The Bioanalytical Testing services encompass an array of methods, which are used in determining the number of active drugs & their metabolites in the human body. Bioanalytical tests are generally used in drug discovery & development as well as in the commercialization of drugs.
According to a study, “Global Bioanalytical Testing Services Market to reach USD 4.6 billion by 2027” the key companies operating in the global bioanalytical testing services market are Syneos Health, Altasciences, Charles River, Eurofins Scientific, Medpace, Laboratory Corporation of America Holdings, Wuxi Apptec, Pra Health Sciences, Iqvia Inc., Parexel International Corporation, SGS Sa, Almac Group, Intertek Group Plc, Lotus Labs Pvt. Ltd., Icon Plc, Bioagilytix Labs, Frontage Labs, Celerion, PPD, Inc., LGC Limited.
Based on type, the bioanalytical testing services market is segmented as virology testing, cell based assays, serology, immunogenicity, and neutralizing antibodies, pharmacokinetic testing, biomarker testing, method development optimization & validation and other services (extractable & leachable testing, biologics characterization, and stability testing). The serology, immunogenicity, and neutralizing antibodies segment is likely to grow at the highest CAGR owing to high utilization of serology, immunogenicity, and neutralizing antibodies in drug development procedures during the forecast period. Based on application, the market is segmented as oncology, infectious diseases, neurology, cardiology, gastroenterology, and other applications. The oncology segment holds the major share in the global market due to the increase in the number of clinical trials conducted for oncology along with rising in the prevalence of cancer worldwide. In addition, based on end-user, the market is segmented as contract-development & manufacturing organizations, pharmaceutical & biopharmaceutical companies and contract research organizations.
The bioanalytical the testing services market is driven by an increase in preference for outsourcing analytical testing, followed by rising in adoption of the quality by design approach, increase in focus on the analytical testing of biologics & biosimilars and growth in research & development (R&D) expenditure in the pharmaceutical and biopharmaceutical industry. However, challenges in development of proper analytical techniques and complex regulatory framework for maintaining the laboratories may impact the market. Moreover, the rise in demand for specialized bioanalytical testing services and increase in focus of biopharmaceutical companies on contract research development service are key opportunities for the market.
Based on geography, the Asian-pacific is a leading region in the global bioanalytical testing services market owing to an increase in the number of companies relying on bioanalytical testing services, a rise in investments in R&D, and the presence of a large patient population in the region. Whereas, the North-American and European regions are estimated to witness a higher growth rate due to the rise in demand for bioanalytical services, presence of highly reliable, complex, and high-end pharmaceuticals over the forecast period. It is expected that the future of the global market will be bright as a result of the cost-effectiveness of outsourcing compared to in-house analysis, a large number of ongoing clinical trials coupled with growth in adoption of advanced technologies for instance single-use technologies by bioanalytical testing services organization during the forecast period. The global bioanalytical testing services market is valued about the US $1.9 billion in 2019 and is expected to grow with a healthy growth rate of more than 11.8 % during the forecast period 2020 to 2027.
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Ankur Gupta, Head Marketing & Communications