March 29, 2020

Bioanalytical Testing Services Market: North America and Asia Pacific to determine the global market trends

The latest market report published by Credence Research, Inc. “Bioanalytical Testing Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global bioanalytical testing services market was valued at US$ 2,393.9 Mn in 2017 and expected to reach US$ 4,793.1 Mn by 2026, expanding at a CAGR of 7.8% from 2018 to 2026.

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Market Insights:

Bioanalytical Testing Services Market

Bioanalysis refers to the collection of scientific methods by which entities and biomarkers can be quantitatively determined. Bioanalytical tests help to reduce the gap between drug administration in clinical and preclinical trials as well as data interpretation for pharmacodynamics and pharmacokinetics. Providers of bioanalytical testing services offer bioanalysis tests to medical research, biotechnology, and pharmaceutical companies and drug research and development institutions.

This industry is fragmented among several niche vendors and is led by a limited number of large players that provide holistic services. Industry experts opine that the prevailing trends in the pharmaceutical and biotechnology industries indicate an increasing emphasis towards outsourcing of research activities as manufacturers and drug developers seek to reduce the internal resources and expenditure for research models for higher accountability to meet their drug development and manufacturing requirements. 

At present, regulatory operations have become a prominent challenge for several pharmaceutical companies as a majority of these companies face cost and labor pressures. Manufacturers are struggling to procure new product approvals, maintain compliance while assuring competitive operation cost. Furthermore, high investments in regulatory information systems and labor have increased the overall operation cost. This has led pharmaceutical companies to opt for sustainable outsourcing of research and development activities. 

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To sum up, some of the prominent factors that support increasing outsourcing of bioanalytical testing activities are increase in the number of potential new drug candidates, need for fast drug development process, growing cost pressures of introducing new drugs, rapid patent expirations, and growing demand for unique technical expertise. Large molecule segment is expected to witness rapid market growth during the forecast period, while North America is the largest regional market for bioanalytical testing services. The dominant position of North America, however, will be significantly challenged by the rapid progress of outsourcing hubs in Asia Pacific. 

Key Market Movements:

  • Low cost of efficient outsourcing services in Asia Pacific to attract influx of service contracts from North America and Western Europe
  • Increasing potential drug pipeline along with growing need for rapid product approvals to ensure competitive edge

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