Bioanalytical Testing Services Market Size Projected to Surpass USD 10.39 Billion By 2032

The global bioanalytical testing services market size is projected to surpass around USD 10.39 billion by 2032, increasing form USD 4.78 billion in 2023 with a remarkable CAGR of 9.02% from 2023 to 2032.

The North America bioanalytical testing services market size accounted for USD 2,240 million in 2023 and is estimated to reach around USD 4,880 million by 2032 growing at a CAGR of 9.03% from 2023 to 2032.

The Europe bioanalytical testing services market size accounted for USD 1,138 million in 2023 and is estimated to reach around USD 2,701 million by 2032 growing at a CAGR of 9.03% from 2023 to 2032.

Bioanalytical chemistry is a specialized discipline of analytical chemistry. It deals with separating, identifying, detecting, and quantifying molecules in different biological samples. In the healthcare and biotechnology sectors, bioanalytical services are utilized for the quantification of compounds like proteins, drug and drug metabolites, small molecules, genomic content, pharmacodynamic biomarkers, etc. Pharmacological practices perform analytical biotesting in almost every step of the drug development process. They are crucial for tests like toxicology, bioequivalence, pharmacology, pharmacokinetics, and bioavailability research on animal models. Bioanalysis is also included in processes like validation for accurate results, selectivity, precision, and stability. Its widespread applications and accuracy make it an indispensable part of research, discovery, and clinical development.

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While analytical services assess the qualitative properties of drug molecules, bioanalytical services quantify the amount of a drug in a specific biological sample. The global market for these services is expected to grow due to increased demand for biopharmaceutical products and the expanded use of biosimilars for diseases like diabetes and cancer. Many pharmaceutical companies, bioanalytical firms, and contract research organizations (CROs) are investing in and expanding their bioanalytical offerings and testing facilities. Pharmaceutical companies are outsourcing more R&D to focus on their strengths, boosting demand. Outsourcing is economically efficient, driving growth. Innovation and new products also increase demand. Competitive pressure and pricing concerns push companies to outsource, fuelling market growth. Advanced bioanalytical technologies for better testing contribute to the market. The pandemic disrupted the pharmaceutical industry, but bioanalytical testing services saw increased demand due to expanded R&D and manufacturing operations.

Key Insights:

• North America has held the maximum market share of 47% in 2022.
• In 2022, the bioavailability segment accounted for the highest revenue share.
• Between 2023 and 2032, the oncology segment is anticipated to grow at the fastest CAGR.

Company Synopsis:

IQVIA

IQVIA is a major global company providing technology solutions, advanced analytics, and clinical research services to the life sciences industry. With around 86,000 employees in over 100 countries, IQVIA focuses on health information technology and clinical research. They’ve been recognized on FORTUNE’s 2023 list of “World’s Most Admired Companies” and ranked 1 in their category for the second consecutive year in the bioanalytical market. Now, they’re working to fight AIDS and tackle the root problems of pandemics. The partnership aims to improve lab systems for a more substantial fight against these health challenges. For the financial year of 2023, the company expects revenue to be between $15,150 million and $15,400 million, reflecting a growth of 5.1% to 6.9% on a reported basis and 5.0% to 6.8% at constant currency.

Thermo Fisher Scientific

Thermo Fisher Scientific, a multinational enterprise boasting a workforce of 80,000+, specializes in delivering medical equipment, analytical instruments, and services tailored for research and diagnostics. Their product portfolio ranges from cell culture media and chemicals to chromatography apparatus. As of November 2023, the company holds a substantial market cap of $188.36 billion. Anticipated figures for 2023 include a revenue projection of $42.7 billion, featuring a one core organic revenue growth and an adjusted EPS of $21.50.

