Sign in

Bioanalytical Testing Services Market Is Estimated To Witness High Growth Owing To Increasing R&D Expenditure In Pharmaceutical Industry

Bioanalytical Testing Services Market Is Estimated To Witness High Growth Owing To Increasing R&D Expenditure In Pharmaceutical Industry

The Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Bioanalytical testing services play a crucial role in drug development and product approval process. These services provide quantitative and qualitative evaluation of biomolecules in complex biological matrices. They help in analyzing drug level in blood, plasma or serum along with the drug metabolites concentration. These services reduce costs and risks associated with drug development.

Market Key Trends:

One of the major trends driving growth of the bioanalytical testing services market is increasing R&D expenditure in the pharmaceutical industry. There has been significant rise in investment in R&D activities by various pharmaceutical companies over the past few years. As per Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of pharmaceutical companies was US$ 83 billion in 2020, which increased to US$ 91 billion in 2021. This increased expenditure in drug development is generating high demand for various analytical testing services including bioanalytical testing during pre-clinical and clinical stages of drug development.

Porter’s Analysis

Threat of new entrants: The high competitive rivalry and capital investment requirements pose significant entry barriers. However, niche service opportunities can be explored by small players.

Bargaining power of buyers: Large pharmaceutical companies have significant bargaining power due to their size and ability to demand competitive pricing.

Bargaining power of suppliers: The availability of skilled scientists and technical experts provides some bargaining power to suppliers in the industry.

Threat of new substitutes: Rising advances in digital/AI platforms pose the threat of new substitutes for traditional bioanalytical testing in future.

Competitive rivalry: Strong competition exists among major players to acquire contracts.

SWOT Analysis

Strengths: Presence of accredited labs, technical expertise and global reach of major players.

Weaknesses: Highly regulated industry requiring substantial compliance costs; dependency on a few large pharma clients.

Opportunities: Growing drug development pipelines, demand for specialized analytical capabilities.

Threats: Regulations delays or changes; pricing pressures from clients; competition from new digital technologies.

Key Takeaways

The Global Bioanalytical Testing Services Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing R&D investments in pharmaceutical and biotechnology industries. North America is expected to dominate the market over the forecast period owing to presence of majority global clinical trial sites and well-established pharma industry in the region.

Regional analysis for bioanalytical testing services market comprises lucrative opportunities in Asia Pacific region. Increasing investments to develop biosimilars and vaccines in major economies like China, India and Japan will drive the demand for outsourced bioanalysis services in Asia Pacific region.

Key players operating in the bioanalytical testing services market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc., among others. Major players are focusing on expanding their global service footprints and capabilities through partnerships and acquisitions to tap high growth markets such as cell and gene therapies.

Read More:


Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more