Bioanalytical testing services include analytical tools, techniques and approaches used to study the presence and effect of chemical, biological and biochemical components in living systems. With the increasing R&D activities in pharmaceutical and biotechnology industries, demand for advanced bioanalytical testing services is growing steadily. These services help in analyzing drug metabolism, pharmacokinetics as well as safety and efficacy of potential drug candidates and medical devices during various stages of product development. This facilitates faster development of new therapeutics.
The global Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Pharmaceutical and biotechnology companies are focusing on development of novel biologics such as monoclonal antibodies, recombinant proteins, gene and cell therapies to treat chronic and complex diseases. Bioanalytical techniques aid in proper analysis and evaluation of these new therapeutic modalities during preclinical and clinical testing stages. They help to determine safety, efficacy as well as pharmacokinetic and pharmacodynamic properties to ensure regulatory compliance and fast development of new treatment options. This growing R&D activity of complex biologics will significantly drive the demand for specialized bioanalytical testing services.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the bioanalytical testing services market is moderate. Establishing this service requires substantial investments to build regulatory expertise, infrastructure, technology platform and hire scientists and technicians.
Bargaining power of buyers: The bargaining power of buyers is moderate. Buyers prefer services from reputed service providers who have expertise and capabilities. However, availability of several service providers provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low. There are several suppliers providing equipment, analytical instruments, reagents, kits and other consumables required for bioanalytical testing.
Threat of new substitutes: There are limited substitute services for bioanalytical testing required as part of drug development process in the pharmaceutical and biotechnology industries. Alternative testing technologies may emerge as substitutes in future.
Competitive rivalry: The competitive rivalry is high among existing bioanalytical testing service providers. Key factors of competition include technical expertise, global capabilities, testing facilities, quality, turnaround time, pricing and innovation.
SWOT Analysis
Strength: Bioanalytical testing is a niche market with high demand due to increasing drug development activity. Service providers have developed expertise in performing various bioanalysis testing as per regulatory guidelines.
Weakness: High capital investment and operating costs limit participation of small players. Retaining skilled scientists and compliance with changing regulations pose challenges.
Opportunity: Emerging therapeutics areas such as cell and gene therapies, biologics etc provide growth opportunities. Outsourcing of bioanalysis work by small biotech firms increases market demand.
Threats: Intense competition can squeeze profit margins. Consolidation in pharmaceutical industry exerts pricing pressure on service providers. Emerging low-cost regions also attract outsourcing.
Key Takeaways
The Global Bioanalytical Testing Services Market Size is expected to witness high growth due to rising drug development activity and stringent regulatory landscape.
North America dominates the market currently due to presence of majority pharmaceutical R&D investments and large number of clinical trials conducted in the region. Growing generics market and adoption of sophisticated analytical techniques in Asia Pacific makes it fastest growing regional market.
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 mainly focus on expanding capabilities across various therapeutic segments and geographies through collaborations and acquisitions to strengthen their service portfolios.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
