As per newly released report from Absolute Market Insights (AMI), the global bioanalytical testing services market is expected to grow at a CAGR of 11.34%, owing many factors such as rising demand of analytical testing of biologics and biosimilars and growing research and development expenditure in the healthcare industry amongst others.
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Increasing outsourcing of bioanalytical testing by pharmaceutical companies
The pharmaceutical and biotechnology companies are trying to adopt innovative ways to cope up with the growing population and rising needs of the drugs used in treatment of cancer, autoimmune diseases and many more. The economic benefits associated with outsourcing services and approvals in the pharmaceutical industry are supporting bioanalytical testing market. Companies are focusing on outsourcing service because of increasing competitive landscape, pricing concern and lead-time to market. Outsourcing is likely to become a keystone of the drug development process. Due to the complexity inherent in large molecules pharmaceutical and biotechnology companies are increasingly seeking out the outsourcing facility. Even the slightest manufacturing changes can have significant impact on the drug’s efficacy or immunogenicity. To ensure the clinical efficacy and safety deep bioanalytical testing experience is required. The outsourcing of bioanalytical testing enables companies to gain access to the highly skilled resource in a convenient timeframe An increasing number of clinical trial registration have contributed to this segment growth. Thus, with the increasing outsourcing facility, the demand and supply of bioanalytical testing services market is on the rise.
A large proportion of the investment have been witnessed in the research and development activities in order to develop sustainable drugs. The increasing frequency of outsourcing R&D activities enables companies to focus on their core competencies. Many of the companies are lacking in infrastructure to carry analytical testing. Hence, outsourcing these operations is the most suitable option, which also saves cost and time. Extensive research, improvement in accessibility, initiatives by the government and growing awareness are driving the bioanalytical testing services market growth. Most of the pharmaceutical companies rely on analytical testing to ensure the efficacy, quality and safety. Thus, this increasing outsourcing will drive the growth of bioanalytical testing services market.
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Growth in Biosimilars and Biologics Markets
Bioanalytical testing is used to quantitatively determine the properties of drugs and metabolites in biological matrices such as blood, tissue, urine. Biological therapeutic drugs are genetically engineered proteins derived from human genetic material. Biologics and biosimilars have the potential to offer targeted therapies along with reduced side effects. Biologics have revolutionized the prevention, diagnosis and treatment of cancer, autoimmune conditions and other diseases. Biologics have become significant in the treatment of various diseases. The range of biologics has vastly increased. There are several biologics such as MABs, CSFs, Interferons and ILS that have been developed to slow down the growth of tumors. Before the development of biological treatment there was no effective treatment for metastatic tumors. The introduction of biological therapies has provided a course of treatment for some advanced metastatic tumors. Total spending on cancer therapeutics reached EUR 36 billion in 2019, of which biologics accounts for 43%. Biologics are expected to contribute around half of the revenue generated by the top 100 pharmaceutical products in coming years. 70% of newly diagnosed breast cancer patients are treated with biologics. There is no doubt that the biologics have transformed the treatment of cancer, autoimmune disorders and genetic conditions, positively changing many people’s future. Thus, the rising focus of analytical testing of biologics and biosimilars is driving the growth of bioanalytical testing services market.
Impact of Covid-19 Pandemic on Growth of the Bioanalytical Testing Services Market
Eurofins Scientific, one of the leading market participants in this space offers various COVID-19 analytics testing services. In 2020, the company launched ViroSure- 19 which is one of the most accurate, safest and fastest COVID-19 testing solution. The company has launched a few more products with an aim to deliver best-in-class testing solutions. There are many market participants in the bioanalytical testing services market that are expanding their offerings inorder to meet the growing needs of the current pandemic situation, thus driving its growth.
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Bioanalytical Testing Services Market
By Molecule Type
- Small Molecule
- Large Molecule
By Test Type
- ADME
- PK
- PD
- Bioavailability
- Bioequivalence
By Region:
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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