Bioanalytical testing play a key role in the discovery and development of pharmaceutical products. Bioanalysis is quantitative evaluation of analytes/substances in biological matrices. This technique is used in the drug development process to support drug discovery programs. These tests are also used to support pre-clinical and Phase I through Phase IV clinical trials. Thus, with the increase in disease burden, increase in demand for novel drugs, and increase in number of clinical trials, the demand for bioanalytical testing services is also increasing rapidly.
Market Statistics:
The Global Bioanalytical Testing Services Market is estimated to account for US$ 3,222.5 Mn in terms of value by the end of 2022.
Drivers:
Increasing preference for outsourcing analytical testing is expected to propel growth of the global bioanalytical testing services market during the forecast period. For instance, pharmaceutical and biotechnology companies have begun outsourcing many R&D activities to be more efficient in the drug development process. In November 2021, Labcorp launched a new laboratory in Singapore. Labcorp's bioanalysis and immunochemistry platforms will provide bioanalytical testing services that are critical to early-stage development of biologics and vaccines. Moreover, Labcorp's new bioanalytical lab facility is an expansion of its central laboratory services and will help to expand the capabilities of Singapore's biomedical ecosystem.
Opportunities:
Increase in demand for novel therapeutics due to the increase in burden of chronic diseases across is expected to offer significant growth opportunities for players in the global bioanalytical testing services market. For instance, analytical testing can provide a data needed for the development of safe and effective drug products. Chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability worldwide. According to the Centers for Disease Control, chronic diseases are the leading cause of death and disability in the United States, accounting for 70% of all deaths. Therefore, with the increase in demand for novel therapeutics, the demand for bioanalytical testing services is also increasing.
Restraints:
Dearth of skilled professionals is expected to hamper the growth of the global bioanalytical testing services market. For instance, the shortage of skilled professionals to handle equipment/instrument required for bioanalytical testing is a major factor restraining the growth of the bioanalytical testing services market because this may hamper the adoption of new technologies/methodologies.
Global Bioanalytical Testing Services Market - Impact of Coronavirus (Covid-19) Pandemic
Bioanalytical techniques have played an important role in mitigating the COVID-19 pandemic and will play a fundamental role in preventing future infectious disease outbreaks as well as subsequent waves of the COVID-19 pandemic. For instance, in August 2020, BioAgilytix Labs (US), a global bioanalytical laboratory, announced the launch of COVIDenceTM, a COVID-19 workforce testing service supporting employers across the United States to mitigate the spread of COVID-19 within their workforces. In short, the outbreak of COVID-19 has had a positive impact on the growth of the global bioanalytical testing services market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bioanalytical-testing-services-market-5384
Key Takeaways:
The global bioanalytical testing services market was valued at US$ 2,902.0 Mn in 2021 and is forecast to reach a value of US$ 6,216.9 Mn by 2028 at a CAGR of 11.6% between 2022 and 2028.
Among molecule type, small molecules segment held dominant position in the global bioanalytical testing services market in 2021, accounting for 56.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
There is an increase in demand for bioanalytical testing services due to the increase in demand for biologics, biosimilars, and generic drugs across the world. Bioanalytical tests are used in the drug discovery, drug development, as well as in the commercialization of drugs. Bioanalytical testing plays a vital role in proving efficacy by simulating the generic drug release profiles with branded drugs. Therefore, this trend is also expected to continue over the forecast period, driving the growth of the global bioanalytical testing services market.
Competitive Landscape:
Major players operating in the global bioanalytical testing services market include PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others.
Recent Developments:
In September 2021, Labcorp, a global life sciences company, acquired select operating assets and intellectual property from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay.
In March 2021, Charles River acquired Retrogenix, which is likely to enhance Charles River’s scientific expertise with additional large molecule and cell therapy capabilities.
In December 2020, Syneos Health has acquired Synteract, a renowned full-service CRO focusing on the fast-growing, emerging biopharma market.
