Press release
Korea Bioanalytical Testing Services Market to Witness Robust Expansion throughout the Forecast Period 2022-2031
Rise in demand for biopharma products and increase in need to develop novel bioanalytical assay platforms are the key factors driving investments in bioanalytical R&D and laboratories. Increase in trend of outsourcing laboratory testing services for quality check has encouraged companies to offer various types of services and solutions in the market. This is anticipated to propel the bioanalytical testing services market. Growth in merger and acquisition activities across the globe is also augmenting the demand for bioanalytical assay services. For instance, in October 2021, BioAgilytix signed an agreement to acquire Australia-based 360biolabs.Original Source: https://www.transparencymarketresearch.com/bioanalytical-testing-services-market.html
COVID-19 Impact on Bioanalytical Testing Services Market
Bioanalytical diagnostic technologies play a crucial role in containing the COVID-19 pandemic. They are likely to help contain the future waves of the pandemic and infectious disease outbreaks. In the event of a major pandemic such as COVID-19, a combination of different diagnostic technologies (centralized and point-of-care, and reliance on multiple biomarkers) is required for effective diagnosis, treatment selection, prognosis, patient monitoring, and epidemiological surveillance. Several biotech and pharmaceutical companies have been focusing on developing effective technologies for rapid diagnosis of COVID-19. They have been concentrating on developing vaccines/therapeutics that can help mitigate the spread of the disease by ensuring appropriateness of care across all healthcare settings and achieving high-quality outcomes. This is driving the demand for bioanalytical assay services across the globe. For instance, CIRION BioPharma Research, Inc., a GLP-certified contract research laboratory based in the U.S., announced in July 2020 that it was expanding its bioanalytical testing services to support COVID-19 drug and vaccine development.
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Increase in Usage of Immunogenicity and Immune-based Therapy to Propel Immunology Segment
Immunogenicity testing is required throughout the development process to assess the immune response in preclinical models using clinical samples. Immunogenicity testing examines antibodies created against a treatment. It helps establish efficacy and safety with assurance in vaccine and biologics production or gene therapy. Hence, immunology bioanalytical tests are crucial in the clinical phase for practically all modern medicines, from monoclonal antibodies (mAbs) for oncology to vaccine programs and gene & cell therapies. Any therapy that provokes an immune response requires clinical immunological testing to ensure that the response does not jeopardize patient safety. In terms of application, immunology is likely to be the fastest growing segment of the global market during the forecast period. Therefore, increase in usage of immunogenicity and immune-based therapy is projected to boost the immunology segment during the forecast period.
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Rise in R&D Investment Augmenting Mass Spectroscopy Segment
The mass spectrometry segment is projected to account for major share of the global bioanalytical testing services market by 2031. R&D spending by pharmaceutical companies has increased significantly in the last two decades. Biopharmaceutical research is supported by investments in specialties such as biopharma and precision medicine. The study of large molecules is currently a hot topic of discussion in the bioanalytical community. Growing importance of peptides and proteins as therapeutic agents, combined with the significant opportunities provided by new MS-based technology, has opened up a whole new world for bioanalytical scientists. Rise in usage of mass spectrometers in pharmaceutical and biopharmaceutical industries and adoption of new applications in the bioanalytical testing services market are the key factors driving the mass spectroscopy segment.
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Surge in Specialized Testing Services to Boost Biotech & Pharmaceuticals Companies Segment
Based on end-user, the biotech & pharmaceutical companies segment is projected to advance at a CAGR of 15.1% during the forecast period. Biotech and pharmaceutical companies are focusing on specialized testing services including gene expression analysis, liquid chromatography-mass spectrometry (LC/MS), raw material wet chemistry analysis, and metal analysis with inductive mass spectrometry (ICP-MS). Furthermore, pharmaceutical companies are increasing outsourcing of early-phase development, clinical, and laboratory testing services to boost revenue, avoid high capital spending, and decrease the time taken to validate processes and products.
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