Bioanalytical Testing Services Market worth $6.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 6, 2022 /PRNewswire/ -- According to the new market research report "Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027", published by MarketsandMarkets™, the market is projected to reach USD 6.0 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 15.6% during the forecast period.
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153 – Tables
37 – Figures
208 – Pages
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The Factors such as the rising focus on the analytical testing of biologics and biosimilars, increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach are expected to drive the growth of this market during the forecast period. However, the dearth of skilled professionals is a major factor that is expected to restrain the growth of this market in the coming years.
By Type of service, the cell-based assays segment is expected to account for the largest share of the bioanalytical testing services market
The cell-based assays segment accounted for the largest share the bioanalytical testing service market in 2021. The large share of this segment can be attributed to the high and growing utilization of cell-based assays in developing newer drugs as a result of the increasing prevalence of chronic diseases.
By Application, the Oncology segment is expected to account for the largest share of the bioanalytical testing services market
The Oncology accounted for the largest share of the global bioanalytical testing service market in 2021. The large share of this segment can be attributed to due to the increasing number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
By End User, the pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the bioanalytical testing services market
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global bioanalytical testing service market in 2021. The large share of this segment can be attributed to the increased outsourcing of early-phase development, clinical, and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time duration to validate processes and products.
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North America dominated this market with the largest share in 2021
In 2021, North America dominated this market with the largest share. This can be attributed to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, rapid growth in the biosimilars and biologics markets, increasing R&D expenditure, and the large pool of bioanalytical CROs in the region.
Prominent players in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India).
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