Bioanalytical Testing Services Market: Introduction
• Bioanalytical testing is utilized to quantitively determine the properties of drugs and metabolites in biological fluids, primarily blood, plasma, serum, urine or tissue extracts. It can also be described as analytical method used for the analysis of biotechnological or biological products is known as bioanalytical testing.
• This diagnostic technique has several applications, including drug testing and assessment of bioavailability, bioequivalence, pharmacokinetics and pharmacodynamics for drug development and commercialization of drugs
• Biopharmaceutical companies have been focusing on contract research development services for the last few years, which has created opportunities for the bioanalytical testing services market
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Key Drivers, Restrains, and Opportunities of Global Bioanalytical Testing Services Market
• Increase in frequency of outsourcing research & development activities by numerous biopharmaceutical companies in order to focus on their core competencies is expected to propel the global bioanalytical testing services market during the forecast period
• Moreover, cost-effectiveness of outsourcing as compared to in-house analysis is likely to further drive the market. The strategy implemented by key players in the pharmaceutical industry to face market competition is replenishing their respective pipelines.
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• Demand for bioanalytical testing is increasing as the majority of high selling drugs go off patent. This is a major factor boosting the market.
• Bioanalytical testing services include diversified areas of expertise, which enables development of drugs in various geographies and for various different therapeutic areas. Bioanalytical testing services also ensure drugs are well-synchronized with current regulatory standards. These are key factors driving the demand for bioanalytical testing services.
• Increase in government initiatives to control the outbreaks of infectious diseases such as Coronavirus Disease (COVID-19), is also expected to provide more opportunities, which in turn is estimated to fuel the bioanalytical testing services market
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North America to Capture Major Share of Global Bioanalytical Testing Services Market
• In terms of region, the global bioanalytical testing services market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
• North America, followed by Europe, dominated the global bioanalytical services market due to a rise in the demand for bioanalytical services; large number of ongoing clinical trials; and presence of highly reliable, complex, and high-end pharmaceuticals
• The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period. Rise in investments by bioanalytical testing services organization in the region, increase in the number of companies relying on bioanalytical testing services, and business and regulatory reforms further propel the market in Asia Pacific. The market in Asia Pacific is anticipated to be driven by India and China. Focus on the development of biologics pipeline by domestic companies in China and India and a rise in rate of adoption of advanced technologies, such as single-use technologies by bioanalytical testing services organization, have driven the market.
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Key Players Operating in Global Bioanalytical Testing Services Market
The global bioanalytical testing services market is fragmented due to the presence of several players. A huge number of service providers hold a major share in their respective regions. Growth strategies adopted by major players are likely to drive the global bioanalytical testing services market.
Major players operating in the global bioanalytical testing services market are listed below:
• Absorption Systems LLC
• SGS SA
• CD BioSciences
• NorthEast BioAnalytical Laboratories LLC.
• Charles River Laboratories International, Inc.
• Labcorp Drug Development (Laboratory Corporation of America Holdings)
• Sartorius AG
• Toxikon Corporation
• PPD Inc.
• ICON plc
• Syneos Health
• Intertek Group plc
• Lubrizol Life Science
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