Growing infectious disease incidence, rising R&D cost in the pharma and biopharma industries, increasing acceptance of biologics and customized healthcare, advancements in analytical techniques, and the trend of companies increasingly outsourcing bioanalytical services are some of the major factors driving the global bioanalytical services market.
Bioanalytical services include a variety of scientific and analytical procedures used for the analysis and measurement of biological components, which are often performed in laboratory settings. These services are crucial in a variety of industries, including pharmaceuticals, biotechnology, environmental monitoring, and clinical research. Their major goal is to measure and examine biomolecules such as proteins, nucleic acids, metabolites, and medicines, allowing for a better understanding of biological material.
Global bioanalytical services market is fueled by demand for bioanalytical expertise, technological developments, optimal resource use, and cost containment.
Rapid technological breakthroughs, such as genomics, proteomics, and high-throughput screening, have extended drug discovery and development options. Adopting and integrating these cutting-edge technologies into R&D processes necessitates the allocation of additional resources. The transition to biologic pharmaceuticals and customized treatment approaches necessitates the use of specialist analytical methods and services, which is fueling demand for bioanalytical services.
Many businesses outsource their bioanalytical requirements to specialist CROs that provide knowledge and services in this area. Outsourcing bioanalytical services is growing more popular since it enables for greater resource use. While in-house laboratories may have cutting-edge technology, they may struggle with sophisticated bioanalytical procedures and are expensive to operate. Outsourcing these lab tasks lowers costs and gives quick access to top-tier analytical expertise. This transition is a Key driver of bioanalytical services market expansion.
The Rise of the global bioanalytical services market is driven by a confluence of factors, including the rising number of key market players who provide a broad range of bioanalytical services. For instance,
- In May 2022, Eurofins Scientific successfully acquired a majority stake in Repertoire Genesis Inc. (RG), which owns a proprietary analytical technology known as TCR/BCR repertoire profiling (T Cell Receptor/B Cell Receptor). This strategic purchase expands Eurofins’ worldwide healthcare service capabilities and strengthens its differentiated service portfolio, solidifying its position in the global bioanalytical market.
Increasing R&D Activities in the Pharmaceutical and Biopharma Industry are fueling the Global Bioanalytical Services Market
Pharmaceutical sector is highly competitive, and corporations must outperform competitors when it comes to bringing innovative treatments to market. This frequently needs more comprehensive and expedited R&D initiatives. Several significant reasons have contributed to a growth in R&D investment for bioanalytical services in the pharmaceutical and biopharmaceutical industries. Innovative medications and therapies are always needed to address complicated and developing health concerns such as uncommon illnesses and more focused treatments. Significant R&D efforts are required to find and develop these medicines. The pharmaceutical sector is heavily regulated, and it must follow stringent regulatory rules while also demonstrating the safety and efficacy of its medicines via extensive testing and analysis. Compliance with these requirements necessitates increasing R&D expenditure. For instance,
- In May 2023, LabCorp & Forge Biologics have formed a joint venture to creat and manufacture gene therapies. This collaborative endeavor intends to shorten clinical durations, reduce analytical development restrictions, and eliminate possible regulatory impediments associated with manufacturing and development methods.
The increased emphasis on R&D investment for bioanalytical services in the pharmaceutical and biopharmaceutical industries is due to a mix of scientific developments, regulatory challenges, market needs, and the need to remain competitive in a fast growing area.
North America dominates the majority of the global Bioanalytical Services Market
North America is likely to continue its market dominance in bioanalytical testing services, owing to rising demand for bioanalytical services supported by a large number of active clinical studies and tight regulatory rules.
During the projection period, the Asia-Pacific region is poised to grow rapidly. Some of the reasons projected to fuel market expansion in this area include an increase in the number of infectious illnesses, expanding R&D activities, and an increase in the number of CROs offering a wide range of bioanalytical service
Competitive Landscape Analysis of the Global Bioanalytical Services Market
Among the market’s top companies are Charles River Laboratories, Eurofins Scientific, Syneos Health, ICON plc, PPD Inc. Intertek Group plc, Medpace, Thermo Fisher Scientific, and IQVIA.
Organic and inorganic growth strategies used by firms to get a market foothold
To gain market share, players in this market use both organic and inorganic growth tactics such as partnerships and acquisitions. For instance,
- In June 2023, Thermo Fisher Scientific Inc. has completed the acquisition of MarqMetrix, a privately held firm that specializes in spectroscopic solutions for in-line measurements. The addition of Raman-based in-line Process Analytical Technology (PAT) capabilities to Thermo Fisher’s portfolio strengthens their analytical solutions, allowing them to meet customer demands for real-time measurement and process control of vital manufacturing parameters that impact product quality.
The Global bioanalytical services market is likely to gain traction in the future years as demand for sophisticated bioanalytical services rises, government rules tighten, and companies pursue aggressive organic and inorganic expansion strategies.
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