The GlobalBioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 - PDF document

The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 Summary Global Bioanalytical Testing Services Market, By Test Type (Cell-Based Assays, Virology Testing, Species-Specific Viral PCR Assays, Serology, Immunogenicity & Neutralizing Antibodies, Biomarker Testing, Pharmacokinetic Testing, Other Services); By Molecule Size (Smaller Molecule and Larger Molecule); By Application, Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology, Other Applications);By End-Users (Pharmaceutical and Biopharmaceutical Companies Therapeutic, Contract Development and Manufacturing Organizations, Contract Research Organizations); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2017-2027. A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global bioanalytical testing services market was worth USD 2.7 billion in 2020 and is further projected to reach USD 6.1 billion by 2027, at a CAGR of 12.1% during the forecast period (2021-2027). Increasing awareness among the people regarding the benefits of bioanalytical testing services is driving the market growth. Additionally, the efficiency offered by outsourcing lab services as compared to conducting an in-house study is encouraging the outsourcing of such services, which is likely to boost the demand over the forecast period. Also, innovation or new molecule development is propelling the demand of the bioanalytical testing market. View report Press release Sample report The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 The global bioanalytical testing services market was worth USD 2.7 billion in 2020 and is further projected to reach USD 6.1 billion by 2027, at a CAGR of 12.1% during the forecast period (2021-2027). The growing demand for analytical testing for biologics and biosimilars, small-molecule and large-molecule drugs, and the preference for analytical outsourcing are all contributing to the market's growth. Furthermore, pharmaceutical and biopharmaceutical companies have been increasingly investing in research and development, which in turn is boosting the overall market growth. At the same time, rising government practices to control pandemics like COVID-19, Ebola virus, and others are also fueling the growth of the market. According to a report released by the World Health organization, there are 11,77,99,584 confirmed cases of COVID-19 worldwide with 2615018 deaths. Global Bioanalytical Testing Services Overview Bioanalytical testing is used for determining the properties of drugs and metabolites in biological matrices like blood, tissue, urine, plasma, etc. Bioanalytical methods and assay validation allow accurate quantitation of analytes and biomarkers in various biological matrices to assess drug safety and efficacy. This diagnostic technique has several applications, including drug testing and assessment, oncology, neurology, cardiology, and others. Bioanalytical testing services assist in the evaluation of a drug's design effects, drawbacks, suitable circumstances, and suitability for the intended treatment. Before starting as say creation and validation, it's a good idea to learn about the analyte's physicochemical properties. Global Bioanalytical Testing services market Trend Growth Drivers Increased Number of laboratory Outsourcing Service The trend of outsourcing bioanalytical services is growing by leaps and bounds for better resource utilization.While dedicated in-house laboratories have advanced facilities, they may not be able to handle complex bioanalytical testing. Moreover, on a strategic level, operating in-house laboratories can be a costly affair. On the other hand, outsourcing the lab role decreases overhead and operational costs owing to which business companies continue to benefit from such lab services. Lab outsourcing helps companies and other institutions to make a profit as it allows to trade higher fixed-costs for lower variable-costs, thereby reducing the need for capital investment in the company and allowing instant access to world-class analytical expertise and capabilities on a short notice period. The aforementioned factors are significantly driving the market growth. Rise in the R&D Expenditure in the Pharmaceutical and Biopharmaceutical Industry The pharmaceutical industry spent a total of 136 billion dollars in 2012. In 2019, it spent 186 billion dollars on research and development. According to PhRMA, research and development (R&D) investment by PhRMA member companies totaled 83 billion US dollars in 2019, making the biopharmaceutical industry the most R&D-intensive industry in the US economy. In fact, the biopharmaceutical The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 industry spends six times as much in research and development as all other manufacturing sectors combined.PhRMA member companies have invested nearly USD 1 trillion in the quest for and creation of new and improved drugs and cures over the last few decades. The regulatory authority is involved in the process at some point, usually during the pre-clinical phase, to oversee, control, and eventually authorize the drug. In recent years, major developments in pharmaceutical research and development have begun to alter the R&D landscape. To cut costs, a growing number of drug manufacturers are outsourcing large parts of R&D, mostly to clinical research organizations, also known as contract research organizations. Restrains The Lack of Dearth of Skilled Professionals The rising demand for skilled health care practitioners is not exclusive to The United States. According to a report published in the journal Human Resources for Health in 2016, 80 million health care staff will be needed globally by 2030. Nevertheless, only 65 million healthcare workers are projected to be available by 2020, leaving a global shortage of 15 million. Even though the basic threshold for health care staff is 23 qualified professionals per 10,000 populations, 83 countries still fall short of the target. 6.6 million children under the age of five died in the year 2012. The majority of deaths were caused by diseases that could have been avoided or treated. Moreover, 80% of stillbirths and 90% of maternal deaths occur in almost 58 countries. Increasing access to quality healthcare in specific areas of the world may have a huge effect on these findings. Impact of COVID-19 The COVID-19 pandemic has severely affected the global economy besides affecting business operations. