Bioanalytical testing services help evaluate the absorption, distribution, metabolism and excretion of drugs and their interaction with biological systems. These services involve analytical/quantitative testing of large molecule biotherapeutics to support regulatory filings.
The global bioanalytical testing services market is estimated to be valued at US$ 4163.69 Billion in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for large molecule analysis is one of the key factors driving the growth of the bioanalytical testing services market. Large molecule biotherapeutics including monoclonal antibodies, proteins, gene and cell therapies require specialized bioanalytical methods for their analysis. Convention analytical techniques used for small molecule testing cannot be applied to large and complex molecules. Growing pipeline of large molecule drugs and increasing demand for biosimilars have prompted pharmaceutical companies to outsource their bioanalysis needs to specialized contract service providers. This is expected to propel the demand for bioanalytical testing services over the forecast period.
SWOT Analysis
Strength: Bioanalytical testing services offer analytical methods that facilitate evaluation of the drug within biological systems. This helps understand effectiveness, safety, and dosing requirements of new drugs before clinical trials.
Weakness: Lack of standardized technologies and methodologies can pose challenges in aligning bioanalytical testing processes across regions. Shortage of skilled workforce can also hamper service delivery.
Opportunity: Growing biologics and biosimilar drug development provides opportunities for contract service providers.Increasing R&D investments by pharmaceutical companies also drive market growth.
Threats: Stringent regulatory guidelines and protocols increase compliance requirements,adding to costs.Intense competition among service providers impacts pricing and profit margins.
Key Takeaways
Global Bioanalytical Testing Services Market Size is expected to witness high growth.
Regional analysis: North America dominates currently due to presence of leading pharmaceutical companies and CROs in the US and Canada. Asia Pacific is poised to grow at fastest pace considering expanding generics industry and increasing clinical trials in countries like China and India.
Key players operating in the bioanalytical testing services market are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others. Outsourcing of bioanalytical testing to CROs has grown substantially. Leading players are investing in capabilities like LC-MS/MS and immunoassay to aid drug development. Partnerships with pharma sponsors also help enhance service portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it