The global bioanalytical testing services market size is anticipated to reach USD 4.83 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 7.5% during the forecast period. The economic efficiency offered for outsourcing as compared to conducting an in-house study is encouraging the outsourcing of these services that is expected to boost the demand.
Innovation or new Molecule development is directly proportional to the demand for testing services. Due to pricing concerns, competitive pressures, and lead-time to market, companies are opting for outsourcing of bioanalytical testing services. The growing focus on customized care as well as on technological advancements are lowering the molecule lifecycle, which has resulted into rapid development of new molecules.
Performance of the market players in the pharmaceutical analytical testing domain is greatly influenced by the demand from end-user. Due to the increasing awareness level, intense market efforts, government initiatives, and improving accessibility; consumers, these days, are more anxious about personal care, leading to higher consumption of pharmaceutical products. The rising consumption is projected to drive the bioanalytical testing services market over the forecast period.
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Further key findings from the report suggest:
Small molecule bioanalytical testing services held a lucrative share in 2018, attributed to the maximum generic and branded drug compounds coming under this category
Bioavailability (BA) and bioequivalence (BE) studies led in 2018 owing to the great adoption in generic drug manufacturing. Moreover, emergence of biosimilars is anticipated to further propel the demand for BA and BE over the forecast period
North America led the global bioanalytical testing services market in 2018, attributed to the fact that it is one of the top manufacturing hubs for highly reliable, complex, and high-end pharmaceuticals
Asia Pacific is anticipated to register the fastest CAGR over the forecast period, owing to rising investments from many developed countries coupled with various amendments in clinical trials evaluation standards according to the global platform
Some of the key players include PPD; ICON plc; Covance Inc.; LabCorp; Charles River Laboratories International, Inc.; inVentiv Health; SGS SA; Toxikon, Inc.; Intertek group; and Pace Analytical Services, LLC. Collaborations. Service portfolio expansion and mergers and acquisitions are the key strategic undertakings by these players.
Grand View Research has segmented the global bioanalytical testing services market based on molecule type, test type, and region:
Bioanalytical Testing Services Molecule Type Outlook (Revenue, USD Million, 2014 - 2026)
Bioanalytical Testing Services Test Type Outlook (Revenue, USD Million, 2014 - 2026)
Bioanalytical Testing Services Regional Outlook (Revenue, USD Million, 2014 - 2026)
Middle East & Africa
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