There is a significant change in the healthcare sector due to the growing demand for personalized healthcare services and original biologics are on the verge of losing their patent by 2020. As a result, there is a subsequent rise in demand for drug research and to develop similar biologics (biosimilars). Also shown in the report by ASSOCHAM-Sathguru, “biosimilars presents a US$240-billion global opportunity to Indian biopharmaceutical industry and the domestic market is expected to grow US$40 billion by 2030”.
To facilitate drug research and development, understanding the molecule new technologies like bioanalytical testing have been developed that has revolutionized the healthcare and biopharmaceutical industries. As per the latest report the Global Bioanalytical Testing Services Market - anticipated to mark the growth of 12.95% CAGR across the review period 2018 to 2023 to reach a valuation of USD 1867.30 million by 2023. This has intensified the demand for research & development across the pharmaceutical industry, which has proliferated the bioanalytical testing services market as well.
The high cost of bioanalytical testing has given the impetus to the outsourcing of analytical testing than in-house R&D; this has become a driving force for the market growth. The other factors that are adding numbers to the market growth are the increasing number of test techniques for better and accurate evaluation of the molecules or compounds. To get the accuracy in the drug development and validation, strict regulations are imposed by regulatory authorities that have raised the trend of outsourcing analytical testing upwards. Pertaining to this, understanding of regulation has become one of the most critical aspect of drug development and validation. However, the lack of skilled professionals in the field of bioanalytical, high rate of attrition, ambiguity in regulatory are some restraining reasons in the market growth.
Continuous Learning and Networking is essential for individual as well as business growth. Additionally,
keeping the current scenario in mind, we at Informa Markets in India take your safety as our top priority.Thus, we are introducing the country’s first virtual conference in Bio Space - Biolytica, scheduled to be held on 25-26 June 2020.