The global biosimilar testing and development services
industry is transforming due to factors such as a surge in R&D
investments on biosimilar testing, patent expiration of original
drugs, and rise in demand for biosimilar products
PORTLAND, Ore., April 29,
2024 /PRNewswire/ -- Allied Market Research published
a report titled, "Biosimilar Testing and Development Services
Market Share, Size, Competitive Landscape and Trend Analysis
Report by Type, by End User: Global Opportunity Analysis and
Industry Forecast, 2023-2032." The report states that the global
biosimilar testing and development services sector is expected to
generate $7.8 billion with a notable
CAGR of 12.1% during the forecast period of 2023 to 2032. The
sector garnered $2.5 billion in 2022.
The report offers a detailed analysis of top segments, dynamic
market trends, value chain, pricing, key investment areas,
competitive scenario, and regional landscape.
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Report
Coverage
|
Details
|
Forecast
Period
|
2022–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$7.8 billion
|
Market Size in
2032
|
$2.5 billion
|
CAGR
|
12.1 %
|
No. of Pages in
Report
|
302
|
Segments
covered
|
Type and End
User
|
Regional
scope
|
North America, Europe,
Asia-Pacific, and LAMEA
|
Country
scope
|
U.S., Canada, Mexico,
France, Germany, Italy, UK, rest of Europe, Japan, Australia, rest
of Asia-Pacific, Latin America, and Middle East and
Africa
|
Factors influencing growth of the market
The global biosimilar testing and development services industry
is driven by a surge in R&D investments on biosimilar testing,
patent expiration of original drugs, and rise in demand for
biosimilar products. However, the market is facing a downturn due
to expensive manufacturing procedures of biosimilar drugs and lack
of skilled professionals. Nevertheless, growth opportunities in
emerging economies such as India,
Brazil, and China and lower cost of biosimilars in
comparison with original drugs will open new avenues for the
industry in the upcoming era.
The pharmacokinetics assay segment to maintain its dominance
in terms of revenue.
On the basis of type, the pharmacokinetics segment held the
major share of more than two-fifths of the global biosimilar
testing and development services market in 2022 and is expected to
retain its dominance throughout the forecast timeframe. However,
the immunogenicity testing segment is anticipated to cite the
fastest CAGR of 13.2% from 2023 to 2032.
The contract research organization segment is expected to
showcase the fastest growth.
By end user, the pharmaceutical and biopharmaceutical companies
segment gained the largest market share of more than three-fifths
of the global biosimilar testing and development services market
revenue in 2022 and is estimated to lead the supremacy by 2032. On
the other hand, the contract research organization segment is
expected to cite a notable CAGR of 13.2% during the forecast
period.
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North America to lead the
trail by 2032
As per the regional analysis in the report, North America garnered the highest revenue of
more than two-fifths of the global biosimilar testing and
development service industry in 2022 and is estimated to lead the
supremacy by 2032. Moreover, Asia-Pacific is anticipated to showcase a
noteworthy CAGR of 12.6% throughout the forecast timeframe.
Top players profiled in the report
- Sigma-Aldrich Co. LLC.
- Pace Analytical Services Inc.
- Medistri SA
- Intertek Group plc
- Source BioScience plc
- Exova Group plc
- Pharmaceutical Product Development, LLC
- Charles River Laboratories International Inc.
- SGS S.A.
- Eurofins Scientific
These players have adopted novel strategies such as
collaborations, new product launches, investments in R&Ds,
mergers, partnerships, and acquisitions to sustain the competitive
industry.
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