Pharmacokinetics Services Market is expected to reach US$ 1,579.87 million by 2031

Small Molecule Segment to Hold Significant Share of Pharmacokinetics Services Market During 2023–2031

According to our latest study on "Pharmacokinetics Services Market Forecast to 2031 – Global Analysis – Drug Type, Service Type, Therapeutic Application, and End User," the market value is expected to reach US$ 1,579.87 million by 2031 from US$ 874.96 million in 2023; the market is estimated to record a CAGR of 7.6% during 2023–2031. The report emphasizes the key factors driving the market and prominent players' developments. Factors such as the rising prevalence of chronic and infectious diseases, the expanding range of applications of pharmacokinetic studies, and the outsourcing of pharmacokinetics services to contract research organizations propel the market growth. However, the limited reach of pharmacokinetics service providers in emerging countries impedes the growth of the market. Further, the increasing adoption of big data analytics in pharmacokinetics services is expected to bring new pharmacokinetics services market trends in the coming years.  

According to a study published in the Indian Journal of Pharmacology in 2022, approximately one-third of the drug development processes are being outsourced in India, and the data created are well appreciated during regulatory submissions. Outsourcing pharmacokinetics services to contract research organizations offers several advantages to drug manufacturers and sponsors. They can operate cost-effectively by opting for these services. Moreover, they can focus on working flexibly and bringing scalability to their core operations, alongside achieving fast turnaround time. Outsourcing helps pharmaceutical companies focus on product commercialization while implementing measures for capacity building, cost reduction, and data management. Drug discovery is a complex process, and any error or false result can lead to significant costs and delay the process. Contract research organizations employ experienced scientists and researchers who hold expertise in pharmacokinetics and other fields. Thus, they provide pharma companies with access to their expertise, thereby eliminating the need to invest in hiring such skilled workforces or providing extra training to existing employees. Therefore, small companies with promising drug candidates but limited resources and large companies involved in diversifying their operations are opting for clinical research services provided by well-organized contract research organizations, which bolsters the pharmacokinetics services market growth.

Pharmacokinetics Services Market, by Region, 2023 (%)

Source: The Insight Partners Analysis

The pharmacokinetics services market analysis has been carried out by considering the following segments: drug type, service type, therapeutic application, and end user. By drug type, the market is segmented into small molecules, large molecules, and vaccines. The small molecule segment held the largest pharmacokinetics services market share in 2023. By service type, the market is segmented into preclinical ADME and human studies, PK/PD analysis and reporting, dosing simulations, risk analysis, and others. The preclinical ADME and human studies segment held the largest market share in 2023. It is further anticipated to register the highest CAGR during the forecast period. The pharmacokinetics services market, by therapeutic application, is categorized into oncology, infectious diseases, neurological disorders, autoimmune diseases, gynecological disorders, cardiovascular diseases, respiratory disorders, and others. The oncology segment held the largest pharmacokinetics services market share in 2023. Further, the infectious diseases segment is anticipated to register the highest CAGR during the forecast period. The pharmacokinetics services market, by end user, is categorized into pharmaceutical and biotechnology companies, contract research organizations, and others. The contract research organization segment held the largest market share in 2023. It is further anticipated to register the highest CAGR during the forecast period.    

Pharmacokinetics Services Market, by Region:

The geographic scope of the pharmacokinetics services market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In 2023, North America held the largest share of the market. According to a report by the Government of Canada, Health Canada receives hundreds of new clinical trial applications to test new drugs (including vaccines) or to introduce new uses of approved medicines. Pediatric patients (children and youth) in the country participate in clinical trials with their parents’ permission. Health Canada protects individuals participating in clinical trials, including children and youth. According to the Canadian Clinical Trials Asset Map (CCTAM) report, ~3,500 clinical trials were registered in Canada in 2022, with cancer therapeutics being a significant area of focus, accounting for 1,300 cancer clinical trials in 2021. The pharmaceutical industry invested ~US$ 1.2 billion in clinical research in Canada, per the Innovative Medicines Canada report. Further, the Canadian Clinical Trials Network (CCTN) had over 6 million patient records maintained as of 2021. Thus, the demand for pharmacokinetic services increases with the surge in drug development and discovery projects in Canada. Thus, the rising number of clinical trials and research studies, and the increasing prevalence of infectious diseases and chronic disorders are among the factors propelling the pharmacokinetics services market growth in Canada.   

Asia Pacific is expected to record the highest CAGR in the pharmacokinetics services market during the forecast period. China holds a significant share of the market in this region. The growth of pharmacokinetics services market size in China is primarily attributed to the established pharmaceutical ecosystem, surging R&D expenditures by various pharmaceutical and biopharmaceutical companies, rising number of clinical trials due to lower operating costs, and favorable regulatory policies in place. According to the EFPIA report published in 2023, R&D expenditure by pharmaceutical companies in China grew from US$ 10,814.23 million in 2020 to US$ 12,989.23 million in 2021. China has the world’s second-largest pharmaceutical market. The excessive population in the country, coupled with a rise in the cases of various noncommunicable and infectious diseases, fuels the need for new drug molecules, which makes China a prime market in Asia Pacific.

As stated by the International Trade Administration in 2022, advanced medical technologies are becoming increasingly important in Japan owing to its rapidly aging demographic profile. Gastric cancer and hepatitis C are among the prevalent diseases in the country, which makes it a suitable place for clinical trials aimed at treating these conditions. With 126 million people in Japan, there is a significant pool of potential participants in clinical trials. Moreover, the country has a well-established regulatory framework for clinical trials, providing clear guidelines for the development of new drugs. Clinical trials in Japan are reviewed and approved by the Pharmaceutical and Medical Devices Agency (PMDA), which has been emphasizing on reducing review times for the last five years, resulting in an increased number of new drug approvals. Thus, fast-paced regulatory processes encourage clinical research activities in Japan, thereby benefiting the pharmacokinetics services market.     

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