, compared to the pharma vendors when it comes to conducting clinical trials in a vast array of regions as well as the invention of drugs in certain therapeutic areas. This factor is bound to raise the demand for bioanalytical testing services in the pharmaceutical industry in the years ahead.

Bioanalytical Testing Services Market -Competitive Landscape:

·         Pharmaceutical Product Development
·         SGS SA
·         WuXi AppTec
·         Toxikon
·         Covance
·         ICON plc
·         Intertek Group plc
·         Pace Analytical Services
·         Charles River Laboratories Inc
·         Laboratory Corporation of America Holdings
·         inVentiv Health

Bioanalytical Testing Services Market- Segmentation:

·         The global bioanalytical testing services market size has been segmented on the basis of molecule type and test type.
·         The molecule types in the global market are small and large, where the small molecular type held for close to 66% of the total market share, whereas the large molecular type controlled 34.9% of the total market share in 2017.
·         Based on the types of tests, the market is considered for pharmacokinetics (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. Out of these, in 2017, pharmacodynamics held 39% of the total share of the worldwide bioanalytical testing services market.

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Bioanalytical Testing Services Market -Regional Analysis:
The overall bioanalytical testing services market size is spread across the key regions of Europe, Americas, Asia Pacific (APAC), as well as the Middle East & Africa (MEA).
The Americas, comprising of North America and South America, held a market share of around 39.3% in 2017, with Europe (31.3%), APAC (22.1%), and MEA (7.3%) treading on its heels. The regional market has turned into a bankable venture owing to the existence of renowned pharmaceutical manufacturers, growing incidence of chronic diseases and rising development of technology in preclinical as well as clinical testing phases. It is estimated that the burgeoning patient pool within the region will be generating almost USD 716.73 million by 2023, and is set to rise at the growth rate of 12.39% over the review period.
The bioanalytical testing services market in Asia Pacific is exhibited to depict a vigorous growth rate on account of the presence of clinical research organizations (CROs) in countries like India and China.

Industry Update:
May 2019
Pharmascience Inc. is set to launch a new division called Royalmount Laboratories, which will raise the company’s expertise in bioanalytical operations. This will be possible owing to more efficiency in Cannabis testing for other companies.

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