The need for biologics and biosimilars, increased RD investment in the biopharmaceutical sector, and rising demand for big molecule bioanalytical testing services to aid medication development and commercialization are the primary drivers driving market revenue growth.
The global large molecule bioanalytical testing service market size was USD 1.74 Billion in 2022 and is expected to register a revenue CAGR of 9% over the forecast period, according to the latest report by Reports and Data.
To ensure their safety, efficacy, and quality, complex large molecules like biologics and biosimilars must go through extensive testing. The demand for big molecule bioanalytical testing services is increasing as businesses outsource these tasks to specialist Contract Research Organizations (CROs) and bioanalytical laboratories that have the skills and equipment required to conduct these tests.
The complexity of biologics and biosimilars needs a multitude of different tests to be performed during the pharmaceutical development and commercialization process, which increases demand for big molecule bioanalytical testing services. Immunogenicity assays, biomarker analysis, pharmacokinetic (PK) research, and the development and validation of bioanalytical methodologies are among the tests performed. Because of the increased need for large-molecule drugs and the complexity of these compounds, the demand for specialist large-molecule bioanalytical testing services is predicted to develop, driving market revenue growth.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Competitive landscape of global Keyword market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Keyword market:
Covance Inc., PPD, Inc., ICON plc, Quest Diagnostics, Charles River Laboratories International, Inc., Merck KGaA, Lonza Group Ltd., WuXi AppTec, Thermo Fisher Scientific Inc., and Catalent, Inc.
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The global market is further segmented into type and application:
Phase Outlook (Revenue, USD Billion; 2022 - 2032)
Type Outlook (Revenue, USD Billion; 2022 - 2032)
Test Type Outlook (Revenue, USD Billion; 2022-2032)
- Other Tests
Therapeutic Area Outlook (Revenue, USD Billion; 2022-2032)
- Infectious Diseases
End-User Outlook (Revenue, USD Billion; 2022-2032)
- Large Firms
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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