The global bioanalytical testing services market is projected to reach USD 6.0 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 15.6% during the forecast period. Factors such as the rising focus on the analytical testing of biologics and biosimilars, increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach are expected to drive the growth of this market during the forecast period. However, the dearth of skilled professionals is a major factor that is expected to restrain the growth of this market in the coming years.
The players mapped in bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India). These companies adopted strategies such as acquisitions, partnerships, expansions, and product launches to enhance their presence in the restorative dentistry market.
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Eurofins Scientific is the leading player in the bioanalytical testing services market. It accounted for the largest share of 15–20% in 2021. Eurofins Scientific has a global network of more than 900 independent companies in over 50 countries. The company operates in more than 800 laboratories and has a portfolio of over 200,000 analytical methods. Eurofins Scientific performs over 400 million tests every year to evaluate the safety, identity, origin, traceability, and purity of biological substances and products. The company has undertaken intense merger and acquisition activities between 2020 and 2022. Inorganic growth strategies have helped the company to enhance its service portfolio and expand its operations and market position.
Charles River is the largest provider of drug discovery, non-clinical development, and safety testing services worldwide. They have extensive expertise in the discovery of clinical candidates and in the design, execution and reporting of safety assessment studies for numerous types of compounds including small and large molecule pharmaceuticals, industrial and agricultural chemicals, vaccines, consumer products, veterinary medicines, cell and gene therapies, biocides and medical devices. In order to enhance its share in this market, Charles River has focused on acquiring small and medium-sized players. For instance, in fiscal 2021, Charles River acquired Distributed Bio, Inc. (Distributed Bio), a next-generation antibody discovery company.
WuXi AppTec primarily provides laboratory and manufacturing outsourcing services to pharmaceutical, biopharmaceutical, and medical device companies. The company has a comprehensive discovery and development services portfolio. Additionally, it has a strong customer base majorly in China, the US, Germany, Iceland, Israel, and South Korea. To maintain its leading position and enhance its market share, the company majorly focuses on exceeding customer expectations by maintaining the quality of its services and quickly adapting to new conditions with efficiency.
Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027
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