Rising trend of outsourcing laboratory testing services, increasing prevalence of infectious diseases, and technological advancements in testing of biosimilars and biologics are some key factors expected to drive market growth
According to Emergen Research, the global bioanalytical testing services market size was USD 1.80 Billion in 2020 and is expected to reach USD 4.33 Billion in 2028 and register a revenue CAGR of 11.5% during the forecast period, 2021-2028.
Bioanalytical testing services are used in the development of bioanalytical methods in tissue specimens and body fluids. Bioanalytical method is the quantitative determination of metabolites and drugs in biological matrices such as serum, plasma, blood, tissue, urine, and skin samples as applied to toxicology, bioequivalence, pharmacology, bioavailability and pharmacokinetics, studies in animals or humans. Rising government focus on analytical testing of biologics and biosimilars for drug development in specific therapeutic areas is a major factor expected to drive market revenue growth during the forecast period.
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In addition, increasing number of drug development programs by health organizations across the globe, technological advancements in clinical trial operations, and increasing focus on nanoparticle imaging for drug production are some major factors expected to positively impact revenue growth of the market. However, high cost of technology, and large scale investments in research activities are some factors expected to restrain market over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Serology, Immunogenicity and Neutralizing Antibodies Segment Revenue to Expand at a Rapid CAGR:
Serology, immunogenicity and neutralizing antibodies segment is expected to register a rapid revenue CAGR over the forecast period attributed to increasing application of this segment in numerous technological and therapeutic areas to facilitate and advance bioanalytical services.
Oncology Segment to Register Significant Revenue Growth:
Oncology segment is expected to register significant revenue growth over the forecast period due to rising number of patients suffering from cancer, rapid growth in elderly population, advances in cancer drug discovery, and increase in pharmaceutical R&D expenditure.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing incidences of chronic diseases, technological advancements in pharmaceutical industry, and growing adoption of automated equipment in testing services. Further, presence of key players in the region and rising biologic pipeline development are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Charles River Laboratories
- Medpace, Inc.
- Wuxi AppTec
- IQVIA, Inc
- SGS SA
- Laboratory Corporation of America Holdings
- Intertek Group plc
- PRA Health Sciences
- Syneos Health
- Frontage Laboratories, Inc.
For the purpose of this report, Emergen Research has segmented the global bioanalytical testing services market based on type, application, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Cell-based Assays
- Virology Testing
- Method Development Optimization and Validation
- Serology Immunogenicity and Neutralizing Antibodies
- Pharmacokinetic Testing
- Biomarker Testing
Application Outlook (Revenue, USD Billion; 2018–2028)
- Infectious Diseases
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Biopharmaceutical and Pharmaceutical Companies
- Contract Development and Manufacturing Organizations
- Contract Research Organizations
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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