The bioanalytical services market is expected to grow at a CAGR of 8.2% during the forecast period 2022 to 2030.
The bioanalytical services market is expected to grow at a CAGR of 8.2% during the forecast period 2022 to 2030.
COVID-19 Impact
The bioanalytical services market is expected to witness abundance of growth opportunities in the upcoming years. The increasing number of infectious diseases is anticipated to revive the growth of the bioanalytical services market. Many pharmaceutical companies are now collaborating with research institutes to provide necessary bioanalyical services. Bioanalytical services involve pre-clinical tests, fluid or specimen testing, analysis of clinical samples, investigation of infection of viruses in the body, etc. In the global pandemic, these services have created significant growth opportunities for market contributors. Bioanalytical services played a major role in COVID-19 drug investigation and vaccination programs. Ongoing assays, vaccine testing solutions, drug inspection procedures, and technological advancement in pharmaceutical companies are creating revenue opportunities amid pandemic in the bioanalytical services market.
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Overcoming Challenges in Bioanalytical Services Market
Dearth of highly skilled and productive manpower is one of the major challenges faced by many market contributors of the bioanaytical services market. Bioanalytical laboratories and research centers require skilled and experienced professionals to study and develop innovative solutions to fulfill the increasing demand of bioanalytical testing services from medical industry. In order to overcome this, governments are investing on providing training, webinars for students and graduate-level scientists to educate and keep themselves updated with the latest trends, and recent technological advancements. Moreover, to minimize the complexities in bioanalytics, acceptance and investment in new technologies, making use of better tools, and equipment for accurate sample analysis are required.
Emerging Contact Research Organizations (CRO) in Pharmaceuticals
The bioanalytical services market is projected to reach US$ 12.34 Bn by 2031. Manufacturers are bolstering their R&D capabilities to experiment with new technologies and applications. Escalating complexity and number of standards are driving the bioanalytical services market. Pharmaceutical companies are establishing their foot in outsourcing R&D activities to various contact research organizations to stay ahead of the competition and generate more revenue opportunities. Increasing government expenditure on healthcare, research & development activities, and trending advances in bioinformatics also strengthen the scope and expansion of CROs. Oncology is also a highly demanding branch of medicine that deals in diagnosis and treatment of cancer. The introduction of Big Data and artificial intelligence in medical field also elevate the demand in the bioanalytical services market.
Rising Prevalence of Infectious Diseases and Bioanalytical Services
Research & development activities have gained momentum in the field of drug development life cycles, pharmaceuticals, biopharmaceuticals, vaccinating procedures, and biosimilars since the coronavirus pandemic outbreak. The bioanalytical services have played an important role in the mitigation of the COVID-19 pandemic. Prevention and control of future waves of the various other infectious diseases such as SARS-CoV-2, HIV, etc. is extremely necessary these days, and thus, bioanalytical testing services are advantageous in many ways. There is an increasing demand for small molecular and large molecular bioanalytical services such as electrophoresis, tissue bioanalysis, immunochemistry services, electrochemical and titrimetric assays, immunoassays, etc. The high demand for these services are translating into lucrative revenue opportunities for manufacturers in the bioanalyttical services market.
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Initiatives by Governments to Support R&D Activities
The bioanalytical services market is expected to advance at a CAGR of 8.2% during the forecast period. Pharmaceutical companies are increasing their output capacities in pre-clinical testing methods, drug safety, etc. with changing guidelines of international organizations. Thus, to understand the complex and changing standards in testing methods, clinical trials, and regulatory updates, governments are taking a step ahead to support manufacturers in the pharmaceutical companies, and investing in research and development activities. Bianalytical services are beneficial in early detection of coronavirus, and governments of various countries are supporting for the same. Increasing healthcare expenditure, outsourcing research activities by pharmaceutical companies in the bioanalytical services market help elevate the economy.
Rapid Growth & Development in North America Creating Profitable Revenue Opportunities
The increasing prevalence of infectious as well as chronic diseases such as diabetes all over the world demand for bioanalytical testing services. A large number of ongoing clinical trials, outsourcing services, research activities, and increasing investment by major pharmaceutical companies are some of the factors responsible for the growth of the bioanalytical services market in North America. The rapid increase in manufacturing of pharmaceuticals to fulfill consistently rising demand for healthcare services in the region is expected to propel the development of the bioanalytics services market in the region.
Manufacturers operating in the bioanalytical services market are shifting toward electronics medical devices to increase the performance of the services. Countries in the Asia Pacific market such as China, India, Japan, etc. are the fastest growing markets in providing and outsourcing bioanalytical services. Increasing investments on healthcare and highly efficient pharmaceutical outsourcing services are the two important factors that are boosting the market growth in Asia Pacific.
