Bioanalytical Testing Services Market Overview
The bioanalytical testing services market is projected to reach USD 5,021.83 million by 2026 and is growing at a CAGR of 11.59% during the forecast period (2021-2026). The major factors attributing to the growth of the market are the increased necessity for specific types of tests in R&D activities and the increasing trend of outsourcing laboratory testing services. Bioanalytical technologies have played a critical role in the mitigation of the COVID-19 pandemic and will continue to be foundational in the prevention of the subsequent waves of this pandemic, along with future infectious disease outbreaks.
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Bioanalytical Testing Services Market – Geographical Overview
North America is expected to dominate the bioanalytical testing services market
In North America, the United States holds the largest market share due to the increased patient pool of various chronic diseases and increased adoption of the peptides, other large molecule therapeutics as an alternative for small molecules that have more side effects. For instance, according to the Centers for Disease Control and Prevention, around USD 3.5 trillion of the amount is spent on chronic diseases in the United States. Therefore, the companies have been taking initiatives to meet the greater demand, which is expected to fuel the market. The rising demand for bioanalytical services, the large number of ongoing clinical trials, and the huge investment by many of the major pharmaceutical companies are the key factors driving the growth of the market in the country.
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Key Highlights of the Bioanalytical Testing Services Market
- The bioanalytical testing services market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by offering various types of services, launching new methods for method development, assay validation, and others are offering laboratory solutions.
- The small molecule testing services sub-segment is anticipated to witness growth in the bioanalytical testing services market due to its pivotal role in the development of generic versions of branded drugs. Bioanalytical testing plays a major role in proving the efficiency to simulate generic drug release profiles with that of branded drugs resulting in the growth of the segment.
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List of Key Players in the Bioanalytical Testing Services Market
- Pharmaceutical Product Development LLC
- ICON PLC
- Laboratory Corporation of America Holdings
- Charles River Laboratories International Inc.
- Syneos Health
- SGS SA
- Toxikon Corporation
- Intertek Group PLC
- Wuxi Apptec Co., Ltd
*List Not Exhaustive
Mordor Intelligence has segmented the global bioanalytical testing services market on the basis of molecule type, test type, and geography:
- Molecule Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Small Molecules
- Large Molecules
- Test Type (Market Size & Forecast based on Revenue (USD million), 2018-2026)
- Bioavailability and Bioequivalence Studies
- Pharmacokinetics
- Pharmacodynamics
- Other Test Types
- Geography (Market Size & Forecast based on Revenue (USD million), 2016-2026)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- Spain
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle-East and Africa
- GCC
- South Africa
- Rest of Middle-East and Africa
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