Global Bioanalytical Services Market Size, Share, Competitive Analysis, Growth Opportunities & Forecast by 2027

Bioanalytical services consist of a huge range of scientific and analytical techniques utilized for the examination and quantification of biological compounds, usually conducted within laboratory settings. These services play an important role in many markets, such as pharmaceutical, biotechnology, environmental surveillance, and clinical research. Their major goal is to measure and scrutinize biomolecules such as proteins, nucleic acids, metabolites, and drugs, thereby facilitating a deeper comprehension of biological samples.

Growing Demand For Bioanalytical Expertise, Technological Advancements, Optimum Resource Utilization, And Cost Deduction Strategies Fuels the Growth of the Global Bioanalytical Services Market

Rapid innovations and developments in medical technology, such as genomics, proteomics, and high-throughput screening, have expanded the possibilities for drug discovery and development. Adopting and integrating these cutting-edge technologies into R&D pipelines demands various resources. The shift towards biologic drugs and personalized medicine approaches needs specialized analytical methods and services, driving up the demand for bioanalytical services.

Many companies outsource their bioanalytical needs to specialized CROs which offer expertise and services in this market. This rising trend of outsourcing bioanalytical services is gaining a quick momentum as it allows for better resource utilization. While in-house laboratories may have advanced devices, they may struggle with complex bioanalytical tests and can be very expensive. Outsourcing these lab functions reduces the costs and provides access to top-notch analytical expertise on short notice. This shift is a huge growth driver of the bioanalytical services market growth.

An Increasing R&D Activities in the Pharmaceutical and Biopharma Market

The global pharmaceutical market is highly competitive, and companies need to outpace their competitors by bringing in new drugs into the worldwide market. This often necessitates extensive and accelerated R&D efforts. Rise in the research and development (R&D) spending within the pharmaceutical and biopharmaceutical industry for bioanalytical services can be attributed to many factors. Growing need for advanced drugs and therapies to counter the complex health challenges such as rare diseases and more targeted treatments. This necessitates substantial R&D investments to discover and develop these therapies. The pharmaceutical market is highly regulated and needs to follow to the stringent regulatory guidelines and demonstrate the safety and efficacy of its products through various testing and analysis. Compliance with these regulations needs an increased investment in R&D activities.

For instance,

• In May 2023, LabCorp & Forge Biologics entered into a collaborative partnership focused on gene therapy development and manufacturing. This joint effort aims to expedite clinical timelines, alleviate challenges in analytical development, and counter potential regulatory hurdles linked to manufacturing and developmental procedures.

North America Holds the Highest Market Share in the Global Bioanalytical Services Market

North America is expected to dominate the global bioanalytical testing services market, mainly due to the growing demand for bioanalytical services propelled by a decent volume of ongoing clinical trials, and strict regulatory policies.

Asia-Pacific region is projected to see a healthy growth during the forecast period. Surge in the number of infectious diseases, growing R&D activities, and growing number of CROs providing an array of bioanalytical services are some of the major factors to fuel the bioanalytical services market’s growth.

Competitive Landscape Analysis: Bioanalytical Services Market

Some of the established and leading players operating in the global bioanalytical services market are Charles River Laboratories , Eurofins Scientific Finland Oy , Syneos Health , ICON plc , PPD , INTERTEK GROUP PLC , Medpace , 赛默飞世尔科技 and 艾昆纬 .

Aggressive Growth Strategies Adopted by the Leading Market Players to Establish Their Global Foothold in the Bioanalytical Services Market

All the leading players operating in the global bioanalytical services market are adopting aggressive growth strategies such as partnerships with other stakeholders, new product launches and acquisition of related firms to gain a higher market share.

For instance,

• In June 2023, Thermo Fisher Scientific Inc. acquired MarqMetrix, a privately owned company specializing in spectroscopy solutions for in-line measurements. This takeover improves Thermo Fisher's portfolio by the addition of Raman-based in-line Process Analytical Technology (PAT) capabilities and strengthens their analytical solutions, thus enabling them to meet client needs for real-time measurement and process control of key manufacturing parameters which affect the product quality.

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