Summary
Major players in the bioanalytical testing services market are Charles River Laboratories International Inc., WuXi AppTec, PPD Inc., ICON plc, SGS SA, Laboratory Corporation of America HoldingsLabcorp Drug Development, Intertek Group plc, PRA Health Sciences, Syneos Health, Celerion, Altasciences, BioAgilytix Labs, Lotus Labs Pvt. Ltd., LGS Limited, Absorption Systems LLC, and CD BioSciences Inc.,
The global bioanalytical testing services market grew from $3.02 billion in 2022 to $3.24 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bioanalytical testing services market is expected to grow to $4.44 billion in 2027 at a CAGR of 8.3%.
The bioanalytical testing services market includes revenues earned by entities by providing services such as method development, high throughput sample analysis, method validation, and pharmacokinetic and toxicokinetic support.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Bioanalytical testing services refer to services that provide state-of-the-art quantifications of analytes. Bioanalytical testing services help to detect the properties of pharmaceuticals and metabolites in biological fluids such as blood, plasma, serum, urine, or tissue extracts.
North America was the largest region in the bioanalytical testing services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the bioanalytical testing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of tests in bioanalytical testing services are ADME (absorption, distribution, metabolism, and excretion), pharmacokinetic, pharmacodynamic, bioequivalence and bioavailability.The ADME refers to absorption, distribution, metabolism and excretion process which is used to design and find out how a chemical is processed in a living organism.
It is used to assess safety and toxicity which informs researchers about the drug viability and gives specific targets for future research and development. The various molecule type tested in bioanalytical testing are small molecules and large molecules, and are these testing services are used by pharmaceutical and biopharmaceutical companies, contract development and manufacturing organizations and contract research organizations.
The rising government initiative to control infectious disease outbreaks is significantly contributing to the growth of the bioanalytical testing services market.The outbreak of the COVID-19 pandemic has aided in the growth in demand for bioanalytical testing services.
Countries worldwide have been taking initiatives and increasing spending to prevent the spread and impact of the diseases. For instance, in March 2021, the U.S. Department of Health and Human Services announced the investment of $10 billion from the American Rescue Plan to ramp up screening testing to help schools reopen and $2.25 billion to scale up testing in underserved populations. Therefore, the increased spending on government initiatives will contribute to the growth of the bioanalytical testing services market.
Product innovation is the key trend gaining popularity in the bioanalytical testing services market.Key players operating in the bioanalytical testing services market are focusing on developing technologically innovative testing products to strengthen their position in the market.
In March 2020, Viracor Eurofins Laboratories, a US-based diagnostics laboratory launched a real-time reverse-transcriptase polymerase chain reaction (RT-PCR) test for COVID-19 SARS-CoV-2 with same-day results in 12-18 hours. This test utilizes RT-PCR technology.
In February 2022, Eurofins Scientific, a France-based laboratory service company announced the acquisition of Genetic Testing Service JSC for an undisclosed amount.Through this acquisition, Eurofins will expand in the clinical genetic testing market and complement its global network of clinical diagnostics laboratories.
Genetic Testing Service JSC is a Vietnam-based genetic testing company that provides specialized DNA testing services, genealogical DNA tests, cancer, and COVID-19 testing.
The countries covered in the bioanalytical testing services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bioanalytical testing services market research report is one of a series of new reports that provides bioanalytical testing services market statistics, including bioanalytical testing services industry global market size, regional shares, competitors with a bioanalytical testing services market share, detailed bioanalytical testing services market segments, market trends and opportunities, and any further data you may need to thrive in the bioanalytical testing services industry. This bioanalytical testing services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
