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The bioanalytical testing services market has witnessed massive growth in the past few years; hence it is expected to continue the same trend in 2020.
Fremont, CA: The global bioanalytical testing services market is predicted to attain USD 3.7 billion by 2025 at a CAGR of 11.8 percent in the forecast period. The considerable growth in this market is attributed to the increasing focus on the analytical testing of biologics and biosimilars, heightening the preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and also the rising adoption of the Quality by Design approach. Still, the shortage of skilled professionals is one of the significant factors that are expected to restrain this market's growth in the forecast period.
On the basis of end-user, the bioanalytical testing services market is divided into pharmaceutical and biopharmaceutical companies, contract research organizations, and contract development and manufacturing organizations. In the year 2019, the pharmaceutical and biopharmaceutical companies division accounted for the largest share of the bioanalytical testing services market. The massive share of this segment can be associated with increased outsourcing of an early-phase of the development of the clinical and laboratory testing services carried on by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and cut the time duration to validate processes and products.
The bioanalytical testing services market is widely categorized into oncology, neurology, cardiology, infectious diseases, gastroenterology, and other applications. Oncology has been the biggest application segment in this market, primarily due to the rising number of clinical trials carried on for oncology and the high prevalence of cancer worldwide.
More than any other country, North America has the largest share in this market. It can be associated with the high-quality standards maintained in the pharmaceutical industry, rapid growth in the biosimilars and biologics markets, and a rise in clinical trial activity in the region.
See also: Top Biotech Solution Companies