Market Key Players:

• PPD, Inc.
• ICON Plc
• Charles River Laboratories International
• Covance, Inc.
• IQVIA
• Syneos Health
• SGS SA
• Toxikon
• Intertek Group Plc
• Pace Analytical Services LLC

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Growth Factors:

• An abundance of land and labour in developing countries such as India and China have made them attractive sites for establishing single-process dedicated plants. Recent healthcare sector changes in terms of expenditure and infrastructure in several emerging economies have propagated the market’s growth. It generates opportunities for pharmaceutical companies to outsource non-central procedures of the product lifecycle. Dedicated development and production establishments for bioanalytical tools and the necessary workforce are set in several regions. These offshoring practices have led to significant opportunities for companies to enter the global market. They significantly increase the efficiency of the drug development process by allowing companies to focus on their internal core competencies and launch new upshots to the market in a cost-effective manner. Moreover, lenient regulatory compliance and trade and business-centred practices further aid these foreign ventures.
• Chronic ailments have become a global concern. One in three individuals is diagnosed with some chronic illness in their lifetimes. These diseases significantly deteriorate several individuals’ overall health and quality of life. Indispositions such as musculoskeletal disorders, chronic injuries, cancer, neurological conditions, and cardiovascular and gastrointestinal conditions can result in physical disabilities, declining life quality, prolonged hospitalization, and even death in some cases. Rising chronic disorders greatly increase the growth of the diagnostic segment of the bioanalytical testing market. Moreover, an increasing number of clinical trials have been conducted for such ailments in the past few years. The prevalence of diseases like cancer encourages further market expansion even more. Financial assistance from private sector organizations, individual sellers, and governments for research also plays an important role in the market dynamics.

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Regional Stance:

The bioanalytical service industry is dominated by North America. The rise in demand for bioanalytical services in the US can be attributed to the rising prevalence of diseases brought on by bad lifestyle choices. Thus, more biotechnology companies are focusing their efforts on research and development as well as the development of new drugs that call for the use of bioanalytical services. Due to a growing patient population with a range of chronic illnesses and an increase in the usage of large molecules such as peptides as treatments rather than smaller compounds that have more adverse effects, the US now has the greatest market share in North America.

Consequently, companies have been working to meet the growing demand, which is expected to drive the market that is being studied. Furthermore, this tendency is expected to continue, with the International Diabetes Federation projecting that 48 million persons in North America will have diabetes by 2020. In order to stop the number of people with diabetes from rising, there will be a greater need for bioanalysis of innovative medicines. Therefore, the main factors propelling the market’s growth in the country are the numerous ongoing clinical trials, the high demand for bioanalytical services, and the substantial investments made by major international pharmaceutical companies.

However, between 2022 and 2032, the bioanalytical testing services industry is predicted to grow at the quickest rate in Asia Pacific. One of the main reasons for the growth of the services industry in China and India will be the large number of CROs and pharmaceutical companies operating in these regions.

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Bioanalytical Testing Services Market Scope

Market Potential:

The development of artificial intelligence (AI) and various corresponding technologies have been frequently observed in the past few decades. AI and machine learning-based innovations have found their application in almost every industry. The healthcare sector, especially, achieved several innovative tasks due to these technological innovations. AI-guided drug discovery helps reduce the cost and time associated with the developmental process of a therapeutic in the product lifecycle, as well as helps accelerate the production and manufacturing process. Automation of bioanalytical tools is a domain recently explored and has demonstrated extraordinary potential so far.

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Industry Spotlight:

• In June 2023, ICON plc, a big CRO and healthcare intelligence player, unveiled its new ICON Digital Platform. This platform makes connecting ICON’s site, patient, and sponsor services easy, providing smooth and customizable data delivery.
• In June 2023, Forge Biologics, a major genetic medicines manufacturer, shared news about teaming up with Labcorp. Their collaboration is all about working together on manufacturing and developing gene therapies.
• In May 2023, IQVIA, a significant player in advanced analytics, clinical research services, and technology solutions globally, revealed a meaningful collaboration with RED. Their focus is on combating AIDS and addressing the underlying issues that allowed the pandemic to persist. This partnership is geared towards strengthening laboratory systems to enhance the fight against these health challenges.
• In October 2022, Thermo Fisher Scientific’s clinical research branch, PPD, shared that they’re putting more than $59 million into growing their labs in Kentucky. They want to help customers create essential medicines, boosting their ability to test and manage samples for new treatments. It’s a big step to support better healthcare for patients.

Market Segmentation

By Test Type

• Pharmacokinetic
• Pharmacodynamics
• Bioavailability
• Bioequivalence

By Molecules

• Small Molecules
• Large Molecules

By Application

• Cardiology
• Gastroenterology
• Neurology
• Oncology
• Others

By End User

• Pharmaceutical and Biopharmaceutical Companies
• Contract Development and Manufacturing Organizations
• Contract Research Organizations

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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