Pharma ADMET Testing Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, July 9, 2024 /EINPresswire.com/ -- The pharma ADMET testing market size is poised for significant growth, increasing from $8.62 billion in 2023 to $9.61 billion in 2024, at a compound annual growth rate (CAGR) of 11.5%. This growth is attributed to the expansion in biopharmaceuticals and biosimilars, heightened drug development activities, increased awareness of drug safety, globalization of clinical trials, and a shift towards in silico modeling.
Rapid Expansion Expected in the Coming Years
The market is forecasted to continue its rapid expansion, reaching $14.87 billion by 2028, maintaining a CAGR of 11.5%. Factors driving this growth include advancements in environmental toxicology and safety assessment, rising awareness of pharmacogenomics, a focus on precision medicine, the growth of biologics and biosimilars, integration of artificial intelligence (AI), expanded regulatory requirements, and an increase in orphan drug development.
Increasing Clinical Trials Fuel Market DemandThe surge in clinical trials worldwide is a significant driver for the pharma ADMET testing market. Clinical trials, essential for evaluating the safety and efficacy of medical interventions, have seen a notable increase. As of May 2023, over 452,604 clinical studies were registered on ClinicalTrials.gov, indicating a substantial rise from previous years. This uptick underscores the critical need for comprehensive assessments of drug safety and efficacy, boosting demand within the pharma ADMET testing market.
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Key Players and Market TrendsMajor companies driving advancements in the pharma ADMET testing market include Thermo Fisher Scientific Inc., Abbott Laboratories, The Merck Group, and others. These companies focus on strategic partnerships and technological innovations to enhance drug development processes . For instance, Excelra and HotSpot Therapeutics Inc. collaborated to leverage advanced data science for discovering allosteric drugs, highlighting the trend towards strategic alliances in drug discovery.
Trends Shaping the MarketTrends in the pharma ADMET testing market include increasing collaboration in research, rapid technological innovations in analytical technologies, advancements in AI integration for drug development, continuous monitoring of drug safety, and heightened environmental impact considerations.
Market Segmentation• Testing Type: In Vivo ADMET Testing, In Vitro ADMET Testing, In Silico ADMET Testing• Technology: Cell Culture, High Throughput, Molecular Imaging, OMICS Technology• Application: Systemic Toxicity, Renal Toxicity, Hepatotoxicity, Neurotoxicity, Other Applications
Regional Insights: Asia-Pacific Leading the ChargeAsia-Pacific emerged as the largest region in the pharma ADMET testing market in 2023, driven by expanding pharmaceutical research and development activities.
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Pharma ADMET Testing Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Pharma ADMET Testing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on pharma ADMET testing market size, pharma ADMET testing market drivers and trends, pharma ADMET testing market major players, competitors' revenues, market positioning, and market growth across geographies. The pharma ADMET testing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 09, 2024, 11:15 GMT
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