Bioanalytical Testing Services Market Regional Analysis:
North America region is anticipated to hold over 46.9% market share by 2035. The growth of the market in the region is ascribed to the mounting investment in the R&D expenditure in the pharmaceutical industry. For instance, in 2019, the investment made by significant key players was valued at around USD 100 billion. Additionally, growing chronic diseases and the presence of well-developed healthcare infrastructure in the region are further anticipated to influence the growth of the market over the forecast period. For instance, 5 out of 10 adults in the USA have some sort of chronic disease. Chronic diseases such as stroke, cancer, heart disease, and diabetes are more prevalent in the region. All these factors are estimated to foster the growth of the market over the forecast period.
Additionally, the market in the Europe region is also projected to grow rapidly over the forecast period on the back of the increase in funding for pharmaceutical and biotechnology R&D operations. Also, the market in Europe is being driven by the rise in cardiovascular disease. For instance, 3.9 million fatalities in Europe were attributed to cardiovascular disease in 2017. High blood sugar contributes to 15% of cardiovascular fatalities in the area. Diabetes is very common in this area. In the past ten years, it has grown quickly, rising by more than 50% in a number of the region's countries. Hence, all these factors are estimated to hike the market growth over the forecast period.
