LONDON, April 24, 2023 /PRNewswire/ -- The Global Bioanalytical Services Market is anticipated to amass a valuation of ~USD 2 billion by 2028, registering a CAGR of +9% over the assessment timeline of 2022-2029.
Bioanalytical services involve the proper analysis of biological samples including tissue, urine, blood, among others for the determination of any specific disease or as a part of routine body check-up. These samples are also scrutinized to ascertain the presence of various compounds or biomolecules, such as drugs, metabolites, proteins, nucleic acids, and enzymes. These conveniences are generally employed in fabricating and verifying pharmaceuticals, biologics, and medical devices, as well as in clinical research, toxicology, and environmental surveillance. Bioanalytical services may integrate a sundry of methodologies such as chromatography, mass spectrometry, immunoassays, and molecular biology assays.
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Global Bioanalytical Services Market Outlook (2022-2029)
The growing prevalence of chronic ailments, increasing popularity of biosimilars, along with the rising R&D investments in the field are primarily augmenting the outlook of this business vertical.
Furthermore, the booming biopharmaceutical sector, growing adoption of point-of-testing diagnostics, and increasing healthcare expenditure across various regions are creating lucrative opportunities for this marketplace to prosper.
Alongside, increasing frequency of infectious disease outbreaks, surge in the geriatric population base, and the growing trends of laboratory testing services outsourcing are aiding the expansion of this industry.
On the contrary, lack of skilled professionals in the field and absence of proper healthcare infrastructure across numerous regions are hindering the remuneration scope of this business sphere.
Competitive Hierarchy
The prominent players defining the competitive terrain of Global Bioanalytical Services Market are Covance, Inc., ICON plc, Laboratory Corporation of America Holdings (LabCorp), Charles River Laboratories International, Inc., SGS SA, PPD Inc., WuXi AppTec, Inc., Merck KGaA, Frontage Laboratories, Inc., and Intertek Group plc.
Segmental Outlook
By Service
- Immunochemistry Services
- Quantitative Immunoassays
- Cell-based Neutralization Assays
- LCMS Method Development
- Discovery Phase Bioanalysis
- LCMS Sample Bioanalysis
- GCP Bioanalysis Service
- Biomarker Assays
- Protein Analysis
- Others
By Type
- Small Molecule Bioanalysis
- Large Molecule Bioanalysis
- Others
By End-user
- Pharma & Biotechnology Companies
- Contract Research Organizations
- Others
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Region-Wise Outlook
Which region is presently leading the Global Bioanalytical Services Market?
North America is anticipated to lead the industry in terms of volume share. This is ascribed to the growing prevalence of infectious and chronic diseases, rising R&D investments in the field, along with technological advancements in the field.
How is Asia Pacific faring in this industry?
Asia Pacific is reckoned to garner significant returns over 2022-2029 owing to the increasing number of clinical trials, growing health cognizance among the masses, and the booming biopharmaceutical sector.
Category-Wise Insights
Which is the most dominant service segment in this business sphere?
The cell-based neutralization assays segment is currently dominating the market in terms of revenue share. This is attributable to the increasing pervasiveness of both infectious and chronic ailments across the globe.
Which is the fastest growing type of segment in this market?
The small molecule bioanalysis segment has emerged as the fastest growing type of segment in this industry. This is credited to the fact that most of the branded and generic drug compounds are made of small molecules. Therefore, manufacturers are required to conduct bioanalytical tests of their drugs to determine their efficacy and longevity and avoid fast paced patent expiration.
Which is the top performing end user segment in this industry?
The pharma & biotechnology companies segment is poised to amass notable gains over the estimated timeline. This is due to the growing disease prevalence and escalating demand for personalised medicines.
Comparing the historical outlook and ongoing trends of this market
The Global Bioanalytical Services Market is slated to witness an upward trend over the forecast period due to the emergence of numerous development propellants.
There has been a growing pervasiveness of infectious disease across the globe. Bioanalytical services play an integral role in the monitoring and diagnosis of numerous infectious ailments. By using the correct bioanalytical technology, healthcare professionals can easily detect infectious agents like viruses or bacteria and make effective decisions accordingly. It is worth noting that the COVID-19 pandemic outbreak paved way for this market to witness a significant growth. Bioanalytical services are being widely adopted to facilitate fast and efficient testing. Apart from that, the assessment results also enabled experts to work on developing the right vaccines and treatment medications for this deadly disease. These factors together are stimulating the overall dynamics of this industry sphere.
Drug safety is a crucial concern for the masses as well as healthcare experts. There are times when certain medicines pose a higher risk of side effects. By using bioanalytical services, the target drugs can be accurately assessed to determine their safety and efficacy. Alongside, there has been an escalating demand for personalized medicine across the globe. These services can help identify patient-specific biomarkers that can be used to develop personalized treatment plans. This in turn is adding traction to the development of this business vertical.
On Special Requirement Bioanalytical Services Market Report is also available for below region:
North America
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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Major Developments
In 2021, Eurofins Scientific announced the acquisition of Beacon Discovery, a company that specializes in drug discovery services, including bioanalytical services. The acquisition has allowed Eurofins to expand its drug discovery capabilities and better serve its clients in the pharmaceutical industry.
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