The Global Large Molecule Bioanalytical Testing Services Industry is poised for a remarkable surge, according to a recent analysis by Future Market Insights (FMI). The market, currently exceeding US$1.5 billion in value, is projected to skyrocket to US$4.7 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 12.1% from 2023 to 2033.
Clinical Trials Driving Market Expansion
Clinical phase testing is expected to be a major driver of this market growth. This segment, crucial for drug development, is anticipated to witness a strong CAGR of 10.9% throughout the forecast period. The increasing development of complex biotherapeutics, coupled with a growing focus on drug safety and efficacy, is propelling the demand for these specialized testing services.
The surge in demand for bioanalytical testing services can be attributed to the rising prevalence of HIV, infectious illnesses, and various disorders. Additionally, governmental initiatives to curb the spread of infectious diseases, including Corona and the Ebola virus, are anticipated to fuel further growth in the market.
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Throughout the projection period, increased research activities and the presence of a vast pipeline of peptides, biologics, and amino acid-based compounds are expected to move the market ahead. Bioanalysis of large molecules also involves the utilization of highly skilled professionals as well as analytical gear and infrastructure.
With a CAGR of 12.3% during the projected period, Large Molecule Bioanalytical Testing Service revenue is expected to grow at a significant pace in North America. Because of the rising frequency of numerous chronic diseases and the growing use of large-molecule medicines as an alternative to small molecules, the United States has the largest market share.
Global Large Molecule Bioanalytical Testing Services Industry Competitive Landscape
The key players operating in the Global Large Molecule Bioanalytical Testing Services Industry include Covance, IQVIA, Syneos Health, SGS SA, Toxikon, Intertek Group plc, Pace Analytical Services LLC, ICON Plc, Charles River Laboratories, and Thermo Fisher Scientific.
A few of the recent developments of key Global Large Molecule Bioanalytical Testing Services Industry providers are as follows:
- In November 2021, LabCorp announced the introduction of a new bioanalytical lab facility in Singapore. This laboratory is an expansion of its central laboratory services and will enable the expansion of the capabilities of the biomedical ecosystem in Singapore.
- In February 2021, Nexelis acquired GSK’s Marburg, Germany-based vaccines clinical bioanalytical laboratory to expand its bioanalytical capabilities.
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Segments Covered in Global Large Molecule Bioanalytical Testing Services Industry Analysis
By Phase:
- Preclinical
- With Antibody
- Without Antibody
- Clinical
By Type:
- Pharmacokinetics
- ADA
- Others
By Test Type:
- ADME
- PK
- PD
- Bioavailability
- Bioequivalence
- Other Tests
By Therapeutic Area:
- Oncology
- Infectious Diseases
- Cardiology
- Neurology
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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