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HEALTHCARE & PHARMACEUTICAL

Bioanalytical Testing Services Market Analysis by Type (Cell-Based, In Vitro Virology, Biomarker, Pharmacokinetic, Serology, and Others); by Molecule Type (Small Molecules, and Large Molecules); by Application (Cardiology, Gastroenterology, Neurology, Oncology, and Others); and by End-User (Pharmaceutical & Biopharmaceutical Institutions and Contract Research Organizations)– Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Pace Analytical Services, LLC to receive approval for its Pace, a method to detect dibenzofurans and dioxins with the assistance of technology called GCMS/MS.
  • Medpace Holdings, Inc. to elaborate on avoiding basic pitfalls in clinical trials associated with cell therapy. The experts of Medpace Holdings, Inc. bring light to strategies and challenges by including various range of topics such as, the capacity of clinical trials, managing complex logistics, regulatory strategy, and others.

Global Bioanalytical Testing Services Market Highlights Over 2023 – 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~9%

Base Year Market Size (2022)

~USD 3.5 Billion

Forecast Year Market Size (2033)

~USD 8.5 Billion

The global bioanalytical testing services market is estimated to garner a revenue of ~USD 8.5 billion by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3.5 billion in the year 2022. The growth of the market is primarily ascribed to the escalating development of novel drugs and therapies. As of 2020, around 550 new medicine were found to be under development in the USA while nearly 50 novel drugs received approval from the Center for Drug Evaluation and Research (CDER).

Bioanalytical-Testing-Services-Market-Analysis

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Bioanalytical testing is a method that is utilized for the quantitative evaluation of drugs and associated metabolites along with biological matrices, for instance, urine, serum, plasma, and blood. Bioanalytical testing is significantly required in all phases of drug development. Global bioanalytical testing services market trends such as, the increasing number of clinical, pre-clinical, and laboratory testing services and the sudden outbreak of COVID-19 are anticipated to influence the growth of the market positively over the forecast period. For instance, the annual rate of laboratory tests performed in the USA is estimated to be around 6 billion.

Global Bioanalytical Testing Services Market: Growth Drivers and Challenges

Growth Drivers

  • Spiking Number of Medication Errors - U.S. Food and Drug Administration stated to receive more than 100,000 medication errors annually. Medication error is a serious issue that occurs in the medical field, it also estimated to cost someone his life. Hence, before making any new medical method, drug, therapy, and medicine available for the common people, proper research and testing are required. Such a demand for testing services is projected to hike the growth of the market over the forecast period.

  • Significant Growth in Blood Donation - As per the data provided by World Health Organization, it was stated that approximately 118.54 blood donations are collected worldwide and 40% of them come from developed countries.

  • Increasing Cases of Urinary Tract Infection (UTI) - As of 2019, It is observed that approximately 42% of women have UTIs and about 22% of them are above 65.
  • Higher Number of Ongoing Clinical Trials - In mid-2021, around 425,000 studies were being conducted in about 220 countries.
  • Developing Healthcare Expenditure Across the Globe - Based on the data provided by the World Bank, the healthcare expenditure of the world was stated to be 1,121.9 U.S. dollars per capita in 2019.

Challenges

  • Requirement for Higher Initial Investment
  • Complex and Long-Lasting Procedure of Bioanalytical Testing
  • Lack of Skilled Medical Professional

The global bioanalytical testing services market is segmented and analyzed for demand and supply by application into cardiology, gastroenterology, neurology, oncology, and others, out of which, the cardiology segment is estimated to attain the largest share in the market over the forecast period. The growth of the segment can be accounted to the rising cases of cardiovascular diseases. For instance, in 2020, approximately 600,000 people lost their lives in the United States as a result of cardiovascular disease.

Additionally, by molecule type, the market is segmented into small molecules and large molecules. Out of these, small molecules segment has the largest market share of 57% in 2022, owing to its critical role in the production of generic medicines of branded drugs, while large molecules segment has 43% share of the market as of 2022.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Bioanalytical Testing Services Market Regional Synopsis

Regionally, the global bioanalytical testing services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America holds the largest market share of ~45% as of 2022. The growth of the market in the region is ascribed to the mounting investment in the R&D expenditure in the pharmaceutical industry. For instance, in 2019, the investment made by significant key players was valued at around USD 100 billion. Additionally, growing chronic diseases and the presence of well-developed healthcare infrastructure in the region are further anticipated to influence the growth of the market over the forecast period. For instance, 5 out of 10 adults in the USA have some sort of chronic disease. Chronic diseases such as, stroke, cancer, heart disease, and diabetes are more prevalent in the region. All these factors are estimated to foster the growth of the market over the forecast period.

Bioanalytical-Testing-Services-Market

The global bioanalytical testing services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global bioanalytical testing services market includes the following segments:

By Type

  • Cell-Based
  • In Vitro Virology
  • Biomarker
  • Pharmacokinetic
  • Serology
  • Others

By Molecule Type

  • Small Molecules – 57%
  • Large Molecules – 43%

By Application

  • Cardiology
  • Gastroenterology
  • Neurology
  • Oncology
  • Others

By End-User

  • Pharmaceutical & Biopharmaceutical Institutions
  • Contract Research Organizations
 
Top Featured Companies Dominating the Global Bioanalytical Testing Services Market
 
  • Charles River Laboratories, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Vipragen Biosciences Private Limited
  • Medpace Holdings, Inc.
  • Pace Analytical Services, LLC
  • WuXiAppTec Co., Ltd.
  • Eurofins Scientific SE
  • Intertek Group plc
  • SGS S.A.
  • Almac Group
  • BioAgilytix Labs

 

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