The latest market report published by Acute Market Reports, Inc. “ Bioanalytical Testing Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global bioanalytical testing services market was valued at US$ 2,393.9 Mn in 2017 and expected to reach US$ 4,793.1 Mn by 2026, expanding at a CAGR of 7.8% from 2018 to 2026.
Bioanalysis refers to the collection of scientific methods allowing quantitative determination of entities and biomarkers. Bioanalytical tests assist in reducing the gap between drug administration during clinical and preclinical trials and the interpretation of data for drug pharmacodynamics and pharmacokinetics. Bioanalytical testing services providers offer bioanalysis tests to medical research, biotechnology and pharmaceutical companies and institutions engaged in drug research and development. This industry is fragmented among several niche vendors and is led by a limited number of large players that provide holistic services. Industry experts opine that the prevailing trends in the pharmaceutical and biotechnology industries indicate an increasing emphasis towards outsourcing of research activities as manufacturers and drug developers seek to reduce the internal resources and expenditure for research models for higher accountability to meet their drug development and manufacturing requirements.
At present, regulatory operations have become a prominent challenge for several pharmaceutical companies as a majority of these companies face cost and labor pressures. Manufacturers are struggling to procure new product approvals, maintain compliance while assuring competitive operation cost. Furthermore, high investments in regulatory information systems and labor have increased the overall operation cost. This has led pharmaceutical companies to opt for sustainable outsourcing of research and development activities.
To sum up, some of the prominent factors that support increasing outsourcing of bioanalytical testing activities are increase in the number of potential new drug candidates, need for fast drug development process, growing cost pressures of introducing new drugs, rapid patent expirations, and growing demand for unique technical expertise. Large molecule segment is expected to witness rapid market growth during the forecast period, while North America is the largest regional market for bioanalytical testing services. The dominant position of North America, however, will be significantly challenged by the rapid progress of outsourcing hubs in Asia Pacific.
Key Market Movements:
- Low cost of efficient outsourcing services in
AsiaPacific to attract influxof service contracts from North America and Western Europe
- Increasing potential drug pipeline along with growing need for rapid product approvals to ensure competitive edge