The Global Bioanalytical Testing Services market is projected to grow at a CAGR of around 15.35% during the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The increasing number of chronic diseases like cancer, diabetes, stroke, arthritis, and other heart ailments has been enhancing drug discovery, drug development, and testing, which has been further driving the need for bioanalytical testing services. The surging investment in biotechnology companies & their adoption of advanced technologies for drug development has been improving the demand for these testing services worldwide. Moreover, the surging number of cancer patients across the globe & the amplified number of tests related to oncology are also responsible for the rising requirements for bioanalytical testing services.
Additionally, uplifted funding by the government of several countries towards contract research organizations for the advancement of biosimilar drugs are some of the factors that fuel the market growth. Further, in Europe, more than 60 biosimilar drugs are approved, and the government is further supporting the development and approval of more biosimilar drugs. As biosimilar drugs are very similar in their structure & function to biological molecules, and they are proven to be safer & more efficient, the government of several countries now encourage physicians to switch towards biosimilar. Therefore, with the amplified development of biosimilar drugs & the requirement of bioanalytical testing at different phases of research, the market is also projected to increase.
Pharmaceutical & biotechnology companies play a major role in the market's expansion, owing to the enhanced outsourcing of clinical & laboratory testing, along with the early phase development of pharmaceutical drugs. Further, the rising focus of companies on the development of rapid technologies for disease diagnosis & the development of vaccines/therapeutics which can help mitigate the spread of hospital-acquired infections across all healthcare settings further drives the demand for these testing services globally, further states the research report, "Global Bioanalytical Testing Services Market Analysis, 2022."
Escalated Use of Bioanalytical Testing Services in Oncological Applications to Augment the Market Growth
Based on applications, the market is further segmented into Oncology, Neurology, Infectious disease, Cardiology, Gastroenterology, and Others. Among all, the Oncology segment witnessed considerable growth during the historical years, owing to the rising research in drug development for cancer treatment. The major reason for the enhanced development of cancerous drugs is the amplifying number of cancer patients worldwide, which improved the requirement for oncological drug development. Therefore, the rising cases of cancers like breast, rectum, lung, prostate, etc., improved the requirement for oncological drug development, which escalated the demand for bioanalytical testing services.
Accelerating R&D Activities and Clinical Trials to Fuel the North America Bioanalytical Testing Services Market
Geographically, North America witnessed substantial growth in the Bioanalytical Testing Services market during the historical years, owing to the increased research & development (R&D) expenditure in the region. Moreover, the influence of the federal government to support private spending on R&D through programs that affect both supply & demand for Medicare, vaccines, etc., has been influencing the research work in the country.
Further, most of the drugs approved in the region are specialty drugs like biologics (i.e., large-molecule drugs based on living cell lines), which are quite costly & their limited exclusivity period created an opportunity for the development of follow-on biologics. Therefore, with the heightened advancement of drugs and R&D work in the region, the demand for bioanalytical testing services would also surge to confirm their safety & efficacy.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Charles River, Medpace holdings, ICON plc, IQVIA, Wuxi Apptech, Eurofins Scientific, Syenos Health, SGS SA Intertek, PPD Inc., Bioneeds India Pvt. Ltd., CD Bioscience Ltd., Pace Analytical, BioAgilitix, Alta Sciences, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report