Analysts’ Viewpoint
Experienced scientists are developing innovative methods to detect drug metabolites, drug analysis, and validation requirements by considering various regulatory and non-regulatory guidelines and standardizations. Drug samples can be analyzed by ensuring the quality, stability, and accuracy. Technological advancements in healthcare and pharmaceutical industries have the potential to create more revenue opportunities post COVID-19 period. Although there are some challenges in the bioanalytical services market that we need to overcome in the upcoming years such as lack of skilled professionals, methods to deal with highly complex, unstable drug compounds, etc. Hence, companies in the bioanalytical services market should experiment with new techniques to improvise the testing processes. In addition, elemental bioanalysis, biosimilar analysis, and validation methods are also contributing toward market expansion.
Bioanalytical Services Market: Overview
This report analyzes the current scenario and future prospects of the global bioanalytical services market. Increase in demand for bioanalytical testing services can be attributed to the rise in prevalence of infectious diseases, HIV, and other diseases. Additionally, surge in government initiatives to control outbreaks of infectious diseases such as coronavirus is projected to drive the global bioanalytical services market during the forecast period.
The report provides an elaborate executive summary, including a snapshot of various segments of the bioanalytical services market. It also provides elaborate information and data analysis of the global bioanalytical services market with regard to segments based on service, type, end-user, and region.
The overview section of the report provides a detailed qualitative analysis of drivers and restraints, and opportunities that affect the global bioanalytical services market
Additionally, the report includes company profiles, which provide information about their business, product portfolios, and competition landscape in the bioanalytical services market
The report on the global bioanalytical services market offers market attractiveness analysis of the regions and segments
The last section of the report comprises quantitative and qualitative analysis on market share/position of key players operating in the global bioanalytical services market. It analyzes the key competitive strategies adopted by the major industry players, thereby presenting a thorough understanding of the competitive scenario in the global bioanalytical services market.
Bioanalytical Services Market: Key Segments
In terms of service, the global bioanalytical services market has been classified into immunochemistry services, quantitative immunoassays, cell-based neutralization assays, LCMS method development, discovery phase bioanalysis, LCMS sample bioanalysis, GCP bioanalysis service, biomarker assays, protein analysis, and others. The immunochemistry service segment held major share of the global bioanalytical services market in 2020, and the trend is anticipated to continue during the forecast period.
Based on type, the global bioanalytical services market has been categorized into small molecule analysis, large molecule analysis, and others. The small molecule analysis segment accounted for majority of the market share in 2020.
Based on end-user, the global bioanalytical services market has been divided into pharma & biotechnology companies, contract research organization, and others
The market value and forecast for each of these segments have been provided from 2017 to 2031. The CAGRs of respective segments have also been provided from 2021 to 2031, considering 2017 to 2019 as the historical years and 2020 as base year.
Bioanalytical Services Market: Regional Outlook
The global bioanalytical services market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa). Each region considered in the market has been divided into countries/sub-regions.
The bioanalytical services market report provides value and forecast for each region and country/sub-region from 2017 to 2031. The compound annual growth rates (CAGRs) for each of these regions and countries have also been provided for the forecast period from 2021 to 2031. The bioanalytical services market study also covers the competitive scenario in these regions.
Companies Mentioned in Report
Key players in the global bioanalytical services market have been profiled based on attributes such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
Major companies profiled in the global bioanalytical services market report are
- PPD, Inc.
- ICON plc
- Laboratory Corporation of America
- Charles River Laboratories International, Inc.
- Syneos Health
- SGS SA Toxikon, Inc.
- Intertek Group
- Pace Analytical Services
- Medpace
- PRA HEALTH SCIENCES
- WuXi AppTec
- IQVIA
- Eurofins Scientific
Key Questions Answered in Bioanalytical Services Market Report
- What are the major drivers, restraints, and opportunities in the market?
- What will be the revenue share projections of key segments of the global bioanalytical services market during the forecast period?
- Which segment is likely to lead the global bioanalytical services market in terms of revenue by 2031?
- How mergers & acquisitions among players are widening the scope of the global bioanalytical services market?
- Which are the leading companies in the global bioanalytical services market?
Bioanalytical Services Market – Segmentation
Service
- Immunochemistry Services
- Quantitative Immunoassays
- Cell-based Neutralization Assays
- LCMS Method Development
- Discovery Phase Bioanalysis
- LCMS Sample Bioanalysis
- GCP Bioanalysis Service
- Biomarker Assays
- Protein Analysis
- Others
Type
- Small Molecule Bioanalysis
- Large Molecule Bioanalysis
- Others
End-user
- Pharma & Biotechnology Companies
- Contract Research Organizations
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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