Bioanalytical Testing Services Market Research Report – Forecast to 2027

Bioanalytical Testing Services Market Research Report: By Molecule Type (Small Molecule, Large Molecule), By Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others) - Forecast to 2027

ID: MRFR/LS/5111-CR | October 2018 | Region: Global | 100 pages

Bioanalytical Testing Services Market Synopsis


As per the assessment by Market Research Future (MRFR), the bioanalytical testing services market is projected to procure a considerable market value while expanding at a CAGR of 12.95% CAGR from 2018 to 2023 (forecast period).


The expanding pharmaceutical sector is anticipated to be a notable cause that can bolster the global bioanalytical testing services market during the projection period. The growing focus on the analytical testing of biologics and biosimilars is expected to make a significant contribution in boosting the market growth during the forecast period. In addition, outsourcing of R&D to contract research organizations (CROs) is predicted to make significant participation in augmenting the bioanalytical testing services market revenue.


Impact of COVID-19


The outbreak of COVID-19 has resulted in a rise in government initiatives to control the spread which is projected to strengthen the market. The demand for bioanalytical assessment is anticipated to make a significant contribution in supporting the global bioanalytical testing services market.


Bioanalytical Testing Services Market Overview


The growing demand to cure chronic ailments is one of the primary causes projected to steer the market expansion during the assessment tenure. Furthermore, the growing R&D activities biotechnology and pharmaceutical is expected to strengthen the regional market during the review timeframe.


Drivers


Growing Focus on the Analytical Testing of Biologics and Biosimilars to Promote the Market


The increasing focus on the analytical testing of biologics and biosimilars is predicted to develop the global market during the forecast tenure. The on-going development in biologics is anticipated to strengthen the industry growth in the coming tenure. In addition, the growing prevalence of cancer and other chronic ailments are projected to play a crucial role in growing the biopharmaceutical analytical testing services market.


Opportunities


Increasing Adoption of the Quality by Design Approach to Offer Significant Opportunities for Market Expansion


The increasing adoption of Quality by Design (QbD) is likely to give more effective results with reduced time and costs, which is anticipated to offer lucrative opportunities for market expansion during the forecast period.


Restraints


High Expenses Associated with Drug Discovery to Hamper Market


The high costs associated with drug discovery is expected to hamper the market growth during the review period.


Challenges


The Absence of Expertise to Pose a Challenge for Market Expansion


The absence of expertise is expected to be a significant factor that poses a challenge in market expansion during the assessment tenure.


Cumulative Growth Analysis


The market is anticipated to grow significantly during the forecast period owing to the growing focus on the analytical testing of biologics and biosimilars and the on-going R&D in the pharmaceutical and biopharmaceutical sectors. In addition, the developing countries are likely to make a significant contribution in developing the global market.


Bioanalytical Testing Services Market Segmentation


The bioanalytical testing services market is be segmented by molecule type and test type.


By Molecule Type


Based on the molecule type, the global market for bioanalytical testing services is segmented into small and large. The small molecules segment is projected to thrive a CAGR of 11.94% during the assessment tenure due to its benefits against battling chronic diseases. On the other hand, large molecules are likely to register a higher CAGR (14.76%) than its counterpart owing to the large scale advancements in biologics.


By Test Type


Based on the tests-type, the global market for bioanalytical testing services is segmented into pharmacodynamics (P.D.), bioequivalence, pharmacokinetics (P.K.), bioavailability, and others. P.D. is anticipated to acquire a market value of USD 467.25 million by 2023. The growth can be attributed to the testing capability of determining dose concentration-response relationships of drugs. On the other hand, P.K. is projected to acquire the second position by acquiring a 25% market share while expanding at a CAGR of 13.96% during the review timeframe.


Bioanalytical Testing Services Market Regional Analysis


Americas to Dominate the Global Market for Bioanalytical Testing Services


The Americas is anticipated to dominate the market due to the presence of established players. The prevailing chronic illness among the expanding populace is projected to be another salient cause that can augment the regional market in the coming period. The high-quality standards in the pharmaceuticals and the rapid growth of the biosimilars are expected to boost the market significantly in the assessment tenure.


As per the analysis by MRFR, the expanding patient pool in the Americas are likely to generate the market value of USD 716.73 million by 2023 while expanding at a CAGR of 12.39% over the forecast timeframe. Among all, the U.S. is anticipated to make the most notable contribution in strengthening the regional market.


