Bioanalytical Testing Services Market to Benefit from Rise in Cancer Cases

Bioanalytical Testing Services Market to achieve 12.95% forecast to 2027, Global Bioanalytical Testing Services Market to obtain USD 1.8 Bn Revenue forecast period 2018-2023

Global Bioanalytical Testing Services Market Research Report: By Molecule Type (Small Molecule, Large Molecule), By Test Type (Pharmacokinetics, Pharmacodynamics, Bioanalysis, Bioequivalence, Others) - Forecast to 2027

Market Overview

Market Research Future (MRFR) reveals that the bioanalytical testing services market could secure a decent CAGR of 12.95% from 2020 to 2027 (assessment period).

Growth Drivers and Challenges

Drug manufacturers are striving to replenish their drug pipelines since most of the bestsellers will soon be off patent, thereby spending considerably on developing new drugs. This has led to a higher demand for bioanalytical testing services. CROs’ versatile expertise compared to the pharma firms when it comes to conducting clinical trials and the rising introduction of drugs in certain therapeutic areas has bolstered the demand for CROs in pharmaceuticals.

Growth of biosimilars along with combination molecules, and various other medicines has led to significant demand for certain tests like electrochemical, titrimetric, and electrophoresis assays, as well as immunoassays. Additionally, companies working on diversifying their operations to a new geography are required to follow the area-based standards, compelling them to perform specific tests such as bioanalytical testing services. Apart from this, the escalating use of Quality by Design (QbD) for successful results and lower costs and time, will present attractive opportunities to the top manufacturers in the next few years.

The COVID-19 outbreak resulted in considerable mortality, morbidity, as well as economic loss. Bioanalytical testing services and technologies are being used to mitigate the pandemic and should remain foundational in preventing the oncoming waves in the future. Bioanalytical testing assists in early detection of the virus, armed with a couple of modern along with emphasis on performance metrics. Given their extensive applicability along with robust demand following the advent of the pandemic, the bioanalytical testing outsourcing sector has turned quite profitable and will continue to race ahead at a relentless pace during the analysis period.

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Market Segmentation

Molecular type and test type are the major segments considered in the MRFR report.

Molecular types listed in the report are small and large. Small molecular types form the leading segment and can continue to soar at a rate of 11.94% between 2020 and 2027, owing to their potential to fight against chronic diseases. The large molecular types will likely record a better CAGR of 14.76% compared to its counterpart, considering the rapid advances in biologics.

The test types discussed are bioequivalence, pharmacodynamics (P.D.), bioavailability, pharmacokinetics (P.K.), and others. P.D. should touch USD 467.25 million by 2027 and remain a steadily growing segment owing to its testing ability to assess the dose concentration-response interactions of drugs.

Regional Insight

The global market can be regionally segregated into Europe, the Middle East Africa or ME, Asia Pacific or APAC and the Americas.

The American market could touch a significant valuation of USD 716.73 million by 2027 while also achieving a stunning growth rate of 12.39% during the evaluation timeframe. In the region, the highest gainer will be the US market, thanks to the significant awareness level among healthcare professionals and large-scale amounts spent on rigorous research and development activities. In addition to this, the grants provided by the government to several pharmaceutical agencies, especially in the US and Canada and the surge in biosimilars act in favor of the American industry as well.

Europe is all set to procure a growth CAGR of 12.94% between 2020 and 2027, as the demand for bioanalytical services has been escalating at an incredible rate in the region. Surge in clinical trials and RD activities with respect to bioanalytical services will benefit the European market in the following years. Mounting cancer cases have fostered the need for these services in the region., The regional market is further boosted by the availability of well-equipped medical facilities, soaring elderly patient base, and the exponential growth in the number of chronic diseases.

The APAC market should witness unprecedented growth in the next few years, backed by the presence of several CROs across China and India. India is most likely to secure the leading position in the APAC market, given the low costs of production. The burgeoning patient base along with the soaring number of exhaustive RD activities could be favorable too. International companies outsourcing their drug discovery services to the region has been a huge growth booster. Focus on business expansion is a key strategy followed by many of the vendors in the region. For instance, in May 2021, LabCorp had a new bioanalytical testing services laboratory built in Singapore. The construction of the bioanalytical testing laboratory has begun and is expected to open in late 2021. The new lab will help the company expand its Covance Drug development services in Asia Pacific.

Leading Vendors

Laboratory Corporation of America Holdings (U.S.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Toxikon (U.S.), LLC (U.S.), Intertek Group plc (U.K.), ICON plc (Ireland), Pace Analytical Services, inVentiv Health (U.S.), Pharmaceutical Product Development (U.S.), Covance, Inc. (U.S.), are the top industry contenders listed in the MRFR report.

The bioanalytical testing services industry has several well-established vendors that take up strategies including mergers, agreements, acquisitions, and collaborations, to improve their positions. As a result of this, the global market has turned out to be significantly competitive, while also witnessing robust growth in the process.

Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/bioanalytical-testing-services-market-6573

Latest News

March 2021

Eurofins Viracor BioPharma Services, a well-known name in the specialty bioanalytical testing services industry, has launched PanCancerIQ genomic profiling test, which is a next-generation sequencing service that facilitates genomic profiling of various types of tumor samples. Other than boosting Eurofins Viracor’s presence in the oncology clinical trial testing field, this assay will help identify all the relevant RNA and DNA variants found in solid tumors.

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