Bioanalytical testing services play a crucial role in the drug development process by measuring drug concentration in biological samples such as blood and urine. These tests are conducted to determine the absorption, distribution, metabolism, and excretion of drugs in the human body. Bioanalytical testing helps evaluate drug safety, efficacy, and pharmacokinetics. The increasing drug development activities due to the growing demand for therapeutic drugs is expected to fuel the demand for bioanalytical testing services.
The global bioanalytical testing services market offers a wide range of services including small molecule bioanalysis, large molecule bioanalysis, immunoassay development and validation, cell-based assays, method development and validation, PK/PD integration, and much more. Bioanalytical testing services help ensure drugs are safe and effective for human use by providing data on absorption, distribution, metabolism, and excretion.
The global Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing outsourcing of bioanalytical testing: This trend is expected to drive significant demand for bioanalytical testing services market. CROs offer various advantages such as access to advanced technology and laboratories, skilled workforce, and global presence which attracts outsourcing from sponsors. Growing adoption of Ligand Binding Assays (LBA): Ligand binding assays (LBAs) measure drug concentrations through analyte-specific ligand interactions that detect and quantify drug molecules. LBAs are gaining popularity due to their high sensitivity and ability to measure large molecule drugs such as monoclonal antibodies, cytokines, and peptides. This growing adoption of LBAs will further boost the bioanalytical testing services market growth over the forecast period.
Threat of new entrants: New entrants face high initial costs to set up laboratories and acquire technologies and equipments. The presence of few large players also poses entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, buyers prefer outsourcing bioanalytical testing from CROs to avoid high setup costs. This increases their bargaining power.
Bargaining power of suppliers: The suppliers of technologies, instruments and reagents possess moderate bargaining power due to the availability of substitute suppliers.
Threat of new substitutes: There are few options for substitutes due to stringent regulatory guidelines in drug development. Virtual testing through AI and big data analytics poses threat of substitution.
Competitive rivalry: The market is dominated by a few large players. However, intense completion exists among players to gain market share through lab expansions, new services and strategic partnerships.
The Global Bioanalytical Testing Services Market Size is expected to witness high growth.
Regional analysis: Europe is another major regional market for bioanalytical testing services driven by presence of prominent pharmaceutical companies and stringent regulatory guidelines. The market in the region is led by Germany, France and United Kingdom.
Key players operating in the Bioanalytical Testing Services market are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others. These players are focusing on expanding their service portfolio and geographical footprint through strategic collaborations to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it