The market for bioanalytical testing service (BTS) worldwide was priced at US$ 2,902.0 Mn in the year 2021 and is predicted to the extent of US$ 6,216.9 Mn by the end of 2030 at a CAGR of 11.6% from 2023 to 2030. Globally, the market for BTS is witnessing a robust growth owing to the rise in need for new therapeutics, rise of chronic ailments and rising volume of clinical trials and drug agreements worldwide. Furthermore, increasing need for biosimilars and biologics and the COVID- 19 outbreak of the pandemic is anticipated to fuel the development of the market growth. Though, certain elements like the threat in the growth of analytical techniques and the intricate regulatory structure for maintenance of the laboratories are anticipated to hinder the market growth.
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Global Bioanalytical Testing Services Market: Regional Insights
On the basis of geography, the market for BTS worldwide is divided into Latin America, North America, Asia Pacific, Europe and Middle East & Africa.
On the basis of regions, North America is anticipated to achieve the major share of the market in the predicted period due to the rising clinical trial numbers, increment of the drug approvals, and the existence of the service providers in this region. For example, over 20,000 prescriptions of drug products have been approved by the United States Food and Drug Administration (FDA). FDA manages more than 6,700 a diverse range of medical device product types. In the year 2021, U.S. Food and Drug Administration (FDA) approved more than 50 new drugs. Bioanalytical testing services are needed in making quantitative determination of drug properties.
Asia Pacific and Europe are anticipated to experience substantial development in the market for BTS worldwide owing to the fast development of the pharmaceutical industry and the increasing need for the outsourced services in the region. For example, with very fast development in the pharmaceutical industry, the need for BTS is also taking up an accelerated pace. India’s pharmaceutical industry in the year 2020 stood 3rd and 4th in regard to volume and value respectively. Furthermore, the pharmaceutical industry in India is anticipated to develop to the extent US$ 65 billion by the year 2024 and US$ 130 billion by the year 2030, pushing the growth of the market.
Global Bioanalytical Testing Services Market Drivers:
The rise in need for new therapeutic owing to the rise in the problem of chronic ailments worldwide is anticipated to accelerate the development of the market of bioanalytical testing services worldwide in the predicted period. For example, with the rise in need for new therapeutics, the need for BTS is also rising. As per World Health Organization (WHO), the reason for death in non-communicable diseases (NCD), are mostly cardiovascular diseases, more than 17 million people every year, trailed by death by cancer, which is 9.3 million, chronic respiratory diseases 4.1 million and diabetes 2.0 million which includes death by kidney diseases due to diabetes.
The rising figure of clinical trials and approvals for drugs are anticipated to fuel the development of the market of bioanalytical testing services worldwide in the predicted period. For example, the approval of the FDA count for the last year was in accordance with latest trends in spite of the long effect of the pandemic, COVID-19. 50 new therapeutics were approved by the FDA’s Center for Drug Evaluation and Research (CDER) in the year 2021. Furthermore, as listed by clinicalTrials.gov, at present more than 434,164 studies with location in all 50 states and in 221 countries. Consecutively, anticipated to accelerate the global market growth of bioanalytical testing services.
Global Bioanalytical Testing Services Market Opportunities:
Globally, the COVID-19 outbreak is anticipated to give substantial development for opportunity for the players in the market of BTS. For example, the pandemic has raised the need for bioanalytical testing services across the world. Eurofins Bioanalytical Services in January 2021, established the surrogate virus neutralizing antibody detection assays against the SARS- CoV-2 COVID-19 virus. This analyzes helps in detecting the existence or blocking antibodies against the virus. This is the maiden antibody created in neutralizing serology test as authorized by FDA as Emergency Use Authorization (EUA) for SARS-CoV-2-virus.
The rise in need for biosimilars and biologics worldwide is anticipated to experience substantial development for opportunity for players in the market for bioanalytical testing service globally. For example, with rise in need for biosimilars and biologics and increasing attention on the analytical testing of the biosimilars and biologics, the need for bioanalytical services for testing is also rising. Celltrion in January 2020 intends to make investment of amount USD 514 Mn in biologics facility at Wuhan, China in order to grow and produce biologics for the markets in the local market and execute contract works for biotech companies’ in China, emerging wave. Consecutively, is anticipated to boost the growth of the market.
Global Bioanalytical Testing Services Market Trends
The tendency to outsource laboratory testing services is rising with the increase in the problem of chronic ailments, rise in need for new therapeutics and rise in the demand for definite tests in research and developmental (R&D) activities. In the pharmaceutical industry, the part played by bioanalytical testing services is of very importance. These testing services are needed for determining quantitative drug properties and therefore, there is rise in need for BTS. This tendency is anticipated to stay in the predicted period.
