The global market for bioequivalence studies is anticipated to register significant growth over the forecast period. The increasing manufacturing of generic drugs and the rising number of clinical trial studies for drug development are the main driving factors of the market, as they help spur the growth of bioequivalence studies, which are performed to form a link between the early and late clinical trial formulations. Furthermore, R&D investments made by various pharmaceutical and biopharmaceutical companies for disease prevention are expected to aid in market growth.
The COVID-19 pandemic has greatly impacted our ability to conduct bioequivalence studies. Due to the pandemic, the government announced a "stay at home" order for the prevention of coronavirus, which led to various clinical trials being halted and delayed, study site closures, laboratory closures, and participant enrollment being postponed. However, bioequivalence studies will resume in the second half of 2020 in order to develop effective drugs for pandemic treatment and prevention.
Based on therapeutic areas , oncology dominated the market. This is because cancer is the main cause of death, making it crucial to guarantee that patients have access to anticancer treatments in order to enhance their quality of life and lower hospital costs and mortality linked to the disease. Bioequivalence studies are thus carried out to investigate these drugs and this helps in the growth of the market. According to WHO, in 2020, cancer accounted for approximately 10 million deaths worldwide.
The North America region is anticipated to dominate the market over the forecast period. This is due to the presence of major market players offering bioequivalence Studies, the expansion of the healthcare infrastructure, and the increasing prevalence of disease, which will increase the demand for drugs that will in turn increase clinical trials for drug development, and the R&D expenditures made by market players for the creation of new treatments and this will help in the growth of bioequivalence studies required to check bioavailability and PK/PD parameters.
The key market players operating in this market are CliniExperts, ICBIO Corporation, ProRelix Services LLP, ICON plc, Charles River Laboratories International, PPD, Inc, Labcorp Drug Development, IQVIA, Syneos Health, SGS SA, and Intertek Group plc. They are adopting various strategies like partnership. collaboration, merger and acquisition, and expansion.
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