APAC to Expand Owing to the Presence of CROs


APAC is anticipated to proliferate during the forecast period owing to the presence of CROs in India and China. As per the assessment, India is likely to be a lucrative market owing to low production costs. The expanding patient pool and the rising R&D are likely to be other salient factors that can augment the regional market during the forecast period. In addition, the increasing outsourcing of drug discovery services to Asian CROs is projected to be another salient cause that can bolster the regional market.


Europe to Expand at a CAGR of 12.95% during the Forecast Period


As per the assessment, Europe is expected to expand at a CAGR of 12.94% over the forecast period owing to the increasing demand for bioanalytical services. The on-going R&D and clinical trials in bioanalytical are other considerable causes that can develop the regional market during the assessment period.


MEA to Witness Sluggish Growth


MEA is anticipated to display a sluggish growth owing to the lack of awareness and underdeveloped healthcare infrastructure. However, the market can expand in the coming period due to the increasing contribution of the Middle East countries owing to their economic stability.


Bioanalytical Testing Services Market Competitive Landscape


The market is projected to display intense competition due to the growing mergers & acquisitions, product portfolio expansions, and growing initiatives towards innovation.


Key Players Profiled in the Report




  • Toxikon (U.S.)




  • Intertek Group plc (U.K.)




  • Charles River Laboratories, Inc. (U.S.)




  • SGS SA (Switzerland)




  • WuXi AppTec (U.S.)




  • Pharmaceutical Product Development (U.S.)




  • LLC (U.S.)




  • Covance, Inc. (U.S.)




  • ICON plc (Ireland)




  • Pace Analytical Services




  • inVentiv Health (U.S.)




  • Laboratory Corporation of America Holdings (U.S.)




Recent Development




  • November 2020- Eurofins, an international group of laboratories headquartered in Luxembourg, announced the acquisition of Taiyo Techno Research, a Japan-based laboratory that specializes in asbestos testing.




  • December 2020- The leading distributors of test kits and systems for laboratory research, Eurofins Technologies has introduced a new lateral flow device product line for detecting allergen in packaged food products. The device is called SENSIStrip Allergen




Segmentation Table


Bioanalytical Testing Services Market, By Molecule Type




  • Small




  • Large




Bioanalytical Testing Services Market, By Test Type




  • Pharmacodynamics (P.D.)




  • Bioequivalence




  • Pharmacokinetics (P.K.)




  • Bioavailability                          





Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   12.95% (2018-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Molecule Type and Test Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Toxikon (U.S.), Intertek Group plc (U.K.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Pharmaceutical Product Development (U.S.), LLC (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Pace Analytical Services, inVentiv Health (U.S.), Laboratory Corporation of America Holdings (U.S.)
  Key Market Opportunities   Increasing Adoption of the Quality by Design Approach to Offer Significant Opportunities
  Key Market Drivers   Growing Focus on the Analytical Testing of Biologics and Biosimilars to Promote the Market


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Bioanalytical Testing Services Market – Summary


Advanced technologies have helped healthcare evolve by giving it accessories for better research and development. Bioanalytical testing services is a byproduct of that technological transformation. The method is required to describe the quantitative measurement of a compound and its metabolite in fluids such as blood, plasma, serum, urine or tissue extracts. It has a multifarious role in developing drugs for both clinical and preclinical stages, and it acts in a holistic way covering from the beginning till the end of the procedure. The global bioanalytical testing services market is expected to reach a valuation of USD 1867.30 million by 2023 with an impressive CAGR of 12.95% during the forecast period (2018-2023). Market Research Future’s detailed research on the same includes a thorough analysis of segments and triggers that would set the market on the right course.


The pharmaceutical industry across the world is experiencing a boom due to the demand generated by the healthcare sector for treatments regarding chronic diseases. Furthermore, research & development is spurring the production of biopharmaceutical drugs, and many of them are waiting in the pipeline only to get proper approval. Both chronic and infectious diseases are pushing the boundary for bioanalytical testing services market further away by giving the market enough scope to develop and launch new medicines.


However, these drugs, owing to extensive research associated with it, are expensive. The entire production procedure incurs heavy cost which resultantly, increases the final cost of the medicine which can be a market deterrent. But their ability to cure people of their diseases can steer the bioanalytical testing services market away from any long-lasting adverse impact.


