COVID-19 Impact | Bioanalytical Testing Services Market Size by Top Leading Key Players, Growth Opportunities, Incremental Revenue, Trends, Outlook and Forecasts to 2025

ReportsnReports provides in depth study of "Bioanalytical Testing Services" Market using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organisation. The Bioanalytical Testing Services Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organisation such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organisation.

The global Bioanalytical Testing Services Market is expected to witness a promising growth in the next few years. The rising level of competition among the leading players and the rising focus on the development of new products are likely to offer promising growth opportunities throughout the forecast period. The research study on the global Bioanalytical Testing Services Market offers a detailed overview, highlighting the key aspects that are expected to enhance the growth of the market in the near future. The key segmentation and the competitive landscape of the market have also been mentioned at length in the research study.

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 “Rising focus on the analytical testing of biologics and biosimilars to drive market growth”

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.

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“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.

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“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).

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