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Growing CRO Industry - the Future of the Global Protein Binding Assays Market
The global protein binding assays market is projected to reach USD 425.7 million in 2023 from USD 256.1 million in 2018, at CAGR of 10.7%.
The global shortage of novel drugs and the demand for advanced drug therapies have both increased the focus on drug discovery. Most pharmaceutical and biotechnology companies are striving to cater to the demand for new drugs, leading to an increase in drug discovery activities. According to Statista, around 7,493 drugs entered the preclinical stage in 2017; this number is expected to reach 8,040 in 2018. This is translating into an increase in the total number of drug candidates being screened every year. Protein binding studies, carried out during the early stage of drug development, are a major part of the preclinical process.
The discovery and development of a drug is a very cost-intensive process as it requires major investments in terms of capital, human resources, and technological expertise. It also requires strict adherence to regulations on testing and manufacturing standards before a new drug can be prescribed to the general population. Moreover, if the drug fails in the later stages of development, the entire investment is lost. Thus, to avoid such late-stage attritions in drug development, pharmaceutical companies are investing extensively in early stage, preclinical testing methods.
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On the basis of end user, the protein binding assay market is divided into pharmaceutical & biotechnology companies, CROs, and other end users. CROs segment is expected grow at highest CAGR during the forecast period. The adoption of protein binding assays in CROs is mainly driven by the need for cost-effective protein binding services.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The APAC market is projected to register the highest growth rate during the forecast period primarily due to factors such as, growth of clinical trial activities in several APAC countries. As a result of this, the pharmaceutical and biopharmaceutical companies are outsourcing their drug discovery and development activities to APAC-based CROs. This is one of the major factors driving the growth of the protein binding assay market in the Asia Pacific.
The key players in the global protein binding assays market are HTDialysis (US), Thermo Fisher Scientific (US), Merck (Germany), and Sovicell (Germany).
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