Bioanalytical Testing Services Market Worth $3.7 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, May 13, 2020 /PRNewswire/ -- According to the new market research report "Bioanalytical Testing Services Market by Type (Cell-based Assays; Virology Testing; Method Development, Optimization, and Validation; Serology, Immunogenicity, and Neutralizing Antibodies; Biomarker Testing; Pharmacokinetic Testing), Application, End User - Global Forecasts to 2025", published by MarketsandMarkets(TM), the global Bioanalytical Testing Services Market is valued at an estimated USD 2.1 billion in 2020 and is projected to reach USD 3.7 billion by 2025, at a CAGR of 11.8% during the forecast period.
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The growth in this market is driven by factors such as the increasing preference for outsourcing analytical testing, rising focus on the analytical testing of biologics and biosimilars, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach. However, the dearth of skilled professionals and the pricing pressure faced by major players are the major factors that are expected to restrain the growth of this market during the forecast period.
The oncology applications segment accounted for the largest share of the market, by application, in 2019
Based on the application area, the bioanalytical testing services market is broadly categorized into oncology, neurology, infectious diseases, gastroenterology, cardiology, and other application areas. Oncology is the largest application segment in this market, primarily due to the increasing number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
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The cell-based assays segment accounted for the largest market share in 2019
Based on the type of service, the bioanalytical testing services market is segmented into cell-based assays; virology testing; method development optimization and validation; serology, immunogenicity, and neutralizing antibodies; biomarker testing; pharmacokinetic testing; and other services (biologics characterization, extractable & leachable testing, and stability testing). The cell-based assays segment accounted for the largest share of the bioanalytical testing services market in 2019. The large share of this segment can be attributed to the high and growing utilization of cell-based assays in developing newer drugs as a result of the increasing prevalence of chronic diseases.
North America was the largest regional market for bioanalytical testing services in 2019
The global bioanalytical testing services market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest share of the market. The growth in the North American market can be attributed to the increasing drug development activities in the pharmaceutical and biotechnology industries and the rising prevalence of chronic and infectious diseases.
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The prominent players operating in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA, Inc. (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group plc (UK), PRA Health Sciences (US), Syneos Health (US), ICON plc (Ireland), Frontage Labs (US), PPD, Inc. (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs Pvt. Ltd. (India), and LGS Limited (UK).
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