Bioanalytical Services Market to Reach Valuation of US$ 12.34 Bn by 2031 Propelled by Rising Adoption in Various Drug Development Stages: TMR Study

- Substantial demand for small molecular and large molecular bioanalytical services among pharma & biotechnology companies to generate sizable revenue streams

- Providers offering immunochemistry services to tap into massive lucrative streams in ongoing clinical trials; North America and Asia Pacific expected to be potentially lucrative markets

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Transparency Market Research

Jan 10, 2022, 08:30 ET

ALBANY, N.Y., Jan. 10, 2022 /PRNewswire/ -- Transparency Market Research: The array of bioanalytical services has enormously expanded for various stages of drug development life cycles, pharmaceuticals, biopharmaceuticals, vaccines, and biosimilars. The demand for bioanalytical services to support clinical development and regulatory filing has risen across pharmaceutical and biotech companies. The global bioanalytical services market is projected to advance at CAGR of 8.2% during the forecast period (2021–2031).

Service providers have reaped lucrative revenue gains from the widespread uptake of immunochemistry services. In recent months, the demand for bioanalytical services for the development of drugs and vaccines for COVID-19 infection has accelerated the growth prospects of the bioanalytical services market.

End users are benefitting from cutting-edge research and development (R&D) experience for regulatory and non-regulatory guidelines and standardizations for immunological assay testing. Moreover, the growing demand for large molecule bioanalysis for biologic drugs and biomarker analysis is propelling the revenue prospects.

Leading players in the bioanalytical services market are keenly expanding their network of experts to meet the needs of elemental bioanalysis and biosimilar analysis among end users. Service providers are leaning on understanding, estimating, and resolving the complexities of quantitative immunoassays and challenges in pre-clinical testing methods.

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Key Findings of Bioanalytical Services Market Study

Small Molecule Bioanalytical Services Present Vast Avenue: The demand for bioanalytical services in both large molecule and small molecule drug candidates has grown over the years. The TMR study on the bioanalytical services market finds that small molecule analysis held a leading share in 2020, given the substantial demand for immunoassays, cell-based neutralization assays, and LCMS method development in small molecule bioanalysis.
Focus of Pharmaceuticals on Contract Research Organizations (CRO) to Spur Growth Prospects: The trend of pharmaceutical companies for outsourcing drug development activities has gained pace. The trend is evident in oncology, finds TMR analysts evaluating the revenue prospects of the bioanalytical services market. CROs are harnessing state-of-the-art AI methods for Big Data analytics. Pharma & biotechnology companies are expected to present sizable sales opportunities.

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Rise in Demand for Immunochemistry Services to Offer Massive Revenue Growth: Over the years, immunochemistry services are gaining traction for immunoassay development, especially for supporting pharmacokinetic and toxicokinetic studies. The segment held a higher share than that of any other service, and is projected to retain the lead during the forecast period, find TMR analysts in the study on the bioanalytical services market.

Bioanalytical Services Market: Key Drivers

The prevalence and healthcare burden of infectious diseases has spurred the need for bioanalysis in drug development in clinical and pre-clinical studies, finds the TMR study scrutinizing the growth dynamics of the global bioanalytical services market. For instance, leading-edge bioanalytical diagnostic technologies have significantly mitigated the mortality and morbidity of COVID-19 pandemic. Most important, this is anticipated to play crucial role in infectious disease outbreaks in near future.
Advancements in bioanalysis methods for novel therapeutics in ongoing clinical trials globally have extended the horizon for players in the bioanalytical services market

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Bioanalytical Services Market: Regional Growth Dynamics

North America is anticipated to hold a major share of the global bioanalytical services market during the forecast period. Demand for advanced bioanalysis methods for novel therapeutics and substantial investments in clinical trials are propelling the growth of the regional market. The U.S. held a leading share of the North America market in 2020.
The opportunities in the Asia Pacific bioanalytical services market are projected to rise at prominent growth rate in the next few years. Rise in demand for bioanalytical services among contract research organizations, especially in China, India, and Japan, has spurred the revenue prospects.

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Bioanalytical Services Market: Key Players

Some of the prominent companies in the bioanalytical services market are:

IQVIA
Eurofins Scientific
WuXi AppTec
PRA Health Sciences
Medpace
Pace Analytical Services
Intertek Group
SGS SA Toxikon, Inc.
Syneos Health
Charles River Laboratories International, Inc.
Laboratory Corporation of America
ICON plc.
PPD, Inc.

Global Bioanalytical Services Market: Segmentation

Bioanalytical Services Market, by Service

Immunochemistry Services
Quantitative Immunoassays
Cell-based Neutralization Assays
LCMS Method Development
Discovery Phase Bioanalysis
LCMS Sample Bioanalysis
GCP Bioanalysis Service
Biomarker Assays
Protein Analysis
Others

Bioanalytical Services Market, by Type

Small Molecule Bioanalysis
Large Molecule Bioanalysis
Others

Bioanalytical Services Market, by End-user

Pharma & Biotechnology Companies
Contract Research Organizations
Others

Bioanalytical Services Market, by Region

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
Australia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

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