The Bioanalytical Testing Services Market involves specialized laboratories and companies that offer testing and analysis services for pharmaceutical and biotechnological products. These services play a crucial role in drug development, ensuring the safety, efficacy, and quality of drugs by analyzing biological samples and assessing drug concentration levels in clinical trials.
According to the new market research report "Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027"
The global bioanalytical testing services market in terms of revenue was estimated to be worth $2.9 billion in 2022 and is poised to reach $6.0 billion by 2027, growing at a CAGR of 15.6% from 2022 to 2027.
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Driver: Rising focus on the analytical testing of biologics and biosimilars
Biologics represent one of the most promising new therapeutic areas and are becoming increasingly important in the pharmaceutical market; around 800 products are in the pipeline at present. One of the key reasons for this is the rising prevalence of chronic diseases. However, considering the high cost of biologics and the rising focus of various governments on reducing healthcare costs, the focus on biosimilars has increased in recent years. The impending expiry of the patents and exclusivity periods of biologics have also created opportunities for the development of follow-on biologics or biosimilars. According to GaBi, twelve biologics, with global sales of more than USD 67 billion, are scheduled to go off-patent in major markets by 2020, with more biologics likely to follow.
Key players in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India).
Report Objectives
- To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically analyze the market structure and profile the key players of the market and comprehensively analyze their core competencies
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
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