Global Bioanalytical Testing Services Market Gaining Momentum—Projected to Reach Worth USD 5.1 Billion in 2027
Published | 16 March 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global bioanalytical testing services market was worth USD 2.7 billion in 2020 and is further projected to reach USD 6.1 billion by 2027, at a CAGR of 12.1% during the forecast period (2021-2027). Increasing awareness among the people regarding the benefits of bioanalytical testing services is driving the market growth. Additionally, the efficiency offered by outsourcing lab services as compared to conducting an in-house study is encouraging the outsourcing of such services, which is likely to boost the demand over the forecast period. Also, innovation or new molecule development is propelling the demand of the bioanalytical testing market.
Increased Number of Outsourcing Laboratories Service
Outsourcing lab projects provide several benefits such as financial and performance benefits, quality control, research, and improved product development services. Additionally, it leads to the commercialization of labs, which in turn benefits laboratory staff by helping them gain global career opportunities besides driving the growth of global bioanalytical testing services. Also, outsourcing laboratory services gives more time to public and government organizations to focus on other business aspects. Furthermore, these laboratory services are effective in providing more precise outcomes of the trials which further drive the overall global bioanalytical testing service market.
Rising Focus on the Analytical Testing of Biosimilars
According to a study published in 2017, there were 6·8 million cases of IBD globally. The age-standardized prevalence rate increased from 79·5 (75·9–83·5) per 100,000 population in 1990 to 84·3 (79·2–89·9) per 100 000 population in 2017. The main benefit of using biosimilar for patients with inflammatory bowel disease (IBD) is reduced drug acquisition costs. Biosimilars aren't generic drugs; they are almost similar to the original biologic agents—but, like generics, they're less expensive than the originals. Biosimilars are less costly than originator biologic agents primarily because biosimilars do not have to undergo the intensive clinical development process associated with the approval of an originator. Furthermore, biosimilars do not require high costs for marketing, market access, and postmarketing research and development. As a result, it allows for cost savings, which can then be passed on to customers and payers. The aforementioned are the key factors driving the growth of the global bioanalytical testing service.
Global Bioanalytical Testing Services Market: By Application
Based on application, the global bioanalytical testing services market is categorized into oncology, neurology, infectious diseases, gastroenterology, cardiology, and other applications. Oncology caters to the largest share in the application segment in this market. This growth is primarily due to the increasing number of clinical trials conducted for oncology by government institutions and pharmaceutical companies, and the rising prevalence of cancer worldwide. With the increasing number of cancer cases worldwide, both government and private organizations are increasingly focusing on developing novel cancer therapies for the people.
According to The World Health Organization, there was a total of 19.3 million cancer cases in 2020. By 2040, the cases are likely to reach 30.2 million. Lung, prostate, colorectal, stomach, and liver cancer are the most common types of cancer in men, while breast, colorectal, lung, cervical, and thyroid cancer are the most common among women. As a result, the demand for cancer therapies is witnessing an upward trend, which is further fueling the demand for bioanalytical testing services.
Impact of COVID-19
Government authorities across the globe proposed stringent public health measures to restrict the virus's spread after COVID-19 was declared as a pandemic. Owing to the restrictive measures and lack of supplies, cancer research centers, cancer treatment hospitals and cancer organizations have seen their operations suffer significantly.
Thus, the global bioanalytical testing services saw a downfall in the market due to COVID-19. Moreover, limited access to clinics, combined with social distancing norms, and complete lockdown declared by several countries, resulted in a slow-down in patient flow and referral, which in turn has impacted the market growth. During the COVID-19 epidemic, cancer screenings fell sharply. Repeated screening for cervical cancer went down by 68% across the USA in the first 15 weeks of 2020, while breast cancer checking went down by 17%, with more significant declines in areas where the outbreak was sturdiest.
Global Bioanalytical Testing Services Market: Regional Insights
Geographically, the global bioanalytical testing services market is categorized into North America, Europe, the Asia-Pacific, the MiddleEast & Africa, and Latin America. The Asia-Pacific is likely to be the fastest-growing region over the forecast period owing to the increase in the number of a large pool of patients, especially in India and China. According to Asian Diabetic Initiative, 60% of diabetics in the world live in Asia. 113.9 million adults have diabetes in China which is 11.6% of the adult population. Also, 65.1 million adults in India has diabetes. The increasing number of diabetic patients is expected to increase the demand for bioanalysis of the novel (large molecule compounds) peptide therapeutics. Additionally, increased healthcare awareness, and the growing demand for early diagnosis of patients in the Asia-Pacific, along with a growth in outsourcing activities are driving the market growth.
The bioanalytical testing services market's high growth potential has drawn a slew of new entrants, creating a lucrative opportunity. The emergence of new entrants has resulted in healthier competition among long-established service providers.
Some of the key players in the Global Bioanalytical Testing service market are Charles River Laboratories, Medpace, Wuxi Apptec, Eurofins Scientific, Iqvia Inc., Sgs Sa, Laboratory Corporation of America Holdings, Intertek Group Plc, Pra Health Sciences, Syneos Health, Icon Plc, Frontage Labs, and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers.
On 17 February 2021, Charles River Laboratories announced the acquisition of Cognate BioServices, a premier cell and gene therapy contract development and manufacturing organization (CDMO), and Cobra Biologics, its gene therapy division. Charles River will become a leading science partner for cell and gene therapy advancement, testing, and manufacturing as a result of the proposed acquisition, offering clients an integrated solution from early research and discovery through CGMP processing.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global bioanalytical testing services market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the bioanalytical testing services market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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