Global demand for bioanalytical services market was valued at approximately USD 2.89 billion in 2018 and is expected to generate revenue of around USD 4.81 billion by end of 2025, growing at a CAGR of around 7.61% between 2019 and 2025.
The report covers forecast and analysis for the bioanalytical services market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the bioanalytical services market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the bioanalytical services market on a global level.
As per the report, the global demand for bioanalytical services market was valued at approximately USD 2.89 billion in 2018 and is expected to generate revenue of around USD 4.81 billion by end of 2025, growing at a CAGR of around 7.61% between 2019 and 2025.
The bioanalytical services market is facing increasing demand in the biotechnology and pharmaceutical industry. The demand is increasing due to the difficulties in conducting these services in-house. It has resulted in incurring higher costs and longer time, which has led to outsourcing of bioanalytical services by biotechnology and pharmaceutical companies. Furthermore, the rise in incidence of dangerous diseases and infections has resulted in undue economic cost pressure on hospitals and healthcare institutions across the world. Health expenditure among people is increasing rapidly for expensive cosmetic treatments and surgeries. Many research centers have identified the need to create personalized and custom drugs and innovative medicine as a part of bioanalytical services. Increased investment in drug development and R&D by biopharmaceutical companies has resulted in the growth of the bioanalytical services market. Since the medical cosmetic industry is booming, there is higher budget allocated toward medical research and development activities for the development of medical treatments. Also, there are a large number of companies and manufacturers offering products related to bioanalytical services. However, there are several factors slowing the growth of the bioanalytical services market such as expensive treatments and strict regulatory policies.
Based on type, the market is segmented into type of test, type of molecule, type of service, end-user, and region. Among the type of test segment, there are ADME (absorption, distribution, metabolism, and excretion), pharmacokinetic, bioequivalence, bioavailability, pharmacodynamics, and other types. The ADME segment is further divided into in vitro ADME and in vivo ADME. The type of molecule segment includes following types - large molecules, small molecules, and vaccines. Type of service includes non-clinical bioanalysis services (GLP), discovery bioanalysis services (non-GLP services), and clinical bioanalysis services (GLP). Biotechnology companies, pharmaceutical companies, and contract research organizations are the end users.
North America has the largest share in the bioanalytical services market. Higher demand for bioanalytical services in the U.S. is due to the higher incidence of diseases arising out of poor lifestyle conditions. This has resulted in the increased number of biotechnological companies focusing their efforts on R&D and development of innovative drugs entailing bioanalytical services. There are several companies such as NanoScience Analytical which are striving to provide high-quality industrial research and state-of-the-art techniques in bioanalysis. There are various complementary analytical techniques that are discovered by clinical laboratories aimed at improving and streamlining bioanalytical services to solve challenging medical issues. Europe was second largest bioanalytical services market in 2018 globally. There are a large number of research laboratories and medical facilities that are actively engaged in the production of bioanalytical services for treatment of diseases. For example, there are companies like Celerion which have automated facilities in Zürich which have several years of experience in offering the latest bioanalytical technologies and improved automation technologies. There are many scientific improvements occurring in the field of immunoassay testing, therapeutic proteins, and antibodies. The excellent health infrastructure further accelerates the growth of the European bioanalytical services market. Asia Pacific and the Middle East and Africa show steady growth in the bioanalytical services. This is evident by intensive research studies taking place in bioanalytical studies, bioanalysis support for biologics and small molecule drugs and clinical sample management services and preclinical programs. Improved healthcare infrastructure and gradual increase in healthcare budget stimulates the growth of the bioanalytical services market.
Some of the leading companies in the bioanalytical services market are Sartorius Stedim BioOutsource Ltd., SGS SA, PPD, Intertek group, Particle Sciences, Pace Analytical Services, Lotus Labs Pvt. Ltd., Toxikon, Inc., Charles River Laboratories International, and others.
Global Bioanalytical Services Market: Type of Test Segment Analysis
Global Bioanalytical Services Market: Type of Molecule Segment Analysis
Global Bioanalytical Services Market: Type of Service Segment Analysis
Global Bioanalytical Services Market: End User Segment Analysis
Global Bioanalytical Services Market: Regional Segment Analysis