Transparency Market Research in its new report titled, “Bioanalytical Testing Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the bioanalytical testing services market. The new report anticipates that the large number of ongoing clinical trials; and presence of highly reliable, complex, and high-end pharmaceuticals in North America and Europe will drive the bioanalytical testing services market during the forecast period i.e, 2018-2026.
The report also states that as the majority of high selling drugs go off patent, there is an increase in demand for bioanalytical testing. This is one of the major factors boosting the market. Bioanalytical testing services include diversified areas of expertise, which enables development of drugs in various geographies and for various different therapeutic areas.
Bioanalytical testing services also ensure drugs are well synchronized with current regulatory standards. These are the major factors responsible for driving demand for bionanalytical testing services.
The TMR report has segmented the global bioanalytical testing services market based on test, molecule, and geography. In terms of test, the global bioanalytical testing services market is segmented into pharmacokinetic test, pharmacodynamic test, bioequivalence test, bioavailability test, and other test.
The bioavailability and bioequivalence test segment are anticipated to gain significant share of the global bioanalytical testing services market owing to increased demand for bioanalytical testing services in generic drug development. Based on molecule, the report has split the global bioanalytical testing services market into small molecules and large molecules.
The large molecule segment is expected to expand at a high CAGR during forecast period due to rich clinical pipeline of biologics. Furthermore, testing these molecules requires developed infrastructure and advance analytical instruments, which is expected to create lucrative opportunity for the bioanalytical testing services market.
In terms of regional perspective, the report has categorized the global bioanalytical testing services market into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America, followed by Europe, dominates the global bioanalytical services market due to rise in demand for bioanalyctical services.
The market in Asia Pacific, on the other hand, is anticipated to expand at a significant CAGR during the forecast period. Rise in investments by bioanalytical testing services organization in the region, increase in the number of companies relying on bioanlytical testing services, and business and regulatory reforms contribute to the expansion of the global market in Asia Pacific. The market in Asia Pacific is anticipated to be driven by India and China. Focus on the development of biologics pipeline by domestic companies in China and India and rise in adoption of advanced technologies such as single-use technologies by bioanalytical testing services organization have contributed the expansion of the market.
The leading players in the global bioanalytical testing services market are included in this report to give a better competitive analysis and these are Particle Sciences, Sartorius Stedim BioOutsource Limited., Toxikon, Inc., Lotus Labs Pvt. Ltd., Charles River Laboratories International, Inc., PPD, ICON plc, Pace Analytical Services, LLC., LabCorp, Covance Inc., inVentiv Health, SGS SA, and Intertek group.
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