Bioanalytical Testing Services Market PESTEL Analysis, SWOT Analysis, CAGR 12.1% and Value Chain Study to 2027 | Intertek Group Plc, Pra Health Sciences, Syneos Health

Report Ocean releases its latest report on the global Bioanalytical Testing Services Market. The growing demand for analytical testing for biologics and biosimilars, small-molecule and large-molecule drugs, and the preference for analytical outsourcing are all contributing to the market's growth. Furthermore, pharmaceutical and biopharmaceutical companies have been increasingly investing in research and development, which in turn is boosting the overall market growth. 

The global bioanalytical testing services market was worth USD 2.7 billion in 2020 and is further projected to reach USD 6.1 billion by 2027, at a CAGR of 12.1% during the forecast period (2021-2027).

Global Bioanalytical Testing Services Overview

Bioanalytical testing is used for determining the properties of drugs and metabolites in biological matrices like blood, tissue, urine, plasma, etc.  Bioanalytical methods and assay validation allow accurate quantitation of analytes and biomarkers in various biological matrices to assess drug safety and efficacy. This diagnostic technique has several applications, including drug testing and assessment, oncology, neurology, cardiology, and others. Bioanalytical testing services assist in the evaluation of a drug's design effects, drawbacks, suitable circumstances, and suitability for the intended treatment. Before starting as say creation and validation, it's a good idea to learn about the analyte's physicochemical properties.

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Growth Drivers

Increased Number of laboratory Outsourcing Service

The trend of outsourcing bioanalytical services is growing by leaps and bounds for better resource utilization. While dedicated in-house laboratories have advanced facilities, they may not be able to handle complex bioanalytical testing. Moreover, on a strategic level, operating in-house laboratories can be a costly affair. On the other hand, outsourcing the lab role decreases overhead and operational costs owing to which business companies continue to benefit from such lab services. Lab outsourcing helps companies and other institutions to make a profit as it allows to trade higher fixed-costs for lower variable-costs, thereby reducing the need for capital investment in the company and allowing instant access to world-class analytical expertise and capabilities on a short notice period. The aforementioned factors are significantly driving the market growth.

Rise in the R&D Expenditure in the Pharmaceutical and Biopharmaceutical Industry

The pharmaceutical industry spent a total of 136 billion dollars in 2012. In 2019, it spent 186 billion dollars on research and development. According to PhRMA, research and development (R&D) investment by PhRMA member companies totaled 83 billion US dollars in 2019, making the biopharmaceutical industry the most R&D-intensive industry in the US economy. In fact, the biopharmaceutical industry spends six times as much in research and development as all other manufacturing sectors combined.PhRMA member companies have invested nearly USD 1 trillion in the quest for and creation of new and improved drugs and cures over the last few decades.

The regulatory authority is involved in the process at some point, usually during the pre-clinical phase, to oversee, control, and eventually authorize the drug. In recent years, major developments in pharmaceutical research and development have begun to alter the R&D landscape. To cut costs, a growing number of drug manufacturers are outsourcing large parts of R&D, mostly to clinical research organizations, also known as contract research organizations.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Bioanalytical Testing Services Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Bioanalytical Testing Services Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Bioanalytical Testing Services Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Bioanalytical Testing Services Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Bioanalytical Testing Services Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Bioanalytical Testing Services Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Bioanalytical Testing Services Market provides insight into the factors influencing its growth. This market study breaks down the Bioanalytical Testing Services Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Bioanalytical Testing Services Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Bioanalytical Testing Services Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Bioanalytical Testing Services Market are:

 Charles River laboratories, Medpace, Wuxi Apptec, Eurofins Scientific, Iqvia Inc., Sgs Sa, Laboratory Corporation of America Holdings, Intertek Group Plc, Pra Health Sciences, Syneos Health, Icon Plc, Frontage Labs, and other prominent players. 

Scope of the Report

The global Bioanalytical Testing Services Market segmentation focuses on:

By Test Type:

Ø  Cell-Based Assays

Ø  Virology Testing

Ø  Species-Specific Viral PCR Assays

Ø  Serology, Immunogenicity & Neutralizing Antibodies

Ø  Biomarker Testing

Ø  Pharmacokinetic Testing

Ø  Other Services

By Molecule Size:

Ø  Smaller Molecule

Ø  Larger Molecule

By Application:

Ø  Oncology

Ø  Neurology

Ø  Infectious Diseases

Ø  Gastroenterology

Ø  Cardiology

Ø  Other Applications

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This release was published on openPR.