Bioanalytical Testing Services Market To Generate Revenue Worth $9,652.6 Million by 2030

The global bioanalytical testing services market is projected to generate USD 9,652.6 million revenue by 2030, advancing at a CAGR of 15.9% during 2024–2030. This can be ascribed to the rising number of pharmaceutical drug manufacturers, the growing R&D initiatives by key players, the surging adoption of pharmaceutical and biotechnological outsourcing services, the rising number of ongoing clinical trial studies, and the increasing focus on the analytical testing of biosimilars and biologics.

Furthermore, pharmaceutical companies are rapidly adopting the concept of quality-by-design, promoted by regulatory authorities, such as the USFDA, across the globe, to improve the robustness of their manufacturing processes and enhance product quality and productivity. Additionally, the widespread of the coronavirus disease and the absence of effective vaccines and treatments are boosting the demand for widespread screening and early detection of infectious diseases. This has also augmented the need for bioanalytical testing services for minimizing the impact of the diseases and improving point-of-care treatment.

In addition, the increasing number of bioanalytical testing service providers is also driving the growth of the market, as they provide efficient services to pharmaceutical companies for the detection of pharmacokinetics and pharmacodynamics profile of any drug, and also, they help pharmaceutical companies in drug development processes and microbial assays.

Sample Analysis Category Dominates the Market

Based on the workflow segment, the sample analysis category dominates the market, accounting for the largest share, of 45%, in 2023, and it is also expected to experience a strong CAGR during the projection period. This is because sample analysis has played a key role in the process of drug development. This workflow aids in identifying impurities present in a sample and checking the stability of drug molecules. Thus, the surging rate of drug development is a major factor driving the need for sample analysis.

Moreover, finding the assays of molecules comes under the sample analysis. Assay finding is a crucial step in the drug development process, and services offered by key players for finding the assays on an outsourcing basis drive the market in this category.

APAC Market To Witness the Fastest Growth

The APAC market is projected to witness the highest CAGR during the forecast period. This growth can be mainly driven by the rising demand for pharmaceutical outsourcing services, the increasing clinical trial activities to save costs, the presence of a large population, the retention of clinical trial participants, the constant improvement in regulatory procedures, and the rising focus on drug R&D initiatives in the region.

In APAC, the Chinese market shows significant growth, due to the increasing drug innovation and development activities, the presence of a large patient pool, the prevalence of chronic and infectious diseases, and the surging adoption of pharmaceutical outsourcing for bioanalytical testing services, in the country.

The African market is expected to grow significantly in the coming years, due to the growing R&D expenditure in the pharmaceutical and biopharmaceutical industry, the rising investment by key players, the increasing preference for outsourcing analytical testing, and the presence of a large patient pool for clinical trials, in the region.

Some of the major players operating in the bioanalytical testing services market are Syneos Health, Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Icon plc, SGS Société Générale de Surveillance SA, Thermo Fisher Scientific Inc., IQVIA Inc, Parexel International Corporation, Bioneeds India Pvt. Ltd., and Medpace Holdings Inc.