New York, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Bioanalytical Testing Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioanalytical Testing Services Market Information By Molecule Type, Test Type, And Region - Forecast till 2030" the 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..
Market Synopsis
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. Bioanalytical testing is utilized for the quantitative analysis of drug and metabolite properties in biological fluids, primarily blood, urine, plasma, serum, or tissue extracts. The global market for bioanalytical testing services is expected to be driven by an increase in the demand for biopharmaceutical products and the use of biosimilars for various diseases, particularly diabetes and cancer. Most pharmaceutical firms, bioanalytical businesses, and CROs are expanding their bioanalytical offerings and putting money into bioanalytical testing facilities. Throughout the development process, immunogenicity testing is necessary to evaluate the immune response in pre-clinical models utilizing clinical samples. Antibodies produced in response to treatment are examined in immunogenicity testing. It aids in establishing safety and efficacy with assurance in manufacturing vaccines, biologics, and gene therapy.
Therefore, immunology bioanalytical tests are essential during clinical development for almost all current medications, including gene and cell treatments, vaccines, and monoclonal antibodies (mAbs) for oncology. The COVID-19 pandemic has been significantly reduced thanks to bioanalytical technology, which will also remain fundamental in preventing subsequent waves of this pandemic and other infectious disease outbreaks. Companies like SGS provide a broad spectrum of bioanalytical services, including immunoassays, mass spectrometry, and cell-based assays, for both small molecules and biologics. Bioanalysis is the quantitative assessment of xenobiotics, such as biological substances, small molecule medicines, and their metabolites. Using bioanalytical testing services, the creation, and validation of reliable bioanalytical techniques in body fluids and tissue samples. These tests support pre-clinical and Phase I through Phase IV clinical studies.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 7.55 Billion |
| CAGR | 8.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Molecule Type and Test Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing drug development and rising investment in biotechnology companies |
| Adoption of advanced technologies in bioanalytical testing services |
Bioanalytical Testing Services Market Competitive Landscape:
The central contenders in the bioanalytical testing services market are:
- Charles River Laboratories International, Inc.
- inVentiv Health
- PPD
- ICON plc
- Covance Inc.
- LabCorp
- SGS SA
- Toxikon, Inc.
- Intertek Group
- Pace Analytical Services, LLC
- Medpace
Bioanalytical Testing Services Market Dynamics:
Market Drivers:
The increased demand for particular tests in R&D activities and the rising trend of outsourcing lab testing services are the main factors influencing the market under study. Companies are growing their market share by providing various services and solutions due to the rising trend of outsourcing laboratory testing services. In addition, the important effect-generating driver for this market is the rising frequency with which big pharmaceutical companies outsource R&D activities to concentrate on their core strengths. In addition, it is anticipated that the economic effects of outsourcing, instead of performing an internal study, will increase demand over the projected period.
The need for these services is anticipated to increase further due to new product development and innovation. Companies are outsourcing these services due to pricing pressure and competitive pressure. In consequence, it's anticipated that this will accelerate market expansion generally. Bioanalytical scientists now have access to a completely new universe thanks to the growing importance of proteins and peptides as therapeutic agents and the tremendous prospects offered by new MS-based technology.
Market Restraints:
The market for bioanalytical testing services is thought to be significantly constrained by the complex regulatory requirements and the difficulties with the software. The primary obstacle to the general expansion of the bioanalytical testing service business is the evolution of instruments while adhering to laws and any problems that may occur while validating these instruments.
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COVID 19 Analysis
Due to the COVID-19 pandemic, numerous biotech and pharmaceutical companies have been concentrating on effective and quick technologies for the quick diagnosis of COVID-19 and to develop vaccines and treatments that can help stop the spread by ensuring the suitability of care across all hospital environments and achieving high-quality outcomes, which is further increasing demand for the bioanalytical testing services worldwide. Technologies for bioanalytical diagnostics are essential for controlling the COVID-19 pandemic. They will probably aid in containing upcoming pandemics and communicable disease outbreak waves.
For effective diagnosis, prognosis, patient monitoring, and epidemiological surveillance in the case of a significant pandemic like COVID-19, a combination of various diagnostic methods (centralized and point-of-care, and dependence on many biomarkers) is needed. To quickly diagnose COVID-19, several biotech and pharmaceutical firms have been concentrating on developing efficient methods. They have focused on creating vaccinations and treatments that can prevent the disease from spreading by assuring the appropriateness of care in all healthcare settings and obtaining high-quality results.
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Bioanalytical Testing Services Market Segmentation
By test type, the market includes pharmacokinetics, pharmacodynamics, bioanalysis, and bioequivalence.
By molecule type, the market includes small molecules and large molecules.
Bioanalytical Testing Services Market Regional Insights
Due to the facilities readily available throughout the region and the rising R&D expenditures from US pharmaceutical giants, North America currently commands the highest market value for bioanalytical testing services and is predicted to maintain this position throughout the forecast period. The Asia-Pacific region, on the other hand, is anticipated to expand steadily during the forecast period due to the presence of several pharmaceutical businesses and an increasing number of CROs, which aim to provide drug research and development services at reasonable costs.
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Regarding revenue, Europe was the second-largest market for bioanalytical testing services. The region's high percentage can be attributed to rising pharmaceutical and biotechnology R&D spending. Additionally, the European market is driven by the increase in chronic disease cases. This expansion is primarily attributed to the increased demand for outsourced services in areas that are still developing. Delivery centers in nations like China, Manila, and India are frequently used to support outsourcing businesses in this region. Particularly China is becoming increasingly attractive as a destination for onshore and nearshore clients with headquarters in Japan.
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