Bioanalytical Testing Services Market to Surpass US$ 6,216.9 Mn by 2030 CAGR of 11.6% | PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings.

In the detecting, unearthing and developing pharmaceutical products, bioanalytical testing has a major role to play. Bioanalysis is a quantitative measurement quantitative measurement of a compound (drug) or their metabolite in biological fluids, mainly blood, serum, urine or tissue extracts. Bioanalysis Testing helps in the process of the development of the drug to assist discovery programs of drugs. The tests also aid in supporting pre-clinical and Phase I through Phase IV medical trials. Therefore, with the rise in disease problems, rise in need for new drugs, and rise in the number of medical trials, the need for bioanalytical testing solutions is fast growing.

Market Statistics

Globally, the market for bioanalytical testing services is forecasted to report for US$ 3,222.5 million by 2022.

Drivers

Rising fondness for the outsourced analytical testing is anticipated to boost the development of the market growth of the bioanalytical testing services (BTS) worldwide in the predicted period. For example, companies in the pharmaceutical and biotechnological sectors have started outsourcing the research and developmental (R&D) activities to become more effective in the development of the drug processes. Labcorp introduced a novel laboratory in November 2021 in Singapore. The platform for Labcorp’s bioanalysis and immunochemistry will offer bioanalytical testing services that are complex in the early-stage growth of the biologics and vaccines. Furthermore, Labcorp’s novel bioanalytical lab facility is an extension of its main laboratory services and will assist in expanding the abilities of Singapore’s biomedical system.

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Opportunities

Rise in need for new treatments owing to the rise in problem of the prolonged diseases all around is anticipated to provide substantial opportunities of growth for the companies in the market for bioanalytical testing services worldwide. For example, analytical data helps in providing data required for the growth of safe and accurate drug products. Prolonged diseases like cancer, heart diseases and diabetes are the main reasons of death and disability across the world. As per Centers for Disease Control (CDC), chronic or the prolonged diseases are the main factors responsible for causing death and disability in the United States, reporting 70% of the total deaths. Thus, with the rise in need for new treatments, the need for bioanalytical testing services is rising.

Restraints

Lack of skilled labor is anticipated to hinder the market growth of the BTS worldwide. For example, the dearth of expert labor to manage the equipment needed for the testing of the bioanalytical is the main factor restricting the market growth of the bioanalytical testing services as this will hinder the acceptance of novel methodologies.

Global Bioanalytical Testing Services Market – Impact of Coronavirus (Covid-19) Pandemic

Bioanalytical methodologies have essayed a vital role in lessening the pandemic COVID-19 and thus will play an important part in averting the transmitting disease outbreaks in future and also any further wave of COVID-19 virus. For example, BioAgilytix Labs (US), a worldwide bioanalytical laboratory announced in August 2020, the launch of COVIDenceTM, a COVID-19 workforce testing service backing up the employers of the United States to lessen the effect of COVID-19 outbreak among its workforce. Precisely, COVID-19 pandemic had majorly impacted the market growth of the bioanalytical testing services.

Key Takeaways                                                                

Globally, the market for bioanalytical testing services was priced at US$ 2,902.0 million in the year 2022 and is predicted to the extent of US$ 6,216.9 million by the end of 2030 at a CAGR of 11.6% from 2023 to 2030.

Considering type of molecule, the segment of small molecules hold a dominating postion in the market for bioanalytical testing services worldwide in the year 2021, reporting for 56.3% share value, raising the acceptance and the launch of novel products is anticipated to fuel the segment’s growth in the predicted period.

Market Trends

There is a rise in need for BTS owing to the rise in need for biosimilars, biologics, and generic drugs worldwide. In the drug discovery and development, bioanalytical tests are done. It is also needed in the drug commercialization. Bioanalytical testing role in showing efficacy is vital by stimulation of the generic drugs that releases profiles with branded drugs. Thus, this tendency is anticipated to lasts in the predicted period, pushing the market growth of the BTS.

Competitive Landscape

The main companies participating in the market of bioanalytical testing services worldwide are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others.

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Recent Developments

A world life science company, named Labcorp in September 2021, acquired selected operating assets and intellectual property from Myriad Genetics’ autoimmune business unit, which includes the Vectra rheumatoid arthritis (RA) assay.

Charles River in March 2021, acquired Retrogenix, probably to increase the former’s scientific skills coupled with large molecule and cell therapy abilities.

Syneos Health in December 2020 acquired Synteract, a well-known full service CRO emphasizing on the rapid advancement and evolving biopharma market.

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 2023 to 2030
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 (2023-2030)
Chapter 16 Conclusions
Research Methodology