The bioanalytical testing services market studied was anticipated to grow with a CAGR of 7.5% during the forecast period. The major factor attributing to the growth of the market is an increased application of bioanalytical tests in clinical trials of biomarkers, small molecules, and others. The rise in demand for bioanalytical testing services can be due to the growing global prevalence of infectious diseases, HIV, and others. Additionally, a rise in government initiatives to control the outbreaks of infectious diseases such as Coronavirus Disease (COVID-19), Ebola virus disease is expected to provide more opportunities. As per the WHO report published in February 2020, COVID-19 affected over 80,000 people leading to more than 2,600 deaths globally. Thus, the demand for bioanalytical assessment is expected to contribute to the growth of the market.
Key Market Trends
The Small Molecule Sub-segment is Expected to Hold the Largest Market Share in the Bioanalytical Testing Services Market
The small molecule testing services sub-segment is anticipated to hold the largest revenue share in the Bioanalytical Testing Services market due to their pivotal role in the development of generic versions of branded drugs as most of the drugs fall in this category. These bioanalytical testing results have a major role in proving the efficiency to simulate generic drug release profiles with that of branded drugs resulting in the growth of the segment.
On the other hand, the large molecule segment is expected to witness the lucrative growth during the forecast period. The fastest growth is expected due to increased research activities and the presence of a huge pipeline of biologics, peptides, or amino acid-based molecules. Furthermore, bioanalysis of large molecules requires highly skilled professionals along with advanced analytical instruments and infrastructure. These are readily offered by the bioanalytical testing service providers is likely to propel the market growth during the forecast period.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the overall bioanalytical testing services market throughout the forecast period. The dominance can be attributed to the rising demand for bioanalytical services with a huge volume of ongoing research activities and clinical trials, coupled with the high adoption of advanced infrastructure, which fuels the market in the region. In North America, the United States holds the largest market share due to increased patient pool of various chronic diseases and increased adoption of the peptides, other large molecule therapeutics as an alternative for small molecules which have more side effects. For instance, according to the International Diabetes Federation in 2019, about 48 million adults in North America are living with diabetes and are expected to continue resulting in higher demand for bioanalysis of the novel (large molecule compounds) peptide therapeutics, such as dipeptidyl peptidase 4 (DPP-4) inhibitors, glucagon-like peptide 1 (GLP-1) analogs to stop the growing volume of patient pool with Type 2 diabetes, is driving the market in the region, contributing to its outstanding share of the global market revenue during the forecast period.
The bioanalytical testing services market is moderately competitive and consists of several major players. Some of the companies are expanding their market position by offering various types of services, launching new methods for method development, assay validation, and others are offering laboratory solutions. For instance, in February 2020, SGS SA announced that its Center of Excellence for Biosafety laboratory offers GMP compliant vaccine testing solutions for coronavirus. In 2019, the facilities of the bio-safety laboratory were expanded to increase their capability and capacity to provide testing services for new viral threats using rapid and advanced testing platforms. Such strategic expansions are expected to have a positive impact on the market. Some of the companies which are currently dominating the market are SGS SA, ICON PLC, Laboratory Corporation of America Holdings, Syneos Health Inc, and Charles River Laboratories Inc.
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