Overview
The global Bioanalytical Testing Services Market Growth will grow at a CAGR of 12.95% during the forecast period 2018 to 2023. The market for bioanalytical testing services is set to reach a higher value. As per market analysts, the global market is anticipated to witness growth owing to the factors such as growing focus on the analytical testing of biologics and biosimilars as well as the increasing focus on the analytical testing of biologics and biosimilars. However, the bioanalytical testing services market will face challenges and restraints due to the absence of expertise and complexities in business expansion during the forecast period 2018 to 2023.
The on-going development in biologics in the market will support the growth. As per bioanalytical testing services market analysts, the market-based companies will face certain challenges during the 2018 to 2023. The market research report provides in-depth analysis of the type and test type segments. The market research report presents factors such as lack of skilled forces that could slow down the market's growth.
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Market Segmentation:
By molecule type, the global bioanalytical testing services market has been segmented into small molecule and large molecule. The small molecule market is expected to reach USD 1167.23 Mn by 2023 from USD 663.99 Mn in 2018. It is estimated to exhibit a CAGR of 11.94% across the projection period. On the other hand, the large molecule segment is expected to exhibit a relatively higher CAGR of 14.76% over the review period.
By test type, the bioanalytical testing services market has been segmented into pharmacodynamics (PD), bioavailability, pharmacokinetic (PK), bioequivalence, and others. Among these, the pharmacokinetic (PK) segment is expected to reach a valuation of USD 757.61 Mn by 2023 at a CAGR of 13.86% across the forecast period. The pharmacodynamics (PD) segment, on the other hand, is projected to expand at 13.06% CAGR over the review period.
Regional Overview
The high costs associated with drug discovery may hinder the market growth. The bioanalytical testing services market research report suggests that companies in the market could be supported by the growing prevalence of cancer and other chronic ailments as well as increasing adoption of the quality during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per market analysts, the market is set to witness tremendous growth across type and test type segments. The global market’s North American region covers markets across the United States, Mexico, Canada, and others. Businesses present in the market are also profiled and their strategies have been presented in detail in the market research report.
The market across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the market research report provides details about the APAC region covering markets from China, India, Australia, Japan, and others. The bioanalytical testing services market is also active across several other parts of the world. The market report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global market.
Competitive Landscape
Bioanalytical testing services has seen tremendous growth, due to the growing focus on the analytical testing and the on-going R&D in the pharma and pharmaceutical sectors. However, the lack of expertise and high expenses associated with drug discovery would challenge the companies active in the market. Furthermore, companies using growth strategies to stay ahead in the global market are expected to help the market during the forecast period 2018 to 2023. As the market report suggests that the market will register a CAGR of 12.95% and reach a higher valuation by 2023, the market report highlights key areas bioanalytical testing services market-based companies need to focus on. The market research report projects a long-term growth till 2023. Based on market’s analysis on the basis of SWOT and Porters’ Five Force Model, the market will rise during the forecast period 2018 to 2023, however the companies need to move ahead with caution. The bioanalytical testing services market research report highlights such key areas.
Industry News
Nexelis has entered into an Asset Purchase Agreement with GSK to buy its GCLP-certified medical bioanalytic facility based in Marburg, Europe, which is a leading supplier of innovative testing technology and clinical trials facilities in the area of viral, oncological, as well as metabolic disorders. Approximately 80 scientists and analysis will be moved to Nexelis to the Clinical Laboratory Science (CLS) in Marburg. A close partnership with GSK and the potential GSK vaccination prospects was supported by a 5-year strategic cooperation deal, as well as the CLS group in Marburg will begin to operate.
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