Market Size of Bioanalytical Testing Services Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.93 Billion |
| Market Size (2029) | USD 6.10 Billion |
| CAGR (2024 - 2029) | 9.19 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Bioanalytical Testing Services Market Analysis
The Bioanalytical Testing Services Market size is estimated at USD 3.93 billion in 2024, and is expected to reach USD 6.10 billion by 2029, growing at a CAGR of 9.19% during the forecast period (2024-2029).
Bioanalytical technologies have played a critical role in mitigating the COVID-19 pandemic and will continue to be foundational in the prevention of the subsequent waves of this pandemic, along with future infectious disease outbreaks. Companies, such as SGS, a leading bioanalytical service provider, offer a full range of bioanalytical services for both small molecules and biologics, including mass spectrometry, immunoassays, and cell-based assays. In November 2020, SGS, the world's leading inspection, verification, testing, and certification company, invested in its Biosafety Center of Excellence in Glasgow, boosting its capacity to support scientists and manufacturers in the development of effective vaccines, cell and gene therapies, and other biological medicines.
The major factor contributing to the growth of the market studied is the increased necessity for specific types of tests in R&D activities and the increasing trend of outsourcing laboratory testing services. Due to the increasing trend of outsourcing laboratory testing services, companies are expanding their market share by offering various types of pharmaceutical laboratory services and solutions. Additionally, major players are focusing on different strategies, such as mergers, acquisitions, and other developments. For instance, in August 2021, Eurofins Scientific signed an agreement with Noritsu Koki Co. Ltd to acquire GeneTech Inc., a leading Japanese player in genetic analysis, to expand Eurofins' testing portfolio in Japan. The bioanalytical services market plays an important role; hence, the market is anticipated to grow significantly.
The rise in demand for bioanalytical testing services can also be due to the growing prevalence of infectious diseases, HIV, etc. This rise contributes to the bioanalytical testing services market growth. Additionally, rising government initiatives to control the outbreaks of infectious diseases such as COVID-19 is expected to provide more opportunities, which is expected to contribute to the growth of the market studied.
Bioanalytical Testing Services Industry Segmentation
Bioanalysis involves quantitative measurement of xenobiotics, like small molecule drugs and their metabolites and biological molecules. Bioanalytical testing services are used in the development and validation of robust bioanalytical methods in body fluids and tissue specimens. These tests are used to support pre-clinical and Phase I through Phase IV clinical trials.
The bioanalytical testing services market is segmented by molecule type (small molecule and large molecule), by test type (bioavailability and bioequivalence studies, pharmacokinetics, pharmacodynamics, and other test types), and by geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
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| Small Molecules | |
| Large Molecules |
| By Test Type | |
| Bioavailability and Bioequivalence Studies | |
| Pharmacokinetics | |
| Pharmacodynamics | |
| Other Test Types |
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Bioanalytical Testing Services Market Size Summary
The bioanalytical testing services market is poised for significant growth, driven by the increasing demand for specialized testing in research and development activities and the trend of outsourcing laboratory services. Companies like SGS are expanding their offerings to include a comprehensive range of bioanalytical services, such as mass spectrometry and immunoassays, to support the development of vaccines and biologics. The market's expansion is further fueled by the rising prevalence of infectious diseases and government initiatives aimed at controlling outbreaks, which create opportunities for bioanalytical testing services. The small molecule testing sub-segment is expected to grow due to its critical role in developing generic drugs, while the large molecule segment is anticipated to experience lucrative growth, driven by the challenges and advancements in biopharmaceutical testing techniques.
North America is expected to maintain its dominance in the bioanalytical testing services market, supported by a high volume of research activities and clinical trials. The United States, in particular, holds a significant market share due to the increasing patient pool with chronic diseases and the adoption of large molecule therapeutics. The demand for bioanalytical services is further bolstered by the rising prevalence of conditions like diabetes, necessitating the analysis of novel therapeutics. The market is moderately competitive, with major players such as SGS SA, ICON PLC, and Laboratory Corporation of America Holdings expanding their capabilities through strategic acquisitions and facility expansions. These developments underscore the market's growth potential and the ongoing investment in bioanalytical testing services to meet the evolving needs of the healthcare sector.
Bioanalytical Testing Services Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increased Necessity of Specific Types of Tests in R&D Activities
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1.2.2 Increased Trend of Outsourcing Laboratory Testing Services
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1.3 Market Restraints
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1.3.1 Complex Regulatory Framework for Maintaining Laboratories
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1.3.2 Challenges in the Development of Proper Analytical Techniques
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Molecule Type
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2.1.1 Small Molecules
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2.1.2 Large Molecules
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2.2 By Test Type
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2.2.1 Bioavailability and Bioequivalence Studies
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2.2.2 Pharmacokinetics
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2.2.3 Pharmacodynamics
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2.2.4 Other Test Types
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2.3 Geography
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2.3.1 North America
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2.3.1.1 US
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 UK
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle-East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Bioanalytical Testing Services Market Size FAQs
How big is the Bioanalytical Testing Services Market?
The Bioanalytical Testing Services Market size is expected to reach USD 3.93 billion in 2024 and grow at a CAGR of 9.19% to reach USD 6.10 billion by 2029.
What is the current Bioanalytical Testing Services Market size?
In 2024, the Bioanalytical Testing Services Market size is expected to reach USD 3.93 billion.
