The Bioanalytical Testing Services Market is projected to grow at CAGR of 8.6% during the forecast period, to reach USD 7.55 billion to 2030.
The bioanalytical testing services market size was valued USD 3.49 billion in 2021 and is expected to reach USD 7.55 billion by 2030 at 8.6% CAGR during the forecast period 2022-2030. The bioanalytical testing services play a vital role in the quantification of drugs and drug manufacturing, they help in determining the purpose of the drug and whether or not it meets the requirements for which it is discovered. Therefore, the growth of the bioanalytical testing services is reliant on the growth of the medical industry, which has been growing at a faster pace in recent times. The validation of the pharmaceutical drugs that validate the accuracy, precision, selectivity, stability, and other parameters are carried out in the bioanalytical testing process.
The increasing number of chronic illnesses, cancer, and other ailments has increased the demand for efficient medical treatments and these biopharmaceutical companies are relying on the results obtained through bioanalytical testing services. Moreover, there are several stages a drug has to undergo to prove its efficacy and safety, such drug development stages are carried out by the industry. Such responsible roles of the industry owners and the significance of the industry are considered the primary drivers of bioanalytical testing services market growth.
COVID 19 Analysis:
The widespread of COVID 19 has affected the productivity of the industrial sectors and as the widespread has affected several global operations, the demand for effective vaccines, treatments, and other medical services was rising. Therefore the bioanalytical testing services market demand was also surging during the pandemic. The medical centers were reliant on the point of care services, and screening methods for early detection of viruses in people. Such factors have augmented the growth of the bioanalytical testing services industry. Moreover, the companies have brought in innovative techniques and technologies that have eliminated the time consumption for the processing. The key techniques such as mass spectrometry, ultra-performance liquid chromatography, automated sample preparation, and significant others. such advanced technologies that adopted robotics and barcode systems have proved efficient during the pandemic.
Bioanalytical Testing Services Market Dynamics:
The increasing drug development and the increasing investment in biotechnology companies and their adoption of advanced technologies are considered the major drivers of the bioanalytical testing services industry. Moreover, the increasing number of cancer patients across the globe and the tests conducted related to oncology are considered the key drivers of bioanalytical testing services market growth.
The significance of the bioanalytical testing services such as its primary role in drug discovery, drug development, innovative drug development, and testing are some of the major drivers of the bioanalytical testing services industry. Moreover, these contact research organizations are funded by government organizations and the growing biosimilar development are some of the factors that fuel the overall growth of the bioanalytical testing services industry.
The advent of advanced and versatile platforms that improves innovative methods has impacted the growth of bioanalytical testing services. The modern techniques in the industry are well equipped to face the challenges that might appear and therefore the field of bioanalysis is matured in recent times. Such factors are expected to increase the overall growth of the bioanalytical testing services industry.
The leading market players like SGS are adopting advanced technologies such as Dry blood spot technology during the quantification of pharmacokinetics that offers more advantages than other conventional methods. some of the key benefits of the dry blood spot method are they require a minimal sample for processing, they offer convenient sample storage, exhibit low biohazard risks, don’t require post-collection processing and significant others. Therefore the presence of advanced technologies is simplifying the quantification process and thereby expected to increase the bioanalytical testing services market during the forecast period.
The complicated regulatory requirements and the complications with the software are considered the major restraints of the bioanalytical testing services market.
The evolution of the instruments while complying with the regulations and the issues that might arise during the validation of these instruments are considered the major challenge for the overall growth of the bioanalytical testing service industry.
Higher capital investment is required for the discovery of the medicines and to perform clinical stages. This is considered the major challenge for the overall growth of the bioanalytical testing services industry.
Lack of expertise in the industry with regular standards is considered the major challenge for the bioanalytical testing services market growth. On the other hand, the developed countries are mandating the vendors and manufacturers to comply with the regulations imposed on the industry. These regulations enhance the quality and consistency of the data and thereby support the approval of chemical or biological drugs. Minute changes from the standards are acceptable; however, scientific justifications are expected. Such factors are considered the key challenge for the bioanalytical testing services market growth.
Cumulative growth analysis:
The growth of the bioanalytical testing services industry is due to the favorable economic efficiency of the key market layers. Moreover, the pharmaceutical companies are improving their R and D activities and core competencies which are stimulating the overall growth of the bioanalytical testing services industry.
The growing competitive pressure and concerns related to pricing are propelling the companies to develop the existing bioanalytical testing technologies. Such factors are presenting lucrative opportunities for the bioanalytical testing services market growth during the forecast period. The demand for specific testing procedures is increasing in the market, as the key developers are enhancing biosimilars, combination products, and innovative medicines.
Bioanalytical Testing Services Market Value chain analysis:
The growth of the bioanalytical testing services industry is expected to increase during the forecast period as several diverse drug manufacturers are working to develop reliable analytical methods with accuracy and robustness. Moreover, the contract manufacturers are also observing higher demand for sophisticated analytical testing services and therefore propelling the overall growth of the bioanalytical testing services industry. Similarly, the large companies are replenishing their pipelines, which is investing in their R and D, and therefore the complexity of these services is increasing and the organizations are complying with the standards and regulations imposed on them. Such factors are considered the major drivers of bioanalytical testing services market growth.
Especially the growth across the serology, immunogenicity, and antibodies are showcasing higher market value as the demand for the drugs and the development of drugs across these segments are higher. Similarly, the demand for the molecule bioanalytical testing services is higher as there are higher investments made in the development of biological drugs and amino acid-based molecules. The providers of the tools are providing the necessary tools required for technological expertise.
Bioanalytical Testing Services Market Segment overview:
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Bioanalytical Testing Services Market Regional analysis:
Currently, North America is leading in the bioanalytical testing services market value and is expected to hold the position during the forecast period, which is due to the facilities available across the region and increasing investment for the R and D from US pharmaceutical titans. They are also intensively focusing to develop new drugs and have already produced over 1100 oncology drugs which are currently at various stages of clinical development. The presence of leading market players such as Pfizer is propelling the overall growth of the bioanalytical testing services industry across North America.
On the other hand, the Asia-pacific region is also expected to grow at a steady rate during the forecast period, due to the presence of several pharmaceutical companies and an increasing number of CROs across the region, they are working towards the drug discovery and development services at affordable price.
Bioanalytical Testing Services Market Competitive landscape:
In the year 2019, one of the leading market players, Adial pharmaceuticals joined hands with Eurofins Scientific company to expand its service area and improve its portfolio. Specifically, they have developed a therapeutic agent that treats alcohol use disorder.
In the year 2021, one of the established market players, the Eurofins bioanalytical services division launched a surrogate virus neutralization antibody that is to treat COVID 19, later which got the approval from FDA.
Bioanalytical Testing Services Market Report overview:
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|Market Size||2030: USD 7.55 Billion|
|Forecast Units||Value (USD Billion)|
|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|