Bioanalytical Services Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Bioanalytical Services Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Request Now !Bioanalysis is a branch of analytical chemistry that deals with biological samples for analysis of measurement of biological molecules, DNA, and large molecules. The terms bioanalytical services and analytical services are usually used interchangeably in the healthcare industry. Bioanalytical services are specifically applied to toxicology, pharmacology studies, bioequivalence studies, along with pharmacokinetic and bioavailability studies in animals of humans. Bioanalytical services are applicable in every phase of drug development, from discovery to clinical development phases. Factor that differentiates between analytical services and bioanalytical services is that bioanalytical services are employed to quantify the amount of drug present in a particular biological sample under study, whereas analytical services are used to check qualitative parameters of the drug molecules. Various bioanalytical platforms are being used to perform these services ranging from LC/MS, gas chromatography, ligand binding assays, immunoassays, cell-based assays, and mass spectrometry among others.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value (US$ Millions) |
Segments covered | Test Type, Molecule Type , End-user, and Region |
Regions covered | North America (US and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa) |
Companies covered |
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COVID-19 impact on industry
COVID-19 pandemic has forced many companies in the global bioanalytical services market to halt their business operations to comply with the new government rules and regulations. This halt in operations directly impacts the revenue flow of the market players.
Production is at a standstill due to lockdowns imposed by governments around the world to reduce the exponential spread of the deadly virus.
As per the estimation of the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak could cause global FDI to shrink by 5 to 15%.
China is one of the world leaders in manufacturing and accounts for the highest contribution to the global manufacturing services industry.
With the COVID-19 crisis limiting mobility, decline in export activity, supply chain freezing, and shutting down of companies, the manufacturing sector faces massive economic loss.
The pharmaceutical manufacturing sector is the only area where the demand can be expected to rise during the outbreak. However, the sector is also affected by supply chain and labor shortage problems throughout the globe.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Important growth drivers of the bioanalytical services market are use of bioanalytical services in various industries such as pharmaceutical & biotechnology and increased investments by key players in R&D activities.
Increased investment in research and development-
There is an ever increasing demand for bioanalytical services in the pharmaceutical and biotechnology industry. Comparatively higher costs and longer time duration required to conduct bioanalytical services in-house is a major factor driving demand for bioanalytical services. Due to this, pharmaceutical and biotechnology companies are outsourcing bioanalytical services to companies specializing in the domain. Also, increase in incidence of chronic diseases and due to this, increasing cost burden on economy due to these diseases is creating a need for new and personalized medicine and innovative drugs to be introduced in the market. This has led to increase in investment by biopharmaceutical companies in R&D and drug development, leading to higher demand for bioanalytical services in the global market. These factors combined with increasing number of players operating in the bioanalytical services market offering diversified and end-to-end portfolio of bioanalytical services fuel the growth of the global bioanalytical services market.
Need to create personalized and custom drugs and innovative medicine
The bioanalytical services market is facing increasing demand in the biotechnology and pharmaceutical industry. The demand is increasing due to the difficulties in conducting these services in-house. It has resulted in incurring higher costs and longer time, which has led to outsourcing of bioanalytical services by biotechnology and pharmaceutical companies. Furthermore, the rise in incidence of dangerous diseases and infections has resulted in undue economic cost pressure on hospitals and healthcare institutions across the world. Health expenditure among people is increasing rapidly for expensive cosmetic treatments and surgeries. Many research centers have identified the need to create personalized and custom drugs and innovative medicine as a part of bioanalytical services. Increased investment in drug development and R&D by biopharmaceutical companies has resulted in the growth of the bioanalytical services market
On the basis of molecule type, the bioanalytical testing services market is bifurcated into small molecule and large molecule. The small molecule segment held a lucrative market share in 2018. Most of the generic and branded drug compounds are belong to the small molecule category. Additionally, with the patent expiration of many blockbuster drugs, generic manufacturers are required to conduct and submit bioanalytical testing results. These factors primarily governed the growth of the segment in the forthcoming years.
On the other hand, large molecule segment is anticipated to exhibit healthy growth over the forecast period. This can be attributed to a rich pipeline of biologics or amino acid based molecules. Moreover, testing these molecules requires technical know-how with advanced analytical instruments. This infrastructure is available with bioanalytical services providers. Hence, outsourcing bioanalytical testing of these molecules is likely to be the prevailing trend over the forecast period.
Key segments covered:
Segments | Subsegments |
Test type |
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Molecule type |
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End user |
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Key benefits of the report:
- This study presents the analytical depiction of the bioanalytical services market along with the current trends and future estimations to determine the future of the market
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of bioanalytical services market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the bioanalytical services market growth scenario.
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