Bioanalytical Testing Services Overview:
The 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 market demand over the forecast period. Patent expiry of various drugs and need for them to expedite clinical trials can positively impact the bioanalytical testing services market. Outsourcing of testing services to contract research organizations (CROs) in developing economies to curtail operational expenditure costs can propel market growth over the forecast period.
Rising prevalence of cancer and other chronic ailments which require blockbuster drugs can bolster market demand in the forthcoming years. But high costs of drug discovery can pose a challenge to market growth.
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.
Prominent players operating in the bioanalytical testing services market include Toxikon (U.S.), Intertek Group plc (U.K.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Pharmaceutical Product Development (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Pace Analytical Services, LLC (U.S.), inVentiv Health (U.S.), and Laboratory Corporation of America Holdings (U.S.). Collaborations, mergers & acquisitions, and product portfolio expansions are core strategies deemed to be employed by these players during the forecast period.