by Bioanalytical testing services involves analytical testing services for drug discovery and development process in the pharmaceutical and biotechnology industries. They help in drug metabolism, pharmacokinetics and bioavailability studies. Services include support in assay development, method validation and sample analysis to evaluate new drug candidates.
The global bioanalytical testing services market is estimated to be valued at US$ 3614.31 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing pharmaceutical industry has increased research and development activities for new drug development which has fueled demand for bioanalytical testing services. As per estimates, pharmaceutical R&D spending globally was around USD 179 billion in 2019. Growing drug development has increased outsourcing of bioanalytical testing to specialized contract research organizations for timely and quality testing services. Further, stringent regulatory requirements have made bioanalysis an integral part of drug development requiring dedicated bioanalytical testing facilities.
Bioanalytical testing guides drug metabolism, distribution and excretion in the body which are critical parameters to ensure drug safety and efficacy. Due to complexity of bioanalytical methods and need for specialized infrastructure and expert personnel, most pharmaceutical and biotechnology companies outsource these services to Contract Research Organizations. This has significantly contributed to the high growth of the global bioanalytical testing services market.
SWOT Analysis
Strength: Bioanalytical testing services help pharmaceutical and biotechnology companies streamline drug development processes. This reduces time taken to develop and launch new drugs. Bioanalytical labs possess advanced analytical tools and highly skilled workforce to effectively carry out complex analyses. Stringent quality management systems ensure reliability and accuracy of test results.
Weakness: High cost of establishing core facilities and maintaining certified infrastructure is a challenge for small labs. Dependency on limited number of certified testing facilities increases workload and delays during peak seasons. Retaining skilled workforce is difficult due to shortage and poaching by large organizations.
Opportunity: Increasing R&D expenditure and clinical trial activities present growing demand for outsourced bioanalytical testing. Emerging bio therapeutics like gene and cell therapies require specialized characterization methods fuelling market growth. Adoption of innovative analytical technologies such as high resolution mass spectrometry expands service portfolio.
Threats: Intense competition among certified labs exerts pricing pressure. Stringent regulations and product recalls affect industry reputation. Outsourced testing is at risk of data integrity issues or inconsistent performance affecting drug approval.
Key Takeaways
The Global Bioanalytical Testing Services Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by expanding biopharmaceutical industry.
Regional Analysis: North America currently dominates the market owing to presence of major pharmaceutical companies and increasing clinical trial activities in the region. The Asia Pacific market is poised to grow at a rapid pace during the forecast period led by ongoing infrastructure development, favourable regulations and expanding biotech industry in countries like China and India.
Key players operating in the bioanalytical testing services market are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others. These players are focusing on developing specialized capabilities and strengthening global footprint through strategic partnerships to cater growing demand from global biopharma companies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
