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The global bioanalytical testing services market size is estimated to reach USD 7.65 billion by 2030, registering a CAGR of 8.6% from 2022 to 2030. The uptrend in the outsourcing of R&D activities by various biopharmaceutical companies for streamlining their fundamental competencies is one of the significant factors driving the market growth. In addition, the COVID-19 outbreak helped in augmenting the demand for testing services as the quick surge in infection cases prominently boosted the production of a humungous batch of vaccines across the world.
The increase in the demand for pharmaceutical products across the world has steered the development of pipeline drugs that need bioanalytical testing, thus fueling the market growth. Additionally, the market is anticipated to witness substantial growth during the forecast period owing to the surge in the number of contract manufacturing companies that are focusing on expanding their production capacities across the world.
Based on molecule, the small molecules segment dominated the global market, accounting for a share of over 56.1% in 2021. The escalating demand for the development of generic drugs is driving the growth of the segment. Furthermore, the branded and generic drug compounds are primarily small molecules. The generic drug manufacturers are required to undertake and present bioanalytical testing results owing to the growth in the expiration of patents. This is propelling the implementation of small molecule bioanalytical testing.
Based on workflow, the sample analysis workflow held the largest market share of over 45.5% in 2021. Sample analysis has a crucial role to play in the drug development and marketing phases. It aids in the quantitation and identification of impure compounds in a sample and assesses the stability of drug molecules. Thus, the increasing rate of drug development is one of the significant factors boosting the market demand for sample analysis, thereby boosting the segment’s growth.
Based on test, the market is segmented into Absorption Distribution Metabolism Excretion (ADME), Pharmacodynamics (PD), Pharmacokinetics (PK), bioequivalence, bioavailability, and others. The bioavailability segment dominated the global market in 2021, accruing a revenue share of over 18.5%. This is attributable to the rise in demand for these services in generic drug development. In addition, the increasing concerns among consumers regarding self-care are fueling the adoption of various pharmaceutical products.
North America held the largest market share in the global bioanalytical testing services market, accounting for over 46% in 2021. The regional market is expected to further expand at a stable growth rate, maintaining the leading position throughout the forecast period. This can be credited to the increasing number of pharmaceutical vendors in countries, including the U.S. and Canada. The robust presence of numerous significant market players is another vital factor anticipated to contribute to the market growth in the region.
The key players in the market are undertaking various strategic initiatives, including collaborations, portfolio expansion, and mergers & acquisitions in order to maintain their foothold in the market. For instance, in October 2021, SGS SA proclaimed the expansion of its biosafety testing facility in Glasgow. The vendors are also enhancing their market position by offering different types of services and developing innovative methods, assay validations, and other laboratory solutions. Furthermore, in the wake of the pandemic, various companies expanded their capacities of providing testing services for new viral coercions by utilizing rapid and advanced testing platforms. Such initiatives are expected to be opportunistic for the market.
Research Support Specialist, USA