19 December 2019
Visiongain’s new report the Bioanalytical Testing Services Market Report 2019-2029: Forecasts by Molecule Type (Small, Large), by Test Type (ADME, PK, PD, BA, BE, Others), plus analysis of leading companies indicates that the global Bioanalytical Testing Services market will attain $5 billion revenue by 2029.
Global Bioanalytical Testing Services market is expected to grow on account of growing demand for biologic medicines, increasing healthcare costs, expanding biopharmaceutical pipeline, growing biopharmaceutical approvals, growing numbers of bio-similar clinical trials and rising government investments in research & development. The market is expected to grow at a healthy CAGR of 11.3% over the projected period. However, shortage of trained experts and pricing pressure faced by the industry is anticipated to restrain the growth of global bioanalytical testing market.
Asia Pacific region is one of the largest market for pharmaceutical and biotech products. Majority of top players in the industry outsource the drug development and innovation process to India, Japan and China due to low labour and outsourcing costs. In 2019, Asia Pacific accounted for more than 25% of overall analytical testing services demand and the presence of numerous CRO’s, pharma and biotech industries in China, Japanand India is expected to strengthen bioanalytical testing services market concentration over the projected period.
Rising adoption of bioanalytical validation of biotechnological or biological productsis expected to increase consumption of bioanalytical testing services in pharma and biotech industry. In addition, with the advent of biosimilars, which represent a huge opportunity for healthcare systems to address increasing drug costs, demand for bioanalytical testing services over the forecast period is expected to continue.
In 2019, North AmericaBioanalytical Testing Servicesmarket accounted for more than 25% of overall market share. Strong economic growth followed by increasing sales of drugs in India, Japan, China, South Korea, Singapore, and Brazil is expected to increase Bioanalytical testing services market penetration over the forecast period. Asia Pacific accounted for more than 25% of overall analytical testing services market in 2018. Rising investments from many developed economies coupled with various amendments in clinical trials evaluation standards will offer lucrative growth for Bioanalytical testing services market in coming years.
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