Bioanalytical Testing Services Market to Expand at a CAGR of 8.6% During the Forecast Period 2022-2030

Posted on 2022-06-24 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 24, 2022 — /EPR Network/ —

Bioanalytical Testing Services Industry Overview

The global bioanalytical testing services market size is expected to reach USD 7.65 billion by 2030, according to a new report by Grand View Research, Inc. registering a CAGR of 8.6% over the forecast period. The increasing rate of outsourcing R&D activities by several biopharmaceutical companies to streamline their core competencies is one of the major factors supporting the market growth. In addition, the outbreak of COVID-19 has further boosted the demand for pharma-analytical testing services as the rapid surge in SARS-CoV-2 infection cases has significantly augmented the production of a larger batch of COVID-19 vaccines across the globe.

Furthermore, the growing demand for pharmaceutical products across the globe has resulted in a surge of pipeline drugs that require bioanalytical testing for development, thus augmenting the market growth. In addition, the market is expected to witness considerable growth over the forecast period owing to the increasing number of contract manufacturing companies expanding their development capacities across the globe. Hence, the growing volume of batch production of biologics is further supported by such initiatives. The outbreak of COVID-19 infection has further offered lucrative growth opportunities for the market to flourish amidst the pandemic. The outbreak of the COVID-19 virus has resulted in a sudden robust demand for appropriate vaccines, which requires extensive analytical testing.

To meet the rapid demand, major pharmaceutical companies have approached the contract development and manufacturing organizations for fast-track analysis and development of the appropriate drug in the treatment of COVID-19 infection, thus boosting the growth of bioanalytical testing services across the globe, also, major pharmaceutical giants are focusing on expanding bioanalytical testing capabilities to ensure rapid production of COVID-19 vaccines, which, in turn, supported significant growth in revenue generation during 2020.

Bioanalytical Testing Services Market Segmentation

Grand View Research has segmented the global bioanalytical testing services market based on molecule, test, workflow, and region:

Based on the Molecule Insights, the market is segmented into Small Molecule and Large Molecule.

The small molecule segment accounted for the largest revenue share of 56.1% in 2021. Contract Research Organizations(CROs) provide various testing services for small molecules
The large molecule segment is expected to register the fastest CAGR over the analysis period. This is due to a rich pipeline of amino acid-based molecules or biologics.

Based on the Test Insights, the market is segmented into ADME, PK, PD, Bioavailability, Bioequivalence and Others.

The bioavailability segment accounted for the highest share of more than 18.5% of the global revenue in 2021 owing to the high demand for such services in generic drug development.

Based on the Workflow Insights, the market is segmented into Sample Preparation, Sample Analysis and Other Workflow Processes.

The sample analysis segment dominated the market and accounted for the largest revenue share of more than 45.5% in 2021. Sample analysis plays an important role in the drug development and marketing stages.
Sample preparation is an analytical step that contains extraction procedures to help extract the component required from the matrix. The process varies based on the degree of selectivity, convenience, speed, and configurations of the extraction phase.

Bioanalytical Testing Services Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Collaborations, service portfolio expansion and mergers and acquisitions are key strategic undertakings by market players. The key companies are also expanding their position in the market by providing various types of services, assay validations, launching new methods for method development, and other laboratory solutions.

Some prominent players in the global Bioanalytical Testing Services market include

PPD, Inc.
ICON Plc
Charles River Laboratories International
Covance, Inc.
IQVIA
Syneos Health
SGS SA
Toxikon
Intertek Group Plc
Pace Analytical Services LLC

Order a free sample PDF of the Bioanalytical Testing Services Market Intelligence Study, published by Grand View Research.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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