BIOANALYTICAL TESTING SERVICES MARKET ANALYSIS

Regional Analysis

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North America has dominated the global bioanalytical testing services market with 39.2% for many years due to strong presence of pharmaceutical and biotechnology companies in the region. Countries like U.S. and Canada have extensive R&D infrastructure and expertise for drug development. A large number of clinical research organizations (CROs) and contract research laboratories are headquartered in North America, thus, catering to the testing needs of local pharmaceutical firms. High healthcare expenditure and stringent regulatory guidelines enforced by authorities such as U.S. FDA have further promoted outsourcing of bioanalytical testing in this region. Many big pharma companies prefer associate with experienced testing service providers owing to benefits of better communication, project supervision and quality oversight.

Asia Pacific region has emerged as the fastest growing market for bioanalytical testing services globally. Presence of low-cost skilled workforce and development of new international standard laboratories in countries like China and India has attracted substantial outsourcing from western pharmaceutical companies. Several global CROs have also established sizable operations in major Asia Pacific markets to leverage cost benefits. Moreover, growing domestic pharmaceutical production in China, Japan and India along with increasing orientation towards R&D boosts demand for bioanalysis outsourcing in the region.