Bioanalytical Testing Services Market 2019
A new report added to the online inventory of Wise Guys Reports (WGR) announces that the global Bioanalytical testing services market is set to grow at a compound annual growth rate (CAGR) of 7.5% between 2018 and 2026. By 2026, the market is expected to be worth more than USD 4.83 billion.
Innovation or new Molecule development is increasing the demand for testing services and also due to pricing issues and competitive pressures, the companies are opting for outsourcing of bioanalytical testing services thus increasing the global bioanalytical testing services market.
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The growing focus on customized care and technological advancements are reducing the molecule lifecycle, which results into rapid development of new molecules. The customers these days are more worried about personal care which results in higher consumption of pharmaceutical products. The rising consumption is anticipated to increase the bioanalytical testing services market during the forecast period.
Global Bioanalytical Testing Services Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region. The report focuses on global top players including
PPD,
ICON plc.,
Covance Inc.,
LabCorp,
Charles River Laboratories International, Inc.,
inVentiv Health.
By type, the market has been segmented into small molecule and large molecule.
Based on application, the market has been divided into ADME, PK, PD, Bioavailability, Bioequivalence and others.
Global Bioanalytical Testing Services Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries such as the U.S. and Canada are covered. In Europe, countries such as the UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. North America holds the major share in the global bioanalytical testing market as the region is one of the top manufacturing hubs for highly reliable, complex, and high-end pharmaceutical companies. Meanwhile Asia Pacific region is also expected to grow faster over the forecast period as many foreign companies are investing in the region. Due to rising demand for outsourcing services in comparatively immature markets, the region is expected to hold a significant market share in the future. China is one of the countries which is gaining popularity as a delivery location for onshore clients and near shore clients based out of Japan. Various amendments in clinical trials evaluation standards as per the global platform has resulted in expansion of bioanalytical testing services market. The market in Europe is also expected to witness a steep growth during the projection period. Sudden increase in pharmaceutical manufacturing to cater to the growing demand for efficient healthcare is expected to fuel the bioanalytical testing services in the region. Most of the big sellers are going off patent, which is expected to drive investments from drug manufacturers to replenish their respective pipelines thus increasing the global bioanalytical testing services market.
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