PUBLISHER: The Business Research Company | PRODUCT CODE: 1435708
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435708
Bioanalytical testing services encompass cutting-edge methodologies for quantifying analytes. These services play a pivotal role in identifying and characterizing pharmaceuticals and metabolites within biological fluids such as blood, plasma, serum, urine, or tissue extracts.
Bioanalytical testing services encompass various essential tests, including ADME (absorption, distribution, metabolism, and excretion), pharmacokinetic, pharmacodynamic, bioequivalence, and bioavailability assessments. ADME examines how a chemical undergoes absorption, distribution, metabolism, and excretion within a living organism, crucial for understanding drug processing. It aids in evaluating safety, toxicity, and the viability of drugs, offering precise targets for future research and development endeavors. These testing services analyze both small and large molecules, catering to pharmaceutical and biopharmaceutical companies, contract development and manufacturing organizations, as well as contract research organizations. They serve as indispensable tools in drug development and assessment, providing vital insights into a compound's behavior within biological systems.
The bioanalytical testing services market research report is one of a series of new reports from The Business Research Company that provides bioanalytical testing services market statistics, including bioanalytical testing services industry global market size, regional shares, competitors with a bioanalytical testing services market share, detailed bioanalytical testing services market segments, market trends and opportunities, and any further data you may need to thrive in the bioanalytical testing services industry. This bioanalytical testing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bioanalytical testing services market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. Historical growth can be attributed to the globalization of clinical studies, emphasis on pharmacokinetics, implementation of quality control measures, and the increasing focus on personalized medicine.
The bioanalytical testing services market size is expected to see strong growth in the next few years. It will grow to $4.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. Anticipated growth in the forecast period is fueled by the expansion of the biopharmaceutical pipeline, increased development of biosimilars, advancements in precision medicine, and the growing complexity of clinical trials. Key trends expected in this period involve the integration of artificial intelligence (AI), comprehensive pharmacokinetic analysis, services for microbiome analysis, adoption of high-throughput technologies, and biological sample analysis.
The growing government initiatives aimed at controlling infectious disease outbreaks are playing a significant role in propelling the expansion of the bioanalytical testing services market. The onset of the COVID-19 pandemic has particularly heightened the demand for bioanalytical testing services, prompting countries worldwide to take proactive measures and increase expenditures to prevent the spread and mitigate the impact of diseases. An illustrative example is the U.S. Department of Health and Human Services' announcement in March 2021, detailing an investment of $10 billion from the American Rescue Plan to bolster screening testing for the safe reopening of schools. Additionally, $2.25 billion was allocated to scale up testing in underserved populations. This increased financial commitment to government initiatives is expected to significantly contribute to the continued growth of the bioanalytical testing services market.
The escalating prevalence of chronic diseases is anticipated to drive the growth of the bioanalytical testing services market in the foreseeable future. Chronic diseases, characterized by enduring illness lasting three months or more and with the potential to worsen over time, necessitate effective diagnostic and monitoring tools. Bioanalytical testing services play a crucial role in identifying and measuring specific biomarkers associated with chronic diseases, aiding in therapeutic drug monitoring to ensure optimal drug levels within the therapeutic range. As an example, the National Library of Medicine reported in January 2023 that the number of individuals in the US aged 50 and older with at least one chronic condition is projected to increase by 99.5%, reaching 142.66 million by 2050. Furthermore, according to the World Health Organization's 2022 Highlights in September 2022, 74% of all global deaths, amounting to 41 million annually, result from noncommunicable diseases (NCDs) or chronic diseases. This surge in chronic diseases' prevalence is a key driver propelling the growth of the bioanalytical testing services market.
Major companies within the bioanalytical testing services market are actively pursuing advanced solutions, exemplified by the introduction of technologies such as reverse transcription PCR (RT-PCR) tests, to fortify their market positions. RT-PCR is a laboratory technique involving the conversion of RNA into complementary DNA (cDNA) using the reverse transcriptase enzyme. A case in point is Eurofins Scientific SE, a France-based testing laboratory company, which, in June 2023, launched the NovaType SARS-CoV-2 RT-PCR assay. This clinically validated assay offers a short turnaround time, making it well-suited for the re-testing of millions of positive samples to identify specific virus variants. The NovaType SARS-CoV-2 RT-PCR assay, functioning in real-time, is designed for the qualitative detection of SARS-CoV-2, the virus responsible for COVID-19, and the subsequent identification of specific variants, including B.1.1.7 and B.1.351. This strategic focus on advanced solutions underscores the commitment of major companies to staying at the forefront of technological advancements in the bioanalytical testing services market.
Major companies in the bioanalytical testing services market are strategically investing in the development of advanced testing facilities as part of their efforts to sustain and enhance their market positions. Testing facilities, specialized environments equipped for conducting diverse tests on products, materials, systems, or components, play a pivotal role in ensuring accurate and reliable results. In October 2021, Thermo Fisher Scientific Inc., a prominent US-based biotechnology company, exemplified this strategic focus by launching a State-of-the-Art Bioanalytical Lab. This specialized facility is dedicated to bioanalytical services, involving the analysis of biological samples such as blood or tissue to detect and quantify drugs, metabolites, biomarkers, and other molecules. The lab is equipped with cutting-edge technologies, including liquid chromatography-mass spectrometry (LC-MS), which enables highly sensitive and specific analysis of drugs and other molecules. This emphasis on developing state-of-the-art testing facilities underscores the commitment of major companies to delivering high-quality bioanalytical testing services and maintaining a competitive edge in the market.
In February 2022, Eurofins Scientific, a France-based laboratory service company, announced the acquisition of Genetic Testing Service JSC for an undisclosed amount. This strategic move is expected to facilitate Eurofins' expansion in the clinical genetic testing market and complement its global network of clinical diagnostics laboratories. Genetic Testing Service JSC, based in Vietnam, is a company specializing in genetic testing services, including specialized DNA testing, genealogical DNA tests, and testing for conditions such as cancer and COVID-19.
Major companies operating in the bioanalytical testing services market report are CD BioSciences, Thermo Fisher Scientific Inc., Merck KGaA, Laboratory Corporation of America Holdings (Labcorp), Eurofins Scientific SE, ICON PLC, PPD Inc., SGS SA, WuXi AppTec, Syneos Health Inc., STERIS PLC, Sartorius AG, Charles River Laboratories Inc., Intertek Group, Covance Inc., PAREXEL International Corporation, Element Materials Technology, ALS Limited, Medpace Holdings Inc., Almac Group, Pace Analytical Services LLC, Altasciences, BioAgilytix Labs, Frontage Laboratories Inc., Cinven Ltd. (LGC Limited), Toxikon Inc., Absorption Systems LLC, Lotus Labs Pvt. Ltd., Bioneeds India Private Limited, Vipragen Biosciences Pvt. Ltd., Source BioScience
North America was the largest region in the bioanalytical testing services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioanalytical testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bioanalytical testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bioanalytical testing services market includes revenues earned by entities by providing services such as method development, high throughput sample analysis, method validation, and pharmacokinetic and toxicokinetic support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Bioanalytical Testing Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bioanalytical testing services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bioanalytical testing services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bioanalytical testing services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.