Increased emphasis on biologics and biosimilars' analytical research is suspected of expanding the global market during the forecast era.
FREMONT, CA: As estimated by one research company, the demand for bioanalytical testing services is expected to have a substantial market size while at the same time rising CAGR by 12.95 percent from 2018 to 2023.
The rising pharmaceutical industry is projected to be a significant cause that could boost the global demand for bioanalytical testing services during the prediction era. The increasing emphasis on biologics and biosimilars' analytical testing is predicted to contribute to increasing demand growth in bioanalytical testing services during the forecast era. In addition, the outsourcing of R&D to Contract Research Organizations (CROs) is forecasted to make a substantial contribution to the rise in industry revenue for bioanalytical testing services.
Impact of COVID-19
The COVID-19 pandemic resulted in an uptick in government efforts to monitor the spread that is supposed to improve the sector.
The need for bioanalytical assessment is projected to make a major contribution to boost the overall market for bioanalytical research services.
Overview of the Market
Rising demand for chronic disease cure is one of the primary causes of market expansion expected during the evaluation era. Besides, the increasing R&D activities in biotechnology and pharmaceuticals are expected to improve the regional market during the timeframe of the study.
Increased emphasis on biologics and biosimilars' analytical research is suspected of expanding the global market during the forecast era. Continuing advances in biologics are likely to improve the growth of the industry in the coming period. Also, the rising prevalence of cancer and other chronic diseases is presumed to play a vital role in developing the demand for biopharmaceutical analytical testing services.
Increasing implementation of Quality by Design (QbD) is likely to yield more successful outcomes with decreased time and costs, which are projected to create attractive business growth prospects over the forecast era.