Bioanalytical Services Market is projected to reach US$ 12.34 Bn by 2031

Bioanalytical Services Market: Introduction

According to the report, the global bioanalytical services market was valued at US$ 5.4 Mn in 2020 and is projected to expand at a CAGR of 8.2% from 2021 to 2031. Bioanalytical testing is useful for quantitative determination of drugs and metabolites in biological samples. The primary objective of bioanalytical services is the qualitative & quantitative estimation of an analyte with its biological stability, safety, purity, quality, and efficacy.

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Major factors expected to drive the global bioanalytical services market during the forecast period are increase in demand for bioanalytical testing services due to rise in prevalence of infectious diseases, HIV, and other diseases. Additionally, surge in government initiatives to control outbreaks of infectious diseases such as coronavirus is expected to present opportunities in the market.

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North America held major share of the global bioanalytical services market in 2020, due to the presence of large number of key players, increase in focus on analytical testing of biologics & biosimilars, and rise in R&D expenditure in the pharmaceutical and biopharmaceutical Industry in the U.S. The bioanalytical services market in Asia Pacific is expected to expand at a high CAGR of 9.4% from 2021 to 2031, due to rise in prevalence of diseases and increase in launch of new products by the key players. This, in turn, is likely to drive the demand for bioanalytical services in emerging markets such as India and China.

Advent of New Technology to Drive Global Market

A recent study by Yen-Heng Lin from Chang Gung University in 2020 stated that automatic glass capillary immunoassay platform is effective for detecting anti-p53 autoantibody in oral cavity squamous cell carcinoma. Another study by a group of researchers from the Department of Veterinary Parasitology in 2020 revealed that loop-mediated isothermal amplification (LAMP) assay can be used for detection of Hepatozoon canis infection in dogs. In 2019, a conference in Pittcon stated that the powerful separation capabilities of ultra-high-performance liquid chromatography (UHPLC) combined with its speed and good resolution can make it a valuable tool for detailed characterization of biopharmaceuticals. These are used in combination with detection capability such as UV or light scattering, and additional structural information can be acquired using mass spectrometry. Such a multidimensional analytical approach serves to increase the potential sensitivity and makes it possible to characterize more complex proteins.

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Immunochemistry Services Dominated Bioanalytical Services Market

In terms of service, the global bioanalytical services market has been classified into immunochemistry services, quantitative immunoassays, cell-based neutralization assays, LCMS method development, discovery phase bioanalysis, LCMS sample bioanalysis, GCP bioanalysis service, biomarker assays, protein analysis, and others. The immunochemistry service segment dominated the global bioanalytical services market in 2020 and the trend is projected to continue during the forecast period. Increase in demand for immunochemistry services is expected to drive the segment over the next few years.

Small Molecule Bioanalysis to Drive Bioanalytical Services Market

In terms of type, the global bioanalytical services market has been categorized into small molecule bioanalysis, large molecule bioanalysis, and others. The small molecule bioanalysis segment dominated the global bioanalytical services market in 2020 and the trend is likely to continue during the forecast period.

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Pharma & Biotechnology Companies to be Promising Segment

Based on end-user, the global bioanalytical services market has been divided into pharma & biotechnology companies, contract research organizations, and others.

North America to Dominate Global Market; Asia Pacific to Offer Significant Incremental Opportunities

In terms of region, the global bioanalytical services market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for leading share of the global bioanalytical services market during the forecast period. According to the International Diabetes Federation, about 48 million adults in North America were living with diabetes in 2019, and the number is expected to increase, leading to higher demand for bioanalysis of novel therapeutics. Hence, rise in demand for bioanalytical services, large number of ongoing clinical trials, and increase in investment by major pharmaceutical companies are the key factors driving the global market in the country.

The U.S. accounted for the largest share of the bioanalytical services market in North America due to increase in patient pool of various chronic diseases, and rise in adoption of peptides and other large molecule therapeutics as an alternative for small molecules that have more side effects. According to the Centers for Disease Control and Prevention, around US$ 3.5 Mn is spent on chronic diseases in the U.S. Therefore, companies have been taking initiatives to meet the demand, which is anticipated to drive the market.

The bioanalytical services market in Asia Pacific is likely to grow at a rapid pace over the next few years. India, China, and South Korea are projected to be lucrative markets in the near future. Healthcare expenditure is increasing for cosmetic treatments and surgeries. Several research centers have identified the need to create personalized and custom drugs and innovative medicine as a part bioanalytical services. Rise in investment in drug development and R&D by biopharmaceutical companies fuels the growth of the bioanalytical services market.

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Growth Strategies of Key Players

Major companies profiled in the global bioanalytical services market report are PPD, Inc., ICON plc, Laboratory Corporation of America, Charles River Laboratories International, Inc., Syneos Health, SGS SA, Toxikon, Inc., Intertek Group, Pace Analytical Services, Medpace, PRA HEALTH SCIENCES, WuXi AppTec, IQVIA, and Eurofins Scientific.

These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In April 2020, IQVIA announced its new technology-enabled COVID-19 Trial Matching Tool at c19trials.com, which is one of the world's first online platforms that matches individuals with specific COVID-19 studies to accelerate clinical research projects.

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Global Bioanalytical Services Market: Segmentation

Bioanalytical Services Market, by Service

Immunochemistry Services
Quantitative Immunoassays
Cell-based Neutralization Assays
LCMS Method Development
Discovery Phase Bioanalysis
LCMS Sample Bioanalysis
GCP Bioanalysis Service
Biomarker Assays
Protein Analysis
Others

Bioanalytical Services Market, by Type

Small Molecule Bioanalysis
Large Molecule Bioanalysis
Others

Bioanalytical Services Market, by End-user

Pharma & Biotechnology Companies
Contract Research Organizations
Others

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