Why Large Molecule Bioanalytical Testing Service has been a bustPosted by Mrudula Anil Karmarkar on February 9th, 2021 The global large molecule bioanalytical testing service market size is expected to reach USD 2.6 billion by 2027, expanding at a CAGR of 9.1%, according to a new report by Grand View Research, Inc. The major factor attributing to market growth is the increased application of bioanalytical testing in clinical trials of biomarkers, large molecules, and others. Rising prevalence of HIV, infectious disease, and others has led to increasing demand for bioanalytical testing services globally. Moreover, increasing government initiatives to control the outbreak of various infectious diseases such as Corona and Ebola virus is anticipated to offer more opportunities for the market. Hence, the market is expected to grow over the assessment period. The market is expected to witness lucrative growth during the forecast period due to increased research activities and the presence of a huge pipeline of peptides, biologics, and amino acids based molecules. Additionally, bioanalysis of large molecules requires skilled professionals with innovative analytical instruments and infrastructure. These services are readily offered by bioanalytical testing service providers and are likely to propel the growth of the market during the assessment period. North America accounted for the highest share in 2020. The U.S. holds the highest market share due to the increasing prevalence of various chronic diseases and the growing adoption of large molecule therapeutics as an alternative for small molecules. For example, according to International Diabetes Federation Report 2020, around 49.0 million geriatric population in the U.S. has diabetes and this has led to increasing requests for bioanalysis of the novel (large molecule compounds) peptide therapeutics such as glucagon-like peptide 1(GLP-1). Due to this reason, the market is expected to show growth over the forecast period. In addition, the presence of major players in the region contributed to market growth. Technological advancement in bioanalytical testing for the large molecule is the vital impact rendering driver for this market. Large molecules are also known as biologics and are based on proteins that have therapeutic effects. As these large molecules are made up of thousands of amino acids it is necessary to carry out bioanalytical testing throughout the drug development process. Bioanalytical testing offers a quantitative measure of the active drugs in the biological system for the purpose of pharmacodynamics or pharmacokinetics study. Large Molecule Bioanalytical Testing Service Market Report Highlights
It also plays an important role in the drug development process. Bioanalytical testing of large molecules is generally conducted in-house by the biopharmaceutical industries and other Phase II studies and long-term toxicity studies are outsourced. This is mostly because the outsourcing of bioanalytical testing requires fewer method modifications. Hence it helps in reducing the cost of a new method developed by the CRO. Increasing demand for bioanalytical testing services and growing demand for outsourcing of bioanalytical testing are drivers responsible for market growth over the forecast period. The clinical segment accounted for the largest revenue share of over 65.0% in 2020. The large share of this segment is attributed to the rising prevalence of chronic diseases and the increasing demand for clinical trials in developing countries. An increase in the number of biologics, high demand for advanced technologies, and the requirement for personalized orphan drugs and medicine are other factors likely to fuel segment growth during the forecast period. In addition, factors such as technological evolution, globalization of clinical trials, and increased demand for CROs to conduct clinical trials are further anticipated to boost market growth over the forecast period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/450769/ibb Key companies are also engaging in partnerships, mergers, and acquisitions, aiming to strengthen their product portfolio, manufacturing capacities, and provide competitive differentiation. For example, in October 2020, ICON plc acquired Symphony Clinical Research. This acquisition was expected to help ICON provide at-home patient care and site support services. It would also help ICON plc expand its clinical research services in the U.S. and the Middle East, and Africa. Some of the prominent players in the large molecule bioanalytical testing service market include:
Grand View Research has segmented the global large molecule bioanalytical testing service market based on phase, type, test type, therapeutic area: Large Molecule Bioanalytical Testing Service Phase Outlook (Revenue, USD Million, 2016 - 2027)
Large Molecule Bioanalytical Testing Service Type Outlook (Revenue, USD Million, 2016 - 2027)
Large Molecule Bioanalytical Testing Service Test Type Outlook (Revenue, USD Million, 2016 - 2027)
Large Molecule Bioanalytical Testing Service Therapeutic Area Outlook (Revenue, USD Million, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |