The Bioanalytical Testing Services Market was estimated to be USD 2,573. 86 in 2020 and is projected to reach USD 5,021. 83 million by 2026 at a CAGR of 11. 59%. Bioanalytical technologies have played a critical role in the mitigation of the COVID-19 pandemic and will continue to be foundational in the prevention of the subsequent waves of this pandemic, along with future infectious disease outbreaks.
New York, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioanalytical Testing Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06177364/?utm_source=GNW
Companies, such as SGS, offer a full range of bioanalytical services for both small molecules and biologics, including mass spectrometry, immunoassays, and cell-based assays. In November 2020, SGS, the world’s leading inspection, verification, testing, and certification company, invested in its Biosafety Center of Excellence in Glasgow, boosting its capacity to support scientists and manufacturers in the development of effective vaccines, cell and gene therapies, and other biological medicines.
The major factor attributing to the growth of the studied market is the increased necessity for specific types of tests in R&D activities and the increasing trend of outsourcing laboratory testing services. Due to the increasing trend of outsourcing laboratory testing services, companies are expanding their market position by offering various types of services and solutions. Additionally, major players are focusing on different strategies, such as a merger, acquisition, and other developments. For instance, in April 2019, Charles River announced the acquisition of Citoxlab. The expansion helps both companies in a geographical stronghold for providing the CRO (Contract Research Organization) services to North America and Europe. The bioanalytical testing service plays an important role; hence, the market is anticipated to grow promptly in the future years.
The rise in demand for bioanalytical testing services can also be due to the growing prevalence of infectious diseases, HIV, and others. Additionally, rising government initiatives to control the outbreaks of infectious diseases such as Coronavirus Disease is expected to provide more opportunities, which is expected to contribute to the growth of the studied market.
Key Market Trends
The Small Molecule Sub-segment is Expected to Show Better Growth in the Bioanalytical Testing Services Market
The small molecule testing services sub-segment is anticipated to witness growth in the Bioanalytical Testing Services market due to their pivotal role in the development of generic versions of branded drugs. Bioanalytical testing plays a major role in proving the efficiency to simulate generic drug release profiles with that of branded drugs resulting in the growth of the segment.
On the other hand, the large molecule segment is expected to witness lucrative growth during the forecast period. Bioanalytical testing of large molecules is one of the challenging tasks for the biopharmaceutical industry. Hence, various techniques are used, such as Maldi-TOF-MS, Ligand Binding Assays, size exclusion affinity chromatography, etc. Bioanalytical testing of large molecules is generally conducted in the well-established R&D by the biopharmaceutical industries, followed by other Phase II studies, and long-term toxicity studies are mostly outsourced. Hence, outsourcing bioanalytical testing of these molecules is likely to be the prevailing trend over the forecast period.
Moreover, in the context of COVID-19, many biotech and pharmaceutical firms have been focusing on the effective and rapid technologies for the fast diagnosis of COVID-19 and to develop the vaccines/therapeutics that can help mitigate the spread by ensuring the appropriateness of care across all healthcare settings and achieve high-quality outcomes which are further driving the demand for the bioanalytical testing services globally. For instance, in July 2020, CIRION BioPharma Research Inc., a US-based GLP-certified contract research laboratory announced that the company is expanding its bioanalytical services by expanding its existing laboratory facilities to support drug and vaccine developments related to COVID-19.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the bioanalytical testing services market, and this trend is expected to continue over the forecast period. This is majorly attributed to the rising demand for bioanalytical services with a high volume of ongoing research activities and clinical trials, which fuels the market growth in the region.
In North America, the United States holds the largest market share due to the increased patient pool of various chronic diseases and increased adoption of the peptides, other large molecule therapeutics as an alternative for small molecules that have more side effects. For instance, According to the Centers for Disease Control and Prevention, around USD 3.5 trillion of the amount is spent on chronic diseases in the United States. Therefore, the companies have been taking initiatives to meet the greater demand, which is expected to fuel the studied market.
Moreover, according to the International Diabetes Federation in 2019, about 48 million adults in North America were living with diabetes, and the trend is expected to continue resulting in higher demand for bioanalysis of the novel therapeutics to stop the growing volume of patient pool with diabetes. Thus, the rising demand for bioanalytical services, the large number of ongoing clinical trials, and the huge investment by many of the major pharmaceutical companies are the key factors driving the growth of the studied market in the country.
The bioanalytical testing services market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by offering various types of services, launching new methods for method development, assay validation, and others are offering laboratory solutions. For instance, In 2019, the facilities of the bio-safety laboratory were expanded to increase their capability and capacity to provide testing services for new viral threats using rapid and advanced testing platforms. Such strategic expansions are expected to have a positive impact on the market. Some companies currently dominating the market are SGS SA, ICON PLC, Laboratory Corporation of America Holdings, Syneos Health Inc., Charles River Laboratories Inc., etc.
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