Global Bioanalytical Services Market Size, Share, Analysis, Growth, Forecast and is Anticipated to Witness a Healthy and a Double-Digit Growth Rate by 2027

Bioanalytical services consist of a large range of scientific and analytical techniques utilized for the examination and quantification of biological compounds, usually conducted within laboratory settings. These services play a major role in various sectors, including pharmaceutical, biotechnology, environmental surveillance, and clinical research. Their main aim is to measure and scrutinize biomolecules such as proteins, nucleic acids, metabolites, and drugs, thereby facilitating a deeper comprehension of biological samples.

Demand For Bioanalytical Expertise, Technological Innovations, Optimum Resource Utilization, And Cost Containment Strategies Triggers the Growth of the Bioanalytical Services Market

Rapid advancements and developments in medical technology, such as genomics, proteomics, and high-throughput screening, have expanded the possibilities for drug discovery and development. Adopting and integrating these cutting-edge technologies into R&D pipelines demands multiple resources. The move towards biologic drugs and personalized medicine approaches needs specialized analytical methods and services, driving up the demand for bioanalytical services.

Many companies outsource their bioanalytical needs to specialized CROs which provide expertise and services in this segment. This growing trend of outsourcing bioanalytical services is gaining a consistent momentum as it allows for better resource utilization. While in-house laboratories may have advanced equipment, they may struggle with complex bioanalytical tests and can be expensive to maintain. Outsourcing these lab functions decreases costs and offers access to top-notch analytical expertise on short notice. This move is a significant driver of the market growth.

The growth of the global bioanalytical services market is driven by a confluence of many factors, including the growing number of key market players who offer a broad range of bioanalytical services.

For instance

In May 2022, Eurofins Scientific successfully acquired a majority stake in Repertoire Genesis Inc. (RG), which possesses an exclusive analytical platform known as TCR/BCR (T Cell Receptor/B Cell Receptor) repertoire profiling. This strategic acquisition enhances Eurofins' global service offerings in the healthcare sector and reinforces its distinctive service portfolio, consolidating its position in the global bioanalytical services market.

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Growing Research and Development Activities in the Pharmaceutical and Biopharmaceutical Market

The pharmaceutical market is highly competitive, and companies need to outpace competitors in bringing new drugs into the global market. This often necessitates more extensive and accelerated R&D efforts. The surge in the research and development (R&D) spending within the pharmaceutical and biopharmaceutical industry for bioanalytical services can be attributed to many key factors. There is a growing need for innovative drugs and therapies to counter complex and evolving health challenges such as rare diseases and more targeted treatments. This necessitates substantial R&D investments to discover and develop these therapies. The pharmaceutical industry is highly regulated and needs to adhere to the stringent regulatory guidelines and demonstrate the safety and efficacy of its products through rigorous testing and analysis. Compliance with these regulations needs an increased investment in R&D.

For instance,

In May 2023, LabCorp & Forge Biologics entered into a collaborative partnership focused on gene therapy development and manufacturing. This joint effort aims to expedite clinical timelines, alleviate constraints in analytical development, and address potential regulatory hurdles linked to manufacturing and developmental procedures.

The pharmaceutical and biopharmaceutical industry's primary focus on R&D spending for bioanalytical services stems from a combination of scientific advancements, regulatory pressures, market demands, and the need to stay competitive in a fast-evolving market.

North America Accounts for the Largest Market Share in the Global Bioanalytical Services Market

North America is poised to maintain its dominance in the global bioanalytical testing services market, primarily due to an increasing demand for bioanalytical services fueled by a substantial volume of ongoing clinical trials, and stringent regulatory policies.

Asia-Pacific region is set to witness a rapid growth during the forecast period. An increase in the number of infectious diseases, rising R&D activities, and increasing number of CROs offering an extensive array of bioanalytical services are some of the key factors to fuel the bioanalytical services market's growth.

Competitive Landscape Analysis: Bioanalytical Services Market

Some of the key and leading players operating in the global bioanalytical services market are Charles River Laboratories, Eurofins Scientific, Syneos Health, ICON plc, PPD Inc. Intertek Group plc, Medpace, Thermo Fisher Scientific and IQVIA.

Organic and Inorganic Growth Strategies Adopted by the Key Market Players to Establish Their Foothold in the Global Bioanalytical Services Market

All key players operating in the bioanalytical services market are adopting organic and inorganic growth strategies such as collaborations, new product launches and acquisitions to garner a larger market share.

For instance,

In June 2023, Thermo Fisher Scientific Inc. acquired MarqMetrix, a privately owned company specializing in spectroscopy solutions for in-line measurements. This acquisition enhances Thermo Fisher's portfolio by the addition of Raman-based in-line Process Analytical Technology (PAT) capabilities and strengthens their analytical solutions, enabling them to meet customer demands for real-time measurement and process control of vital manufacturing parameters that impact product quality.

The global bioanalytical services market is projected to witness a healthy growth in the upcoming years due to a rise in the demand for advanced bioanalytical services, stringent government policies, and aggressive organic and inorganic growth strategies followed by the global market players.

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Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

This release was published on openPR.