Biosimilar Testing and Development Services Market to Hold $7.8 Billion, by 2032 with 12.1% CAGR: Allied Market Research

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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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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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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SOURCE Allied Market Research

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