Global bioanalytical testing services market size to register 11.8% CAGR through 2027

The research report on ‘global bioanalytical testing services market’ provides an exhaustive analysis of the market’s performance over 2020-2027.

Description: The research report on ‘global bioanalytical testing services market’ provides an exhaustive analysis of the market’s performance over 2020-2027. The study predicts overall market valuation based on prevailing growth drivers, potential opportunities, and prevalent challenges existing in the industry space. Additionally, the study highlights the noteworthy changes in the business dynamics triggered by the COVID-19 pandemic and forecast the impact of the same.

Worldwide bioanalytical testing services market garnered a valuation of USD 1.9 billion in 2019 and is projected to register a CAGR of 11.8 % over 2020-2027. Growing focus on analytical testing of biologics & biosimilar, rising inclination towards outsourcing analytical testing, increasing R&D spending in pharmaceutical & biopharmaceutical industries, and adoption of quality by design practices are projected to drive the industry growth over the study period. In addition, COVID-19 pandemic has emerged as a boon for this business vertical and augmented the market size, on account of surging demand for analysis of coronavirus drugs and vaccines, cites the report.

Global bioanalytical testing services market report encompasses the entire ecosystem of the industry across various geographies, with a key emphasis on the major countries in North America, Europe, Asia Pacific, and Latin America. Besides, comprehensive assessment of other segmentations as well as the changing competitive dynamics of the industry are also studied in complete details.

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Citing an instance, in August 2017, Eurofins Scientific introduced its scientific consulting services for aiding pharmaceutical & biotech sponsors in large molecule bioanalytical requirements. Such advancements and strategic alliances among leading enterprises are expected to boost the industry growth in the forthcoming years.

For the record, bioanalytical testing involves quantitative examination of drugs in biological compositions such as plasma, blood, urine, or serum. These tests are performed during the drug development process which assist in the drug’s commercialization across diagnostic centers, pathological labs, and research labs.

Although global bioanalytical testing services market is depicting a promising growth, the lack of skilled professionals and pricing challenges faced by major players may impede the growth pace over the forecast period.

Regional hierarchy of the market:

Global bioanalytical testing services market is partitioned into North America, Asia Pacific, Europe, Latin America, and Rest of the World, wherein Asia Pacific is the leading contributor to the overall valuation. Huge patient base, especially in India and China, coupled with inflowing investments in R&D activities will continue to support the industry expansion in APAC through 2027.

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Competitive terrain of the market:

Global bioanalytical testing services market landscape is determined by major players like Syneos Health, PRA Health Sciences, Intertek Group PLC, Laboratory Corporation of America Holdings, SGS SA, IQVIA Inc., Eurofins Scientific, WuXi AppTec, Medpace, and Charles River.

Global Bioanalytical Testing Services Market Type Review (Revenue, USD billion, 2017-2027)

  • Cell-based Assays
  • Virology Testing
  • Biomarker Testing
  • Serology, Immunogenicity, and Neutralizing Antibodies
  • Method Development Optimization and Validation
  • Pharmacokinetic Testing Service

Global Bioanalytical Testing Services Market Application Review (Revenue, USD billion, 2017-2027)

  • Oncology
  • Neurology
  • Cardiology
  • Infectious Diseases
  • Gastroenterology
  • Others

Global Bioanalytical Testing Services Market End-User Review (Revenue, USD billion, 2017-2027)

  • Pharmaceutical & Biopharmaceutical Companies
  • Contract Research Organizations
  • Contract Development & Manufacturing Organizations

Global Bioanalytical Testing Services Market Regional Review (Revenue, USD billion, 2017-2027)

North America

  • U.S.
  • Canada

Latin America

  • Brazil
  • Mexico

Asia Pacific

  • Australia
  • India
  • Japan
  • China
  • South Korea
  • Rest of APAC

Europe

  • U.K.
  • Spain
  • Germany
  • France
  • Italy
  • Rest of Europe

Rest of the World

Global Bioanalytical Testing Services Market Competitive Landscape Review (Revenue, USD billion, 2017-2027)

  • Syneos Health
  • PRA Health Sciences
  • Intertek Group plc
  • Laboratory Corporation of America Holdings
  • SGS S.A.
  • IQVIA Inc.
  • Eurofins Scientific
  • WuXi AppTec
  • Medpace
  • Charles River Laboratories

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Global Contract Research Organization Market is expected to exceed USD 61 billion by 2025. The growing advantages associated with clinical trials being conducted in emerging economies will drive the contract research organization market over the analysis timeframe. Growing focus of pharmaceutical companies on innovative drug development for various chronic disease treatment is anticipated to boost market growth over the forecast period. The pharmaceutical business is witnessing strong growth due to drug delivery advancements leading to new product launch. Rising investment in life sciences and clinical research will ensure contract research organization market growth. Moreover, growing demand for global clinical trials and requirement for quality auditing will further augment contract research organization business growth.

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