April 23, 2024

Biotech and Biopharmaceuticals (Largest Segment Driving Growth of Bioanalytical Testing Services Market)

Market Overview:

Bioanalytical testing services help in drug development and analysis of new molecules by conducting research activities. These services involve analysis of drug quantity in blood and other body fluids. They help in clinical trials and research of new pharmaceutical drugs.

Market Key Trends:

Growing outsourcing of bioanalytical testing: Pharmaceutical and biotech companies are increasingly outsourcing bioanalytical testing services to contract research organizations (CROs) to reduce costs and focus on core competencies. This trend is expected to continue during the forecast period due to benefits offered by CROs such as access to advanced technologies, reduced overhead costs, and expertise in specialized bioanalytical testing areas. This is a key factor driving growth of the global bioanalytical testing services market.

Market key trends:
The bioanalytical testing services market has been witnessing rising adoption of the LC-MS/MS technique for quantification of biomolecules. LC-MS/MS enables high specificity and sensitivity of analysis and has emerged as the technology of choice for quantitative bioanalysis. It allows high-throughput screening of a large number of samples with minimal sample preparation. The increasing complexity of drug molecules has further propelled the demand for sophisticated analytical technologies like LC-MS/MS in the bioanalytical testing market.

SWOT Analysis
Strengths: Bioavailability and bioequivalence studies required for product approval contribute to stable revenues. Strong expertise in analytical testing and regulatory knowledge.
Weaknesses: High capital requirements for investigative tools like LC-MS/MS. Reliance on limited number of clients for revenues.
Opportunities: Growing biosimilars market and increasing pharma R&D expenditures drive market growth. Opportunities in viral vector-based gene therapy market.
Threats: Price competition from emerging players. Strict regulatory structures can increase compliance costs.

Key Takeaways

The global bioanalytical testing services market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing R&D investments in drug discovery and biosimilars development. The global market size for bioanalytical testing services was valued at US$ 3614.31 Mn in 2023.

Regional analysis: North America dominated the global market in 2023 with over 30% share owing to presence of majority of clinical research organizations in the region. Asia Pacific is expected to witness fastest growth during the forecast period supported by low-cost operations and growing biopharma industry in the region.

Key players operating in the bioanalytical testing services market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others. PPD Inc. and Charles River Laboratories International Inc. collectively accounted for over 30% share of the global revenue in 2023.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it