The global bioanalytical testing services market is projected to reach USD 3.7 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 11.8%
NEW YORK, June 2, 2020 /PRNewswire/ --
Rising focus on the analytical testing of biologics and biosimilars to drive market growth
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The global bioanalytical testing services market is projected to reach USD 3.7 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 11.8% during the forecast period. The growth in this market is attributed to the rising focus on the analytical testing of biologics and biosimilars, increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach. However, the dearth of skilled professionals is a major factor that is expected to restrain the growth of this market during the forecast period.
Pharmaceutical and biopharmaceutical companies were the largest end users of bioanalytical testing services in 2019
Based on end user, the bioanalytical testing services market is segmented into pharmaceutical and biopharmaceutical companies, contract development and manufacturing organizations, and contract research organizations.In 2019, the pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the bioanalytical testing services market.
The large share of this segment can be attributed to the increased outsourcing of early-phase development, clinical, and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time duration to validate processes and products.
Oncology is the largest application segment in the bioanalytical testing services market
Based on the application area, the bioanalytical testing services market is broadly categorized into oncology, neurology, infectious diseases, gastroenterology, cardiology, and other applications. Oncology is the largest application segment in this market, primarily due to the increasing number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
North America will continue to dominate the bioanalytical testing services market in 2025
The bioanalytical testing services market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.In 2019, North America accounted for the largest share of the bioanalytical testing services market.
The large share of North America in this market can be attributed to the high-quality standards in the pharmaceutical industry, rapid growth in the biosimilars and biologics markets, and an increase in clinical trial activity in the region.
The break-down of primary participants is as mentioned below:
• By Company Type - Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation - C-level: 30%, Director-level: 55%, and Others: 15%
• By Region - North America: 40%, Europe: 25%, Asia Pacific: 20%, Latin America: 10%, and the Middle East & Africa: 5%
The prominent players operating in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA, Inc. (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group plc (UK), PRA Health Sciences (US), Syneos Health (US), ICON plc (Ireland), Frontage Labs (US), PPD, Inc. (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs Pvt. Ltd. (India), and LGS Limited (UK).
Research Coverage:
The report analyzes the bioanalytical testing services market and aims at estimating the market size and future growth potential of various market segments, based on type, application, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their positions in the market.
This report provides insights on:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the bioanalytical testing services market. The report analyzes this market by type, application, end user, and region
• Market Development: Comprehensive information on the lucrative emerging markets, by type, application, end user, and region
• Market Diversification: Exhaustive information about the service portfolios, growing geographies, recent developments, and investments in the bioanalytical testing services market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the bioanalytical testing services market
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