Bioanalytical Services Market Growing at 7.6% CAGR by 2027
The global Bioanalytical Services market gathered revenue around USD 5.0 Million in 2020 and market is set to grow USD 11.9 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.6% during the prediction period 2021 to 2027.
Growth Factors:
Bioanalytical testing is useful for quantitative determination of drugs and metabolites in biological samples. The primary objective of bioanalytical services is the qualitative & quantitative estimation of an analyte with its biological stability, safety, purity, quality, and efficacy.
Major factors expected to drive the global bioanalytical services market during the forecast period are increase in demand for bioanalytical testing services due to rise in prevalence of infectious diseases, HIV, and other diseases. Additionally, surge in government initiatives to control outbreaks of infectious diseases such as coronavirus is expected to present opportunities in the market.
North America held major share of the global bioanalytical services market in 2020, due to the presence of large number of key players, increase in focus on analytical testing of biologics & biosimilars, and rise in R&D expenditure in the pharmaceutical and biopharmaceutical Industry in the U.S. The bioanalytical services market in Asia Pacific is expected to expand at a high CAGR of 9.0% from 2021 to 2027, due to rise in prevalence of diseases and increase in launch of new products by the key players. This, in turn, is likely to drive the demand for bioanalytical services in emerging markets such as India and China.
A recent study by Yen-Heng Lin from Chang Gung University in 2020 stated that automatic glass capillary immunoassay platform is effective for detecting anti-p53 autoantibody in oral cavity squamous cell carcinoma. Another study by a group of researchers from the Department of Veterinary Parasitology in 2020 revealed that loop-mediated isothermal amplification (LAMP) assay can be used for detection of Hepatozoon canis infection in dogs. In 2019, a conference in Pittcon stated that the powerful separation capabilities of ultra-high-performance liquid chromatography (UHPLC) combined with its speed and good resolution can make it a valuable tool for detailed characterization of biopharmaceuticals. These are used in combination with detection capability such as UV or light scattering, and additional structural information can be acquired using mass spectrometry. Such a multidimensional analytical approach serves to increase the potential sensitivity and makes it possible to characterize more complex proteins.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Bioanalytical Services market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Bioanalytical Services market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 11.9 Billion by 2027 |
| Growth Rate | CAGR of 7.6% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Service, Type, End-user and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | BEUMER Group; Daifuku Co., Ltd.; Honeywell International Inc.; Kion Group AG; Mecalux, S.A; Murata Machinery Ltd.; SSI Schaefer AG; Swisslog Holding AG; Toyota Material Handling Group; Vanderlande Industries B.V |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Bioanalytical Services market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Bioanalytical Services Market: Key Segments analysis:
In terms of service, the global bioanalytical services market has been classified into immunochemistry services, quantitative immunoassays, cell-based neutralization assays, LCMS method development, discovery phase bioanalysis, LCMS sample bioanalysis, GCP bioanalysis service, biomarker assays, protein analysis, and others. The immunochemistry service segment held major share of the global bioanalytical services market in 2020, and the trend is anticipated to continue during the forecast period.
Based on type, the global bioanalytical services market has been categorized into small molecule analysis, large molecule analysis, and others. The small molecule analysis segment accounted for majority of the market share in 2020.
Based on end-user, the global bioanalytical services market has been divided into pharma & biotechnology companies, contract research organization, and others
The market value and forecast for each of these segments have been provided from 2017 to 2027. The CAGRs of respective segments have also been provided from 2021 to 2027, considering 2017 to 2019 as the historical years and 2020 as base year.
North America to Dominate Global Market; Asia Pacific to Offer Significant Incremental Opportunities
In terms of region, the global bioanalytical services market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for leading share of the global bioanalytical services market during the forecast period. According to the International Diabetes Federation, about 48 million adults in North America were living with diabetes in 2019, and the number is expected to increase, leading to higher demand for bioanalysis of novel therapeutics. Hence, rise in demand for bioanalytical services, large number of ongoing clinical trials, and increase in investment by major pharmaceutical companies are the key factors driving the global market in the country.
The U.S. accounted for the largest share of the bioanalytical services market in North America due to increase in patient pool of various chronic diseases, and rise in adoption of peptides and other large molecule therapeutics as an alternative for small molecules that have more side effects. According to the Centers for Disease Control and Prevention, around US$ 3.5 Mn is spent on chronic diseases in the U.S. Therefore, companies have been taking initiatives to meet the demand, which is anticipated to drive the market.
The bioanalytical services market in Asia Pacific is likely to grow at a rapid pace over the next few years. India, China, and South Korea are projected to be lucrative markets in the near future. Healthcare expenditure is increasing for cosmetic treatments and surgeries. Several research centers have identified the need to create personalized and custom drugs and innovative medicine as a part bioanalytical services. Rise in investment in drug development and R&D by biopharmaceutical companies fuels the growth of the bioanalytical services market.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Bioanalytical Services Market include: PPD, Inc., ICON plc, Laboratory Corporation of America, Charles River Laboratories International, Inc., Syneos Health, SGS SA, Toxikon, Inc., Intertek Group, Pace Analytical Services, Medpace, PRA HEALTH SCIENCES, WuXi AppTec, IQVIA, and Eurofins Scientific.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Market: Segmentation
Bioanalytical Services Market, by Service
Bioanalytical Services Market, by Type
Bioanalytical Services Market, by End-user
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Bioanalytical Services market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Bioanalytical Services market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Bioanalytical Services markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Bioanalytical Services Market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers