BIOANALYTICAL TESTING SERVICES MARKET ANALYSIS

Bioanalytical Testing Services Market Size and Trends

Global bioanalytical testing services market is estimated to be valued at USD 3.95 Bn in 2024 and is expected to reach USD 7.70 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10% from 2024 to 2031.

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Global bioanalytical testing services market is expected to witness significant growth during the forecast period due to  rising investments in research and development by pharmaceutical and biotechnology companies. Growing demand for outsourcing analytical testing and rising emphasis on effective and faster drug development can boost demand for bioanalytical testing services. Expanding biologics and biosimilars pipeline can provide growth opportunities for service providers in the near future. Growing burden of chronic diseases worldwide escalates the drug development activities, thus, augmenting the need for timely and cost-effective bioanalytical testing services. However, challenges relating to accurate testing and maintenance of chain of custody can restrict the market growth over the forecast period.

Growing demand for monoclonal antibody-based drugs and recombinant proteins Global bioanalytical testing services market is witnessing significant growth due to increasing demand for monoclonal antibody-based drugs and recombinant proteins. Monoclonal antibodies have become one of the most important classes of therapeutic molecules, owing to their high efficacy and target specificity. A large number of monoclonal antibodies are presently in various stages of clinical development and many more are expected to be approved for marketing in the coming years. Their approvals will need exhaustive bioanalytical testing throughout the drug development and approval process. Recombinant proteins are also emerging as an important class of biotherapeutics for treatment of various diseases. Many promising proteins in pre-clinical and clinical testing pipelines of biotech firms will need extensive bioanalytical characterization and quantification as part of their development journey. For instance, in April 2024, according to the data published by Bioprocess International, recombinant antibody technology has revolutionized biologics production, thus, offering rapid, scalable, and cost-effective antibody generation while addressing ethical concerns associated with animal experimentation. This technology enables precise engineering of antibodies for optimal disease treatment, with advancements driven by decades of experience and increasingly sophisticated AI algorithms.

Increasing research and development (R&D) activities

Rising demand for specific test types in R&D activities and increasing adoption of outsourcing laboratory testing services can drive the market growth. As companies expand their market presence by offering a diverse range of services and solutions, major players are pursuing various strategies such as mergers, acquisitions, and other developments. For instance, in August 2021, Eurofins Scientific, life sciences  entered into an agreement with Noritsu Koki Co. Ltd to acquire GeneTech Inc., a prominent Japan-based player in genetic analysis, thus, expanding Eurofins' testing portfolio in Japan.