PUBLISHER: Grand View Research | PRODUCT CODE: 1301005
PUBLISHER: Grand View Research | PRODUCT CODE: 1301005
The global bioequivalence studies market size is expected to reach USD 1,272.2 million by 2030, expanding at a CAGR of 8.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing R&D activities pertaining to rare diseases and growing demand for generics are the key factors driving the growth of the market for bioequivalence studies.
Bioequivalence studies are used to analyze the desired in vivo biological equivalence of two formulations of drug products. If two drugs are bioequivalent, then they would be anticipated to reflect equal rates of bioavailability and pharmacokinetic (PK) parameters for all intents and purposes. Some of the major players in the market include ProRelix Services LLP, IQVIA, ICON plc, Charles River Laboratories, and Labcorp Drug Development, among others.
These companies offer a wide range of bioequivalence and bioavailability services to research institutes, pharmaceutical companies, and government agencies involved in drug development. In addition, the increasing pace of clinical research activities with an aim to develop low-cost biosimilars and generics across disease areas such as cancer, neurology, immunology, etc., is anticipated to boost the market growth for bioequivalence studies.
The growing rate of generics launches has helped to create a significant demand for bioequivalence studies over the past few years. For instance, the U.S. Food and Drug Administration (FDA) announced that as of January 2022, there are 33 FDA-approved biosimilars in the U.S., among which 21 are commercially available in the market.
The COVID-19 pandemic negatively impacted the market for bioequivalence studies. However, several players adopted inorganic strategies to mitigate this situation and rebound their sales figures. Additionally, the geopolitical war between Russia and Ukraine has led to a drop in revenue across the bioequivalence industry, as clinical trials outsourced across the war-infected countries have been halted until further notice. This has greatly impacted certain economies, such as the U.S., due to which the overall market witnessed a moderate dip in its revenue during 2022.