Bioanalytical Testing Services Market worth $6.10 Billion by 2027 – Exclusive Report by Nova one advisor

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New York, United States: The Report on Bioanalytical Testing Services Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Bioanalytical Testing Services Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Bioanalytical Testing Services market gathered revenue around USD 2.30 Billion in 2020 and market is set to grow USD 6.10 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 13.0% during the prediction period 2021 to 2027.

Overview of Bioanalytical Testing Services Market Study

Bioanalytical Testing Services market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth in this market is primarily 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.

The serology, immunogenicity, and neutralizing antibodies segment is estimated to grow at the highest CAGR in the bioanalytical testing services market, by type, in 2019
Based on the type of service, the bioanalytical testing services market is segmented into cell-based assays; virology testing; method development optimization and validation; serology, immunogenicity, and neutralizing antibodies; biomarker testing; pharmacokinetic testing; and other services (biologics characterization, extractable & leachable testing, and stability testing). The serology, immunogenicity, and neutralizing antibodies segment is estimated to grow at the highest CAGR during the forecast period. The high growth in this segment can be attributed to the high and growing utilization of serology, immunogenicity, and neutralizing antibodies in drug development procedures.

The oncology segment will continue to dominate the bioanalytical testing services applications market during the forecast period
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. 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.

Pharmaceutical and biopharmaceutical companies are the largest end users of bioanalytical testing services
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.

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

The global bioanalytical testing services market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the presence of a large patient population (especially in China and India), increasing investments in R&D, and growth in the outsourcing of drug discovery services to Asian CROs.

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COVID-19 Impact on Bioanalytical Testing Services Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Bioanalytical Testing Services market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Bioanalytical Testing Services market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Bioanalytical Testing Services market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players 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).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Type

  • Cell-based Assays
    • Bacterial cell-based assays
    • Viral cell-based assays
  • Virology Testing
    • In Vitro Virology Testing
    • In Vivo Virology Testing
    • Species-specific Viral PCR Assays
  • Method Development Optimization and Validation
  • Serology, Immunogenicity, and Neutralizing Antibodies
  • Biomarker Testing
  • Pharmacokinetic Testing
  • Other Services

By Application

  • Oncology
  • Neurology
  • Infectious Diseases
  • Gastroenterology
  • Cardiology
  • Other Applications

By End User

  • Pharmaceutical and Biopharmaceutical Companies
  • Contract Development and Manufacturing Organizations
  • Contract Research Organizations

Why Buy this Report?

The purpose of Nova one advisor’s Bioanalytical Testing Services market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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