Furthermore, with the increase in demand for generic drugs across the world, the need for BTS is also rising with the very fast leap. BTS plays a pivotal role in verifying the efficiency by mimicking generic release of drug profiles with drugs which are branded. It is very much essential for development of the drug. This tendency is also anticipated to stay in the predicted period, pushing the development of the market of bioanalytical testing services.
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Global Bioanalytical Testing Services Market Restraints
Threats in the growth of the analytical techniques are anticipated to hamper the development of the market of BTS across the world. Analytical techniques play important role in pharmaceuticals manufacturing and biotechnology. Though, the growth of bioanalytical processes has become very much inspiring in the last few years owing to the utmost need of certain methods reliability, sensitivity, speed of analysis, and sample throughput. This is restricting the development of the market of bioanalytical testing services.
Multifaceted regulatory structures to maintain laboratories are anticipated to hinder the development of the market of BTS worldwide. Each country has its own set of rules which spread over manufacturing, innovation, marketing, drug testing, and post marketing studies. Therefore, strict rules linked with maintenance for laboratory and validation and pharmaceuticals drug testing are anticipated to hamper the growth.
Global Bioanalytical Testing Services Market Segmentation
Globally, the market report for bioanalytical testing services is divided into Method Type, Test Type and Geography.
On the basis of Method Type, the market is divided into Small Molecules and Large Molecules. The part of small molecules division is anticipated to control the market of BTS globally in the predicted period. This is credited to the rise in need for new therapeutics like branded drugs, biologics, generic drugs, biosimilars and more. Generic drugs and branded drugs compounds are in general small molecules.
On the basis of Test Type, the market is divided into Bioavailability and Bioequivalence Studies, Pharmacodynamics, Pharmacokinetics and other types of tests. Among which, the segment of Bioavailability and Bioequivalence is anticipated to control the market in the predicted period and this is accredited to the rise in need for new therapeutics owing to the rise in problem of chronic ailments, like cancer, diabetes, heart diseases, and others across the globe.
Pharmacokinetics division is anticipated to experience substantial development in the coming days ahead and this is due to the rise in the number of clinical trials worldwide. Pharmacokinetics studies are very important part of the clinical trials in many trial phases.
Global Bioanalytical Testing Services Market: Key Developments
Syneos pronounced its acquisition of RxDataScience which is a leading healthcare-aimed in data analyzing, management of data and Artificial Intelligence (AI) company in October 2021.
Labcorp and Community Clinical Oncology Research Network LLC (CCORN) partnered in August 2021 to get a clear understanding of the effect of the inequalities in precision medicine for cancer suffering individuals.
Charles River acquired Vigene Biosciences, a CDMO which is a contract development and manufacturing organization, in June 2021. It helped in giving viral vector-based gene delivery solutions, in order to toughen the skill to care for the clients with end-to-end cell and gene therapy support.
Global Bioanalytical Testing Services Market: Key Companies Insights
Globally, the market for bioanalytical testing services is very competitive in nature. This is credited to the increase in need for BTS worldwide,consequently, companies plying in the market are concentrating in the launch of new products.
The main companies operating in the market of bioanalytical testing services includes PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Bioanalytical Testing Services Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Bioanalytical Testing Services Industry Impact
Chapter 2 Global Bioanalytical Testing Services Competition by Types, Applications, and Top Regions and Countries
2.1 Global Bioanalytical Testing Services (Volume and Value) by Type
2.3 Global Bioanalytical Testing Services (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Bioanalytical Testing Services Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Bioanalytical Testing Services Market Analysis
Chapter 6 East Asia Bioanalytical Testing Services Market Analysis
Chapter 7 Europe Bioanalytical Testing Services Market Analysis
Chapter 8 South Asia Bioanalytical Testing Services Market Analysis
Chapter 9 Southeast Asia Bioanalytical Testing Services Market Analysis
Chapter 10 Middle East Bioanalytical Testing Services Market Analysis
Chapter 11 Africa Bioanalytical Testing Services Market Analysis
Chapter 12 Oceania Bioanalytical Testing Services Market Analysis
Chapter 13 South America Bioanalytical Testing Services Market Analysis
Chapter 14 Company Profiles and Key Figures in Bioanalytical Testing Services Business
Chapter 15 Global Bioanalytical Testing Services Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology
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