Rise in concern on biologics and biosimilars’ analytical testing is the significant factor in all regions that drive the demand for the bioanalytical testing services market. Surging R&D expenditure in the pharmaceutical and biopharmaceutical industry is also driving the global bioanalytical testing services market’s growth throughout the world. In the last decade, the healthcare sector has undertaken a considerable shift towards biopharmaceutical drugs. Biologics and biosimilars now correspond to a significant class of modern therapeutic, and their share continue to incline at a substantial growth rate relative to conventional small molecule drugs. Thus, the bioanalytical testing service plays a crucial role in biological drug development since it is needed to characterize the new biological molecule.
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Further, a growing global market for biologics and biosimilars is gaining momentum in response to the complexity of their structure and biological function and the consumer demand to cut treatment costs. The biologics and biosimilars are complex to manufacture and must be administered and handled under monitoring. Therefore, bioanalytical testing services are increasingly adapting to ascertain the properties of drugs and metabolites quantitively. Besides, a range of analytical tests has developed as a part of release testing activities to tackle the purity, consistency, concentration, identity, and biosafety of biologics. Further, these services also ensure the quality control of proteins, monoclonal antibodies (mAbs), or biosimilars in biologic drug substance or biological drug products, which may drive the demand for bioanalytical testing services throughout the world. The Global Bioanalytical Testing Services Market is expected to see healthy growth, pegged at a CAGR of around 12.3% throughout the forecast period 2020-2027.
Moreover, the biologics and biosimilar drugs are efficiently used to treat, prevent, or cure a range of diseases, such as cancer, diabetes, chronic kidney diseases, autoimmune disorders, and cystic fibrosis. For this reason, several drug manufacturers are focusing on developing drugs much more effective that would strengthen the demand for bioanalytical testing services, as it ensures that drugs are well-synchronized and created with conforming to recent regulatory standards. Thus, the government from different geographies is also keen to support the development of drugs and drug-related discovery and approve many drugs for the treatment of chronic and lifestyle diseases. Hence, this factor is further accelerating the usage of bioanalytical testing services.
R&D productivity in the pharmaceutical and biopharmaceutical industry is on a surging trend throughout the world. New drugs providing unmet medical needs are one of the significant drivers of research-based pharmaceutical companies. The efficiency of R&D has increased the successful launch and approval of new medicines (output) at the rate of the monetary investments needed for R&D (input). With the rising R&D spending in the pharmaceutical industry, there is a dramatic surge in several new drugs or compounds moving from discovery into biopharmaceutical product development. Therefore, bioanalytical testing has become a critical aspect of drug development and manufacturing.
Segmentation Overview of the Global Bioanalytical Testing Services Market
The bioanalytical testing services market is classified into type, application, and end user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Type Outlook (Cell-based Assays, Virology Testing, Method Development Optimization and Validation, Serology, Immunogenicity, and Neutralizing Antibodies, Biomarker Testing, Pharmacokinetic Testing, and Other Services)
By Application Outlook (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology, and Other Applications)
By End User (Pharmaceutical and Biopharmaceutical Companies, Contract Development and Manufacturing Organizations, and Contract Research Organizations)
Key Players Insights
Charles River, Eurofins Scientific, IQVIA, Inc., Intertek Group plc, SGS SA, Medpace, WuXi AppTec, Laboratory Corporation of America Holdings, PRA Health Sciences, Syneos Health, ICON plc, Frontage Labs, PPD, Inc., PAREXEL International Corporation, Almac Group, Celerion, Altasciences, BioAgilytix Labs, Lotus Labs Pvt. Ltd., LGS Limited, are some key market players included in the research study of the global bioanalytical testing services market.
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