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nationwide lockdowns which had a major impact on industrial supply chains, trade, and related services. Global bioanalytical testing services also saw a downfall in the market due to COVID-19. Moreover, limited access to clinics, combined with social distancing norms and complete lockdown declared by several countries resulted in a slow-down in patient flow and referral, which in turn has impacted the market growth. During the COVID-19 epidemic, cancer screenings fell sharply. Repeated screenings for cervical cancer went down by 68% across the USA in the first 15 weeks of 2020, while breast cancer checking went down by 17%, with more significant declines in areas where the outbreak was the sturdiest. Global Bioanalytical Testing services market: By End-User Based on end-user, the global bioanalytical testing services market is grouped into pharmaceutical and biopharmaceutical companies, contract development and manufacturing organizations, and contract research organizations. In 2020, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the bioanalytical testing services market. Pharmaceutical companies nowadays are increasingly outsourcing early-stage development, clinical, and laboratory testing services to increase profit margins, avoid high capital expenditure, and reduce the time it takes to validate processes and services, which accounts for a significant share of this segment. The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 Global Bioanalytical Testing Services Market: By Molecule Based on molecule size, the global bioanalytical testing services market is fragmented into small molecules and large molecules. Since they play such an important role in the production of generic versions of branded drugs, the small molecule testing services sub-segment is expected to have the largest revenue share in the bioanalytical testing services industry.These bioanalytical testing results plays a significant role in demonstrating the efficacy of simulating generic drug release profiles, resulting in the segment's development. Global Bioanalytical Testing services market: Regional Insights Geographically, the global bioanalytical testing services market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America leads the global bioanalytical testing services industry and is projected to lead the overall industry during the forecast period. The growth is mainly driven by the presence of major industry players in the region, the increasing number of pharmaceutical and biopharmaceutical companies, technological developments, and government initiatives that have increased North America's demand for bioanalytical testing services. Competitive Landscape The bioanalytical testing services market's high growth potential has drawn a slew of new entrants, creating a lucrative opportunity. The emergence of new entrants has resulted in more healthy competition among long-established service providers. In the present scenario, many contract development and manufacturing organizations (CDMOs), which have analytical capabilities to support their manufacturing activities and development, are offering analytical services and some guided expertise to other laboratories as well. Some of the key players include Charles River laboratories, Medpace, Wuxi Apptec, Eurofins Scientific, Iqvia Inc., Sgs Sa, Laboratory Corporation of America Holdings, Intertek Group Plc, Pra Health Sciences, Syneos Health, Icon Plc, Frontage Labs, and other prominent players. In order to improve their production capability, product portfolio, and provide competitively differentiation, companies are increasingly participating in acquisitions, alliances, and mergers. Recent Development · On 17 February 2021, Charles River Laboratories announced the acquisition of Cognate Bio Services, a premier cell and gene therapy contract development and manufacturing organization (CDMO), and Cobra Biologics, its gene therapy division. The planned acquisition will establish Charles River as a leading scientific partner for cell and gene therapy development, testing, and manufacturing, providing clients with an integrated solution from early research and discovery through CGMP production. · On 10 February 2020, SGS SA announced that its Center of Excellence for Biosafety laboratory will offer Good Manufacturing Practice (GMP)-compliant vaccine testing solutions for coronavirus which is likely to help in the detection of novel coronavirus with effective testing solutions. Scope of the Report The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 Attribute Details Years Considered Historical data – 2017-2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Billion Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia Product/Service Segmentation By test type, application, molecule size, end-users, and region Key Players Key Players for the market are Charles River, Medpace, Wuxi Apptec, Eurofins Scientific, Iqvia Inc., Sgs Sa, Laboratory Corporation of America Holdings, Intertek Group Plc, Pra Health Sciences, Syneos Health, Icon Plc, Frontage Labs, Other Prominent Players By Test Type Ø Cell-Based Assays Ø Virology Testing Ø Species-Specific Viral PCR Assays Ø Serology, Immunogenicity & Neutralizing Antibodies Ø Biomarker Testing Ø Pharmacokinetic Testing Ø Other Services By Molecule Size Ø Smaller Molecule Ø Larger Molecule By Application Ø Oncology Ø Neurology Ø Infectious Diseases The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 Ø Gastroenterology Ø Cardiology Ø Other Applications By End-Users Ø Pharmaceutical and Biopharmaceutical Companies Ø Contract Development and Manufacturing Organizations Ø Contract Research Organizations By Region Ø The Asia-Pacific Ø North America Ø Europe Ø The Middle East & Africa Ø Latin America FAQs: 1. What is the current size of the global bioanalytical testing services market? Answer: The global bioanalytical testing services market has reached USD 2.7 billion in 2020. 2. What are the major factors driving the growth of the global bioanalytical testing services market? Answer: The major factors driving the growth of the global bioanalytical testing services the market is the increased number of laboratory outsourcing services and increasing R&Dinvestments in the pharmaceutical and biopharmaceutical industry. 3. Who are the key players in the global bioanalytical testing services market? Answer: The key players in the global bioanalytical testing services market are Charles River Laboratories, Medpace, Wuxi Apptec, Eurofins Scientific, Iqvia Inc., Sgs Sa, Laboratory Corporation of America Holdings, Intertek Group Plc, Pra Health Sciences, Syneos Health, Icon Plc, Frontage Labs, Other Prominent Players, and other prominent players. 4. Which end-user accounted for the largest share in the global bioanalytical testing services market? Answer: Pharmaceutical and Biopharmaceutical Companies by end-user accounted for the largest share in the global bioanalytical testing services market. The Global Bioanalytical Testing Services Market- Industry Trends & Forecast Report 2027 5. Which region is growing at a higher rate in the global bioanalytical testing services market? Answer: North America is growing at a higher rate in the global bioanalytical testing services market. About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. 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