The Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioanalytical testing services play a crucial role in drug development and product approval process. These services provide quantitative and qualitative evaluation of biomolecules in complex biological matrices. They help in analyzing drug level in blood, plasma or serum along with the drug metabolites concentration. These services reduce costs and risks associated with drug development.
Market Key Trends:
One of the major trends driving growth of the bioanalytical testing services market is increasing R&D expenditure in the pharmaceutical industry. There has been significant rise in investment in R&D activities by various pharmaceutical companies over the past few years. As per Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of pharmaceutical companies was US$ 83 billion in 2020, which increased to US$ 91 billion in 2021. This increased expenditure in drug development is generating high demand for various analytical testing services including bioanalytical testing during pre-clinical and clinical stages of drug development.
Porter’s Analysis
Threat of new entrants: The high competitive rivalry and capital investment requirements pose significant entry barriers. However, niche service opportunities can be explored by small players.
Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power due to their size and ability to demand competitive pricing.
Bargaining power of suppliers: The availability of skilled scientists and technical experts provides some bargaining power to suppliers in the industry.
Threat of new substitutes: Rising advances in digital/AI platforms pose the threat of new substitutes for traditional bioanalytical testing in future.
Competitive rivalry: Strong competition exists among major players to acquire contracts.
SWOT Analysis
Strengths: Presence of accredited labs, technical expertise and global reach of major players.
Weaknesses: Highly regulated industry requiring substantial compliance costs; dependency on a few large pharma clients.
Opportunities: Growing drug development pipelines, demand for specialized analytical capabilities.
Threats: Regulations delays or changes; pricing pressures from clients; competition from new digital technologies.
Key Takeaways
The Global Bioanalytical Testing Services Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology industries. North America is expected to dominate the market over the forecast period owing to presence of majority global clinical trial sites and well-established pharma industry in the region.
Regional analysis for bioanalytical testing services market comprises lucrative opportunities in Asia Pacific region. Increasing investments to develop biosimilars and vaccines in major economies like China, India and Japan will drive the demand for outsourced bioanalysis services in Asia Pacific 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. Major players are focusing on expanding their global service footprints and capabilities through partnerships and acquisitions to tap high growth markets such as cell and gene therapies.
Read More:
COVID-19 Impact Analysis on Bioanalytical Testing Services Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the bioanalytical testing services market include Pharmaceutical Product Development, LLC.
(PPD), ICON plc, Covance, Inc., Charles River Laboratories International, Inc., Laboratory Corporation of America, inVentiv Health, SGS SA, Toxikon, Inc., Intertek Group plc, Pace Analytical Services, LLC.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Bioanalytical Testing Services Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bioanalytical-testing-services-market/download-sampleMarket DynamicsThe global bioanalytical testing services market is expanding at a fast pace due to the growing pharmaceutical and biopharmaceutical industry.
The significant growth in bioanalytical testing is attributed to increasing concentration on the analytical testing of biosimilars and biologics, increased applications in clinical trials, a growing trend of outsourcing analytical testing.
The Bioanalytical Testing Services Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the bioanalytical testing services market include Pharmaceutical Product Development, LLC.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Bioanalytical Testing Services Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/bioanalytical-testing-services-market/download-sampleMarket DynamicsThe global bioanalytical testing services market is expanding at a fast pace due to the growing pharmaceutical and biopharmaceutical industry.
The significant growth in bioanalytical testing is attributed to increasing concentration on the analytical testing of biosimilars and biologics, increased applications in clinical trials, a growing trend of outsourcing analytical testing.
During the global pandemic COVID0-19 market the bioanalytical testing market is expected to witness prominent growth as the entire healthcare system across the globe is focused on the discovery and development of effective drug solutions to combat the disease.
