Bioanalytical Testing Services Market Forecast to 2027: Industry Projected to Reach $6.0 Billion from $2.9 billion in 2022, at a CAGR of 15.6%

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Jun 24, 2022, 16:00 ET

DUBLIN, June 24, 2022 /PRNewswire/ -- The "Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global bioanalytical testing services market is projected to reach USD 6.0 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 15.6% during the forecast period.

Factors such as the rising focus on the analytical testing of biologics & biosimilars, an increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical & biopharmaceutical industries, and the rising adoption of the Quality by Design approach are expected to drive the growth of this market during the forecast period.

However, the dearth of skilled professionals is a major factor that is expected to restrain the growth of this market in the coming years.

The Cell-based assays segment is expected to account for the largest share of the bioanalytical testing services market

The increasing prevalence of chronic diseases and the rising number of clinical trials are expected to support the growth of the cell-based assays market. Cell-based assays are in vitro assays used for the quantitative and qualitative assessment of cellular mechanisms and functions using a wide range of reagents and cells. These assays are used to study the characteristics of a cell in natural conditions.

The the oncology segment is expected to account for the largest share of the bioanalytical testing services market

The oncology segment accounted for the largest share of the global bioanalytical testing services market in 2021. With the increasing burden of cancer on healthcare systems worldwide, both government and private organizations are increasingly focusing on developing novel cancer therapies. This is expected to drive the demand for bioanalytical testing services in the clinical trials of cancer drugs. ICON (Ireland), Syneos Health (US), and PAREXEL International (US) are the leading players offering services for the clinical trials of oncology drugs.

The pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the bioanalytical testing services market

The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global bioanalytical testing services market in 2021. Pharmaceutical and biopharmaceutical companies mainly focus on developing new drugs for the treatment of various diseases. These companies need to submit specific data related to drug development during the drug development process and subsequent filing of applications to regulatory bodies. This necessitates a wide spectrum of services in the early development phases and clinical phases to comply with regulatory requirements.

Asia Pacific market to witness the highest growth during the forecast period

The APAC market is estimated to grow at the highest CAGR during the forecast period. This is majorly attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries, low cost of clinical trials, and favorable government policies in several countries in this region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Bioanalytical Testing Services Market Overview
Figure 11 Rising Focus on Analytical Testing of Biologics and Biosimilars to Drive Market Growth
4.2 Asia-Pacific: Bioanalytical Testing Services Market, by Application & Country (2021)
Figure 12 Oncology Segment to Dominate Asia-Pacific Bioanalytical Testing Services Market in 2021
4.3 Bioanalytical Testing Services Market: Geographic Growth Opportunities
Figure 13 China to Register Highest Growth During Forecast Period
4.4 Regional Mix: Bioanalytical Testing Services Market
Figure 14 North America to Dominate Market During Forecast Period
4.5 Bioanalytical Testing Services Market: Developing Vs. Developed Countries
Figure 15 Developing Countries to Register Higher Growth During Forecast Period

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Focus on the Analytical Testing of Biologics and Biosimilars
5.2.1.2 Increasing Preference for Outsourcing Analytical Testing
5.2.1.3 Growing R&D Expenditure in the Pharmaceutical and Biopharmaceutical Industry
5.2.1.4 Rising Adoption of the Quality by Design Approach
5.2.2 Restraints
5.2.2.1 Dearth of Skilled Professionals
5.2.2.2 Pricing Pressure Faced by Major Players
5.2.3 Opportunities
5.2.3.1 Emerging Countries in the Asia-Pacific Region
5.2.3.2 Rising Demand for Specialized Bioanalytical Testing Services
5.2.4 Challenges
5.2.4.1 Innovative Formulations Demanding a Unique Bioanalytical Testing Approach
5.2.4.2 Growing Need to Improve the Sensitivity of Bioanalytical Methods
5.3 Assessment of COVID-19 Impact on the Economic Scenario in the Bioanalytical Testing Services Market

6 Bioanalytical Testing Services Market, by Type
6.1 Introduction
6.2 Cell-Based Assays
6.3 Virology Testing
6.4 Method Development Optimization and Validation
6.5 Serology, Immunogenicity, and Neutralizing Antibodies
6.6 Biomarker Testing
6.7 Pharmacokinetic Testing

7 Bioanalytical Testing Services Market, by Application
7.1 Introduction
7.2 Oncology
7.3 Neurology
7.4 Infectious Diseases
7.5 Gastroenterology
7.6 Cardiology

8 Bioanalytical Testing Services Market, by End-user
8.1 Introduction
8.2 Pharmaceutical & Biopharmaceutical Companies
8.3 Contract Development and Manufacturing Organizations
8.4 Contract Research Organizations

9 Bioanalytical Testing Services Market, by Region

10 Competitive Landscape

Companies Mentioned