The Bioanalytical Testing Services Market is projected to reach USD 4.34 billion by 2027 from USD 2.1 billion in 2020, at a CAGR of 8.43 % during the forecast period. The analytical method used for the analysis of biotechnological or biological products is known as bioanalytical testing. Bioanalytical tests are used in drug discovery, drug development, and in the commercialization of drugs. In recent years, increased focus of biopharmaceutical companies on contract research development services has created opportunities in the bioanalytical testing services market.
Increasing frequency of outsourcing research and development activities by many biopharmaceutical companies in order to focus on their core competencies are expected to propel the expansion of the global bioanalytical testing services market during the forecast period. Moreover, cost-effectiveness of outsourcing compared to in-house analysis is likely to further drive the market.
The strategy implemented by key players in the pharmaceutical industry to face market competition is replenishing their respective pipelines. As the majority of high selling drugs go off patent, there is an increase in demand for bioanalytical testing. This is one of the major factors boosting the market.
Bioanalytical testing services include diversified areas of expertise, which enables development of drugs in various geographies and for various different therapeutic areas. Bioanalytical testing services also ensure drugs are well synchronized with current regulatory standards. These are the major factors responsible for driving demand for bionanalytical testing services.
Development of biosimilars, combination molecules, and other innovative medicines has resulted in increase in demand for specific types of tests. Moreover, when companies diversify their business to a new location, it is mandatory to follow local standards, which may require them to conduct specific types of tests.
The leading players in the global bioanalytical testing services market include Particle Sciences, Sartorius Stedim BioOutsource Limited., Toxikon, Inc., Lotus Labs Pvt. Ltd., Charles River Laboratories International, Inc., PPD, ICON plc, Pace Analytical Services, LLC., LabCorp, Covance Inc., inVentiv Health, SGS SA, and Intertek group.
Based on gepgraphy, the global bioanalytical testing services market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America, followed by Europe, dominated the global bioanalytical services market due to rise in demand for bioanalyctical services; large number of ongoing clinical trials; and presence of highly reliable, complex, and high-end pharmaceuticals. The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period.
Rise in investments by bioanalytical testing services organization in the region, increase in the number of companies relying on bioanlytical testing services, and business and regulatory reforms contribute to the expansion of the global market in Asia Pacific. The market in Asia Pacific is anticipated to be driven by India and China. Focus on the development of biologics pipeline by domestic companies in China and India and rise in adoption of advanced technologies such as single-use technologies by bioanalytical testing services organization have contributed the expansion of the market.
Report : Bioanalytical Testing Services Market - By Type Of Service (Cell-Based Assays; Virology Testing; Method Development Optimization And Validation; Serology, Immunogenicity, And Neutralizing Antibodies; Biomarker Testing; Pharmacokinetic Testing; And Other), By Application Area (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology, And Other Applications), By End User (Pharmaceutical And Biopharmaceutical Companies, Contract Development And Manufacturing Organizations, And Contract Research Organizations) And Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027