The bioanalytical testing services market referred to the analytical method used for biological product analysis. It includes a diverse area of expertise for the development of drugs in various geography and different therapeutic areas. The testing of the drug upon accurate quantification and endogenous substances in biological samples used for illicit purposes.
The global bioanalytical testing services market expected to spur market value with USD 5.34 billion with anticipating CAGR in the forecast period from 2020-2027. The market demand for bioanalytical testing services is rising due to emerging infectious diseases such as HIV, Coronavirus, Ebolavirus, and others.
The factors that are contributing to the increasing application of bioanalytical testing are biomarkers clinical trials, small molecules, and others. Also, the increasing focus of biologics and biosimilars analytical testing is propelling the market demand. Furthermore, increasing expenditure of healthcare industry and biopharmaceutical industries.
The advancement of science and technology and evolving living standards of people have put forward new requirements in areas such as safety, health, environmental protection, technological research, product development, quality supervision, public decision-making, and public services. Thus, driving the market requirement for bioanalytical testing services.
Moreover, the rise in bioanalytical testing services has also fueled the market by the outsourcing of research and development to minimize the cost of in-house production. Thus, it created many opportunities for pharmaceutical companies in the bioanalytical testing services market.
Furthermore, the continuous advancement of new therapeutic antibodies and technologies will help in treating chronic diseases faster. Rapid biologic development to speed up clinical tests that can directly influence treatment options in cases of severe illness such as cancer.
With emerging infectious diseases and changing healthcare infrastructure and integrated technology has propelled the demand of small pharmaceutical manufacturers and research and development activities as well. Therefore, it reduces the cost of adoption of advanced technology and the most advanced instruments and equipment. Thus, it helps in providing a rich experience to ensure that it offers high-quality services for phase research projects.
The growth of pharmaceutical companies’ market growth is increasing due to the increasing spread of viruses and chronic diseases, which require a large investment in R&D to improve the health facilities. Moreover, the testing reagent industry is composed of upstream raw material and equipment supply, midstream R & D and production, and downstream sales and application. The upstream mainly includes manufacturers of biochemical instruments, equipment, and consumables, manufacturers of biochemical reagents.
Based on the molecule type, the global bioanalytical testing services market segment into Small Molecule and Large Molecule. The small molecule segment estimated to dominates the maximum share of the global bioanalytical testing services market. The small molecules services used to provide test methods, purity, and stability data, helping to navigate regulatory challenges to release the small molecule. Small molecules services require a highly specific chemical approach and standard purification process. Moreover, the large molecule segment will bolster the market share in the forecast period from 2020-2027. It is mainly due to the emerging presence of a massive pipeline of biologics, so amino-acid-based molecules or peptides are fueling demand for the large molecule.
Based on the test type, the global bioanalytical testing services market classified into Bioavailability and Bioequivalence Studies, Pharmacokinetics, Pharmacodynamics, Others. The Bioavailability and Bioequivalence Studies segment dominated the largest market share in the global bioanalytical testing services market. Bioequivalence (BE) refers to the statistical difference in the degree and speed of drug absorption between the test preparation and the control standard preparation under the same test conditions. Bioavailability studies reflect the biological standards of pharmaceutical preparations and provide direct proof of clinical efficacy. Two main drugs require bioequivalence studies. One of them includes a product that changes the dosage form and another change prescription and process.
Based on geography, the global bioanalytical testing services market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing bioanalytical testing services market, accounting for the largest share in the global market. It is mainly due to the emerging disposable income, increasing healthcare structure, and increasing infectious diseases that increase the demand for the bioanalytical testing services. Thus, it propels the growth of the outsourcing of drug discovery services in the Asia Pacific.
Companies such as Charles River, Medpace, WuXi AppTec, Eurofins Scientific, IQVIA, Inc., SGS SA, Laboratory Corporation of America Holdings, Intertek Group plc (UK), PRA Health Sciences, Syneos Health, ICON plc, Frontage Labs, PPD, Inc., PAREXEL International Corporation, Almac Group, Celerion, Altasciences, BioAgilytix Labs, Lotus Labs Pvt. Ltd., LGS Limited and others are key players in the global bioanalytical testing services market.
By Molecule Type
By Test Type