Bioanalytical Testing Services Market Growth & Trends
The global bioanalytical testing services market size is anticipated to reach USD 7.93 billion by 2030 and is projected to grow at a CAGR of 9.0% from 2024 to 2030, according to a new report by Grand View Research, Inc.An increasing rate of outsourcing R&D activities by several biopharmaceutical companies to streamline their core competencies is one of the major factors supporting the market growth. In addition, the outbreak of COVID-19 has further boosted demand for pharma-analytical testing services as the rapid surge in SARS-CoV-2 infection cases has significantly augmented the production of a larger batch of COVID-19 vaccines across the globe.
Furthermore, the growing demand for pharmaceutical products across the globe has resulted in a surge of pipeline drugs that require bioanalytical testing for development, thus augmenting the market growth. In addition, the market is expected to witness considerable growth over the forecast period owing to an increasing number of contract manufacturing companies expanding their development capacities across the globe. For instance, in September 2023, Cerba HealthCare announced the acquisition of CIRION BioPharma Research, a Canadian contract research laboratory, to expand its bioanalytical capabilities and reduce the time required for implementing intricate clinical trials.
Increasing awareness about product quality, environmental issues, and the safety of consumers are driving companies to outsource tests as a means to ensure that their products comply with the aforementioned aspects. This helps them build brand image and protects as well as enhances reputation. The U.S. FDA has conducted workshops to increase awareness regarding bioanalytical testing and related regulations.
Key operating companies are undertaking various strategic initiatives to strengthen their market presence. For instance, in August 2023, Pace Analytical Services announced the acquisition of Alpha Analytical, adding new capabilities such as advanced hydrocarbon analytical support along with expanded sediment & tissue testing. Moreover, in April 2022, Charles River Laboratories acquired Explora BioLabs, a prominent player in contract research services, for USD 295 million in cash. This has broadened the company’s operating capabilities in the market.
Request a free sample copy or view report summary:
Bioanalytical Testing Services Market Report
Bioanalytical Testing Services Market Report Highlights
- Small molecule segment accounted for the largest revenue share of over 55.6% in 2023. The high demand for generic drug development boosts the segment growth
- Large molecule segment is anticipated to witness a significant CAGR of 9.61% during the forecast period. This is attributed to the increased investment and focus on the development of biopharmaceuticals
- The bioequivalence segment is estimated to witness the fastest CAGR during the forecast period. This is attributed to the growing production and consumption of generics & biosimilars
- The sample preparation segment held a significant market share in 2023 and is estimated to expand further at the fastest CAGR from 2024 to 2030
- North America was the largest regional market in 2023 due to the strong presence of several pharmaceutical players in the U.S.
- On the other hand, the market in Asia Pacific is projected to register the fastest CAGR from 2024 to 2030 owing to increasing pharmaceutical & biotechnology activities, rising healthcare expenditure
