USD 2.42 billion
Report ID:
SQMIG35D2157 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
65 |
Figures:
75
Global Bioanalytical Testing Services Market size was valued at USD 2.42 billion in 2022 and is poised to grow from USD 2.78 billion in 2023 to USD 8.51 billion by 2031, at a CAGR of 15 % during the forecast period (2024-2031).
The purpose of the bioanalytical testing services market is to provide reliable and accurate testing services to pharmaceutical and biotech companies to help them bring safe and effective drugs to market. The primary driving factor for the global bioanalytical testing services market is the increasing demand for drug development and regulatory approval services. The pharmaceutical and biotech industries are rapidly expanding, and the need for reliable and accurate testing services is growing. The major restraining factor for the global bioanalytical testing services market is the high cost of these services.
The major challenges in the global bioanalytical testing services market are the lack of standardization in analytical methods and procedures. The variability in analytical methods and procedures used by different service providers can lead to inconsistent results, which can affect the reliability of the data generated. The global bioanalytical testing services market offers several opportunities for service providers. The increasing demand for personalized medicine and targeted therapies is driving the need for more specialized and customized testing services.
Global Market Size
USD 2.42 billion
Largest Segment
Sample Analysis
Fastest Growth
Sample Analysis
Growth Rate
15% CAGR
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The global bioanalytical testing services market is segmented on the basis of workflow, test, and region. Based on workflow, the market is segmented into sample preparation, and sample analysis. In terms of test, the market is grouped into ADME, PK, PD, Bioavailability, Bioequivalence, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Bioanalytical Testing Services Market Analysis by Workflow
In 2022, The sample analysis segment has a significant share in the global bioanalytical testing services market, accounting for more than 45.8% of the total revenue. This workflow is crucial for drug development and marketing, as it aids in identifying impurities, quantifying them, and assessing the stability of drug molecules. The rising demand for drug development is driving the growth of the sample analysis segment.
The sample preparation segment is expected to grow at a CAGR of 8.9% during the forecast period. Sample preparation involves extraction procedures that help in obtaining the required components from the matrix. The use of nontraditional extraction technologies has increased due to the growing demand for automation, reduced solvent usage, and miniaturization. Proper sample preparation ensures the integrity of the samples and minimizes matrix risks and assay variability, resulting in cleaner samples. To avoid challenges and enhance bioanalysis, it is essential to maintain sample integrity from the time of collection until analysis.
Global Bioanalytical Testing Services Market Analysis by Test
The global bioanalytical testing services market is segmented based on the types of tests, including Absorption Distribution Metabolism Excretion (ADME), Pharmacokinetics (PK), Pharmacodynamics (PD), bioavailability, bioequivalence, and other test types. The bioavailability segment has the largest market share, accounting for more than 18.7% of the global revenue in 2022. This is due to the high demand for such services in generic drug development, as well as the increasing consumer concern for self-care, which is driving the consumption of pharmaceutical products.
The bioequivalence segment is expected to grow at a CAGR of 9.1% during the forecast period. End-users are expanding their testing capabilities and promoting in-house tests to meet the rising demand for pharmaceutical products. For example, SGS, a biopharmaceutical analytical and bioanalytical contract solutions provider, invested USD 3.95 million to expand its bioanalytical testing capabilities in Poitiers, France in December 2018. This growing accessibility to bioanalytical testing through various end-users is expected to drive the growth of the bioequivalence segment.
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In 2022, North America dominated the global market accounting for over 46.2% of the largest revenue share. The region is expected to continue its steady growth with a constant CAGR throughout the forecast period, thanks to the increasing number of pharmaceutical industries in the United States and Canada. The strong presence of major market players is also expected to contribute to the region's growth.
Europe is estimated to register the second-fastest CAGR from 2023 to 2030. Meanwhile, the Asia Pacific region is projected to be the fastest-growing regional market, with a CAGR of 9.1% over the forecast period. This growth can be attributed to the rising demand for outsourcing services in relatively immature markets. Outsourcing services in this region are typically supported by delivery centers in countries such as China, Manila, and India. China, in particular, is becoming a popular delivery location for onshore and nearshore clients based in Japan.
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Global Bioanalytical Testing Services Market Drivers
Increasing Demand for Personalized Medicine
Growing Focus on Analytical Testing of Biologics and Biosimilars
Global Bioanalytical Testing Services Market Restraints
Dearth of Skilled Professionals
Pricing Pressure faced by Major Players
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The global bioanalytical testing services market is highly competitive, with the presence of a large number of players. These players are engaged in various growth strategies, such as mergers and acquisitions, partnerships, and collaborations, to enhance their market position. The competitive landscape of the global bioanalytical testing services market is expected to remain highly competitive with the increasing demand for these services and the entry of new players in the market. The market players are likely to focus on expanding their service offerings, developing innovative solutions, and forming strategic partnerships to maintain their market position.
Top Player’s Company Profiles in Global Bioanalytical Testing Services Market
Global Bioanalytical Testing Services Market Recent Developments
In January 2024, Kindeva Drug Delivery, a worldwide provider of drug-device combination products, expanded its analytical services capabilities. This expansion includes the launch of a new global business unit providing integrated and stand-alone analytical support to the broader pharmaceutical, biopharmaceutical, and medical device sectors.
In November 2023, Worldwide Clinical Trials, a prominent global full-service contract research organization (CRO), named Jayaprakash (JP) Kotha, MBBS, Ph.D, ASCP (SH), as Vice President of Bioanalytical.
In April 2023, Frost & Sullivan evaluated the bio-analytical testing services industry and awarded Inotiv, Inc. (Nasdaq: NOTV) with the 2022 North American Customer Value Leadership Award based on its findings.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global bioanalytical testing services market analysis, the increasing R&D expenditure, the rising number of clinical trials, and the growing demand for biologics and biosimilars are the key growth drivers. The preference for outsourcing bioanalytical testing services is anticipated to create a favorable environment for market development. The increasing prevalence of chronic diseases, such as cancer and diabetes, has led to a surge in demand for new and innovative treatments. The introduction of biosimilars and the move toward continuous processing are also driving the need for more rapid and sensitive analytical techniques. The outsourcing of bioanalytical testing services supports pharmaceutical companies in avoiding large funds in purchasing analytical equipment and maintaining manpower, particularly when development efforts are in the initial stages. The global bioanalytical testing services market is expected to witness significant growth in the coming years, driven by increasing R&D expenditure, the rising number of clinical trials, and the growing demand for biologics and biosimilars. The preference for outsourcing bioanalytical testing services is also anticipated to create a favorable environment for market development. The market is facing challenges such as the high cost of bioanalytical testing services, lack of standardization, and shortage of skilled professionals.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.42 billion |
Market size value in 2031 | USD 8.51 billion |
Growth Rate | 15% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Bioanalytical Testing Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bioanalytical Testing Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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