Segmentation:


By molecule type, the bioanalytical testing services market can be segmented into small molecule and large molecule. Small molecule segment is expected to reach USD 1167.23 million mark from USD 663.99 million by 2023 at CAGR 11.94% during the forecast period. However, large molecule segment to have the fastest CAGR of 14.76% during the review period.


By test type, the bioanalytical testing services market includes pharmacokinetic (PK), pharmacodynamics (PD), bioavailability, bioequivalence, and others. PK segment to scale valuation of USD 757.61 million valuation by 2023 from a valuation of USD 351.12 million with the highest CAGR of 13.86% during the assessment period. PD can record the second fastest CAGR of 13.06% during the review period.


Regional Analysis:


Region-specific analysis of the bioanalytical testing services market the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).


The Americas lead the market while boasting of superior infrastructure and substantial investment in research & development programs. The market is all set to grow from USD 399.77 million in 2018 to a valuation of USD 716.73 million by 2023 with a CAGR of 12.39% during the forecast period.


Europe can assume the second spot with USD 585.61 million market valuation by 2023 with a CAGR of 12.94% during the forecast period. Its growth factors are mostly similar to that of the Americas. However, the APAC is on the right course of progress with China and India leading from the front. The bioanalytical testing services market in the region is expected to scale valuation of USD 435.05 million with the highest CAGR of 14.32% during the forecast period. Low manufacturing and labor cost, and European and American market giants showing interest in the region in terms of business transaction is a signifier of further growth.


The MEA market can only climb up to USD 129.92 million. But its CAGR can be impressive. With 11.76% CAGR, it is showing sign of reformation.


Market Insight:


Significant players proving their worth in the sector are Pharmaceutical Product Development (U.S.), WuXi AppTec (U.S.), ICON plc (Ireland), Covance, Inc. (U.S.), Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories, Inc. (U.S.), inVentiv Health (U.S.), SGS SA (Switzerland), Toxikon (U.S.), Intertek Group plc (U.K.), Pace Analytical Services, LLC (U.S.), and others. Charles River, with 23.21% market share is currently leading the market followed by Covance Inc. (12.10%).


Major companies rely on strategic developments such as merger, acquisition, collaboration, expansion, new product launch, and others. For instance, in March 2018, Pharmaceutical Product Development recently expanded their testing capacity in Middleton, Wisconsin. WuXi Apptec expanded their drug development testing services in the U.S. and is planning to build a new research & development center in Shanghai.

Globally there various players operating in this market. With well-established market in the Americas region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other regions as well. Moreover, there are other small and medium scale players that generate revenue from local market


The above diagram displays the market share generated by the companies in global bioanalytical testing services market in the year 2017. The major part of the market share is accounted by top four companies with 51.87% share for the global Bioanalytical testing services market. The global Bioanalytical testing services market is led by Charles River with 23.21% of the global market share followed by Covance Inc. with 12.10%, ICON plc for the 3rd sport with 9.77% of the market share and  Syneos Health (inVentiv Health) accounted of 6.79% share.


Charles River is one of the leading players in the field of Bioanalytical testing services. The firm accounted for over 23.21% share in 2017. The major reason for its growth is its wide range of services and products and the wide application areas. Moreover, the firm has been the service provider for over 80% of drugs approved by the FDA. Additionally, the firm has a huge global presence with over 80 facilities in 23 countries.


Covance Inc. contributes to approximately 12.10% of the global bioanalytical testing services market. Covance offers a huge service and product portfolio ranging from bioanalytical and analytical services to safety assessment and drug safety testing. The firm has been ranked number one by various industry surveys. Additionally, the firm has a strong foothold with clients in over 60 countries.


ICON plc accounted for the third spot with 9.77% of the market share. The firm has a huge geographic presence due to its wide range of clinical research support services to biopharmaceutical and medical device companies. The firm has a global network of offices in 37 countries.


Syneos Health (inVentiv Health) acquired the fourth spot with over 6.79% share in the global bioanalytical testing services market. The firm caters to large and small to mid-sized companies in the biopharmaceutical, biotechnology, and medical device industries. Additionally, Syneos Health has bioanalytical laboratories located in Quebec, Canada and Princeton, New Jersey that has extensive experience in method development, validation, and bioanalytical analysis support for both small molecule therapeutics and biologics.