BIOANALYTICAL TESTING SERVICES MARKET ANALYSIS

Challenges in developing analytical techniques are expected to hamper the global bioanalytical testing services market growth. These techniques are integral to biotechnology and pharmaceutical manufacturing. However, the development of bioanalytical methods has become increasingly difficult due to rigorous requirements regarding method sensitivity, reliability, sample throughput, and analysis speed. Furthermore, the complex regulatory framework governing laboratory maintenance is expected to hinder the growth of the global bioanalytical testing services market. Each country has its own set of regulations pertaining to innovation, manufacturing, drug testing, marketing, and post-marketing studies. Consequently, stringent regulations concerning laboratory maintenance, validation, and pharmaceutical drug testing are projected to hamper the market growth.

Market Opportunities: The outbreak of COVID-19 across the globe

The global outbreak of COVID-19 is expected to offer significant growth opportunities for participants in the bioanalytical testing services market. The pandemic has led to rise in demand for such services worldwide. For instance, in January 2021, Eurofins Bioanalytical Services, is a biologics- focused, global leader in bioanalytical solutions provider introduced surrogate virus neutralizing antibody detection assays targeting SARS-CoV-2 (the COVID-19 virus). This assay identifies the presence of neutralizing or blocking antibodies against the viru,s and is the first of its kind authorized by the U.S FDA under Emergency Use Authorization (EUA) for the SARS-CoV-2 virus. Moreover, increasing demand for biologics and biosimilars globally is expected to offer substantial growth prospects for players in the global bioanalytical testing services market. With rising demand for biologics and biosimilars, coupled with a growing emphasis on analytical testing for these products, there has been rising demand for bioanalytical testing services. For example, in January 2020, Celltrion biopharmaceutical company announced plans to invest USD 514 million in a biologic’s facility in Wuhan, China, aimed at developing and manufacturing biologics for the local market and providing contract services for emerging Chinese biotech companies.