Bioanalytical Testing Services Market accounted 3.2 billion USD in 2020 and is expected to reach 6.8 billion USD by 2030 with a CAGR of 7.8% approximately during the forecast period. Bioanalytical testing is an analytical process used for the analysis of biotechnological and biological products. These testing methods are majorly used for drug discovery, drug development, and commercialisation of drugs. Bioanalytical testing services include diversified areas of expertise, which aids in the development of drugs in various geographical regions and for several different therapeutic areas. Bioanalytical testing services ensure that the drugs are well synchronized with current regulatory standards. The advent of bioanalytical testing methods is likely to revolutionize the healthcare and pharmaceutical industry in the coming years. 

Market Segmentation:

On the basis of molecule type, the bioanalytical testing services market is classified into small molecule and large molecule. The large molecules are further classified into LC-MS studies, immunoassays, and others. Based on test type, the market is segmented into ADME, pharmacokinetic, pharmacodynamics, bioavailability, bioequivalence, and others. ADME is further segmented into in-vitro and in-vivo tests. Geographically, the global bioanalytical testing services market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and ROW.

Market Dynamics and Factors:

The global prevalence of chronic diseases such as HIV, cancer has attributed to the rise in demand of bioanalytical testing services. The increasing applications of bioanalytical tests in clinical trials of biomarkers, small and large molecules is another major factor driving the bioanalytical testing services market growth. Additionally, factors like increasing awareness level, intense market efforts, government initiatives, and improving accessibility has led to the higher consumption of pharmaceutical products. This in turn has propelled the market growth of bioanalytical testing and services market. However, dearth of skilled professionals for research purposes and lack of infrastructure in many regions may hinder the market growth of the bioanalytical testing and services market. Moreover, rising outbreak of highly infectious diseases like COVID-19 disease and government initiatives on healthcare has created more opportunities for the bioanalytical testing market to grow in the coming future. For instance, according to the World Health Organization, as of February 2020 more than 100000 people have been affected by COVID-19 disease out of which approximately 2600 people have died across the globe. Furthermore, majority of high selling drugs are going off patent which is again creating more opportunities for the bioanalytical testing services market to grow in the near future.

Geographic Analysis:

North America is expected to dominate the global bioanalytical testing services market in terms of market share during the forecast period. The presence of a large number of key players; rising demand for bioanalytical services with a huge volume of ongoing research and clinical trials; and highly advanced and robust healthcare infrastructure are the major factors attributing towards the market dominance of the region. For instance, in February 2020, SGS SA announced that its Centre of Excellence for Biosafety laboratory offers GMP compliant vaccine testing solution for coronavirus. In 2019, the amenities of bio-safety laboratory were expanded to increase their capability and capacity to offer testing services for new viral threats using rapid and advanced testing platforms. Such strategic expansions are anticipated to have a positive impact on the bioanalytical testing market. The Asia Pacific region is anticipated to witness significant growth in the market during the forecast period. Rising investments by bioanalytical testing services companies in the region; growing number of companies relying on bioanalytical testing services, and favourable business and regulatory reforms are attributing to the expansion of the global bioanalytical testing services market in APAC region.     

Competitive Scenario:

The key players operating in the global bioanalytical testing services market are –

Particle Sciences, Charles River Laboratories, Pace Analytical Services, Toxikon Inc., LabCorp, Covance, Wuxi App Tec, Intertek Group, InVentiv Health, ICON Plc.

Bioanalytical Testing Services Market Report Scope