Bioanalytical Testing Services Market to exceed US$ 10,108.82 million by 2030

    Published on 29-Sep-2023
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    Report : Bioanalytical Testing Services Market Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Service (Pharmacokinetics, Biomarkers, Immunogenicity, Virology Testing, Cell-Based Assays, and Others), Disease Indication (Cardiovascular, Neurological Disorders, Metabolic Disorders, Autoimmune Disorders, Respiratory Diseases, Oncology, Sexual Health, Bone Disease, and Others), End User [Pharmaceutical and Biopharmaceutical Companies, Contract Research Organization (CRO), Contract Development and Manufacturing Organization (CDMO), and Others], and Geography

    Oncology Segment by Disease Indication to Account Larger Share in Bioanalytical Testing Services Market during 2022–2030

    According to our latest study on “Bioanalytical Testing Services Market Forecasts (2020 - 2030), Global Analysis – Services, Disease Indication, and End User," the market is expected to grow from US$ 4,641.13 million in 2022 and is expected to reach a value of US$ 10,108.82 million by 2030; it is anticipated to record a CAGR of 10.2% from 2023 to 2030. The report highlights the key factors driving the bioanalytical testing services market growth and prominent players with their developments in the market.

    Bioanalytical testing services play a critical role in drug quantification and manufacturing, helping to determine the purpose of the drug and whether it meets the needs for which it was designed. Drug validation is done in the bioanalytical testing process, which validates the accuracy, precision, selectivity, stability, and other parameters. In biological matrices such as serum, blood, plasma, tissue, urine, and skin samples, bioanalytical test methods are used to determine drugs or metabolites quantitatively. The applications of such methods are bioavailability, pharmacology, bioequivalence, pharmacokinetics, and toxicology studies performed on humans and animals.

    The bioanalytical testing services market, by disease indication, is segmented into cardiovascular, neurological disorders (CNS), metabolic disorders, autoimmune disorders, respiratory diseases, oncology, sexual health, bone disease, and others. The oncology segment held the largest market share in 2022 and same segment is anticipated to register the highest CAGR of 11.2% during the forecast period. Over the past decade, advances in oncology for pain relief, chemotherapy, and other therapies have dramatically changed how cancer is diagnosed and treated. Carboplatin and cisplatin are chemotherapy drugs used to treat various types of cancer. These compounds contain platinum, which can be analyzed by inductively coupled plasma mass spectrometry (ICP-MS). This instrument analyzes natural elements such as iron, sodium, platinum, lithium, and potassium. The diluted sample extracts are introduced into an argon plasma torch for nebulization, and the ions are passed through a lens set to the quadrupole filter of the mass spectrometry detector. These methods are validated according to the latest regulatory guidelines for examining bioanalytical methods. Most of these have been used successfully for study sample analysis. Other areas of interest are biomarkers (Na, Mg, Ca, Fe, K, PO4) and metal-based drugs (Li, SR, Bi, K, Zn, Pt). Hence, the above-mentioned factors significantly augment the bioanalytical testing services market growth during the forecast period.

    SGS SA, Pharmaron Beijing Co Ltd, Element Materials Technology Group Ltd, CD BioSciences Inc, Charles River Laboratories International Inc, Eurofins Scientific SE, Labcorp Drug Development Inc, Syneos Health Inc, KCAS Bioanalytical and Biomarker Services LLC, ICON Plc, Intertek Group Plc are among the leading companies operating in the global Bioanalytical Testing Services market.    

    Companies operating in the bioanalytical testing services market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the bioanalytical testing services market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall bioanalytical testing services market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

    A few of the significant developments by key market players are listed below.

    • In January 2023, Charles River Laboratories International, Inc. announced the acquisition of SAMDI Tech, Inc, for drug discovery research. The acquisition marks the culmination of a partnership between the companies that began in 2018. The acquisition will provide Charles River’s clients with seamless access to the premier and create a comprehensive, industry-leading library of drug discovery solutions.
    • In September 2022, KCAS Bioanalytical and Biomarker Services (KCAS) closed the purchase of Active Biomarkers, located in Lyon, France. Active Biomarkers is a renowned assay development and specialty bioanalytical laboratory with expertise in oncology, infectious disease, inflammation and neurodegenerative disorders. This acquisition adds world-class bioanalytical expertise and an additional European footprint for large molecule and cell/gene therapy bioassay services.
    • In July 2022, Eurofins Scientific announced the completion of the acquisition of WESSLING Hungary. WESSLING Hungary is one of the leading environmental, food and BioPharma product testing laboratories in Hungary, generating around €15m revenue in 2021 and employing over 300 staff. The acquisition of WESSLING Hungary also further expands on Eurofins’ presence in Central and Eastern Europe and extends its position in BioPharma Product Testing.
    • In July 2022, SGS announced the acquisition of Proderm, the leading provider of advanced clinical testing solutions for cosmetics, personal care, and medical products in Germany. Proderm serves clients in the consumer care and pharmaceutical industries around the globe. As a Clinical Research Organization (CRO) conducting clinical studies from initial consultation to final report.
    • In January 2022, Element Materials Technology (Element) completed its sixth life sciences-focused acquisition with the formal completion of the JMI Laboratories (JMI) acquisition. Element has built out its expertise and capability for pharmaceutical and biopharmaceutical customers, expanding to a team of more than 1,000 experts in 23 North America and Europe facilities. This significant step change in pharmaceutical and medical testing capabilities from Element forms part of its broader strategic shift to increase its global presence in Life Sciences and Connected Technologies.

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