Analysis of COVID-19 Crisis-driven Growth Opportunities in Bioanalytical Testing Services Market

The analytical method used for the analysis of biotechnological or biological products is known as bioanalytical testing. Bioanalytical tests are used in drug discovery, drug development, and in the commercialization of drugs. In recent years, increased focus of biopharmaceutical companies on contract research development services has created opportunities in the bioanalytical testing services market. Increasing frequency of outsourcing research and development activities by many biopharmaceutical companies in order to focus on their core competencies are expected to propel the expansion of the global bioanalytical testing services market during the forecast period. Moreover, cost-effectiveness of outsourcing compared to in-house analysis is likely to further drive the market. The strategy implemented by key players in the pharmaceutical industry to face market competition is replenishing their respective pipelines. As the majority of high selling drugs go off patent, there is an increase in demand for bioanalytical testing. This is one of the major factors boosting the market. Bioanalytical testing services include diversified areas of expertise, which enables development of drugs in various geographies and for various different therapeutic areas. Bioanalytical testing services also ensure drugs are well synchronized with current regulatory standards. These are the major factors responsible for driving demand for bionanalytical testing services.

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The global bioanalytical testing services market can be classified based on test, molecule , and geography. Based on test, the global bioanalytical testing services market can be segmented into pharmacokinetic test, pharmacodynamic test, bioequivalence test, bioavailability test, and other test. The bioavailability and bioequivalence test segment are anticipated to gain significant share of the global bioanalytical testing services market owing to increased demand for bioanalytical testing services in generic drug development. In terms of molecule, the global bioanalytical testing services market can be categorized into small molecules and large molecules. The large molecule segment is expected to expand at a high CAGR during forecast period due to rich clinical pipeline of biologics. Furthermore, testing these molecules requires developed infrastructure and advance analytical instruments, which is expected to create significant opportunity for the bioanalytical testing services market.

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Based on gepgraphy, the global bioanalytical testing services market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America, followed by Europe, dominated the global bioanalytical services market due to rise in demand for bioanalyctical services; large number of ongoing clinical trials; and presence of highly reliable, complex, and high-end pharmaceuticals. The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period. Rise in investments by bioanalytical testing services organization in the region, increase in the number of companies relying on bioanlytical testing services, and business and regulatory reforms contribute to the expansion of the global market in Asia Pacific. The market in Asia Pacific is anticipated to be driven by India and China. Focus on the development of biologics pipeline by domestic companies in China and India and rise in adoption of advanced technologies such as single-use technologies by bioanalytical testing services organization have contributed the expansion of the market.

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The leading players in the global bioanalytical testing services market include Particle Sciences, Sartorius Stedim BioOutsource Limited., Toxikon, Inc., Lotus Labs Pvt. Ltd., Charles River Laboratories International, Inc., PPD, ICON plc, Pace Analytical Services, LLC., LabCorp, Covance Inc., inVentiv Health, SGS SA, and Intertek group.

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