The bioanalytical testing services market is projected to experience robust growth in the coming years, with a Compound Annual Growth Rate (CAGR) of 9.4% from 2024 to 2032, according to a study conducted by Polaris Market Research. The market size for bioanalytical testing services was valued at USD 4.12 billion in 2023 and is expected to reach USD 9.22 billion by 2032.
Bioanalytical testing, also known as bioanalysis, is a crucial process that measures the concentration of drugs and other metabolites in biological matrices such as blood, serum, tissue, urine, or other body fluids. This process utilizes various methods, including liquid chromatography, analyte extraction, and MS detection. Bioanalytical testing plays a vital role in drug discovery and development, enabling researchers to understand the impact of drugs on the human body.
Bioanalytical testing services are specialized services offered by bioanalytical companies to measure substances in biological samples. These services find applications in toxicology, drug development, clinical research, pharmacokinetics, and research and development. They are utilized in various medical fields, including oncology, neurology, infectious diseases, and cardiology.
The increasing demand for well-equipped laboratories offering bioanalytical testing services is expected to drive market growth. Factors such as technological advancements and the adoption of artificial intelligence are also contributing to the expansion of the market.
Key players in the bioanalytical testing services market, including Charles River Laboratories International, Intertek Group Plc., IQVIA, Labcorp (Toxikon), Pace Analytical Services LLC., SGS SA, Syneos Health, and Thermo Fisher Scientific Inc., are making significant investments in research and development to enhance their product offerings. These companies are also engaging in strategic initiatives such as mergers and acquisitions, collaborations, and increased investments to expand their global reach.
The market drivers for bioanalytical testing services include the expansion of Contract Research Organizations (CROs) and the rise in technological advancements. The increasing expansion of CROs is expected to fuel market growth, as these organizations aim to provide efficient and personalized clinical trial solutions for biotech and pharmaceutical companies worldwide. The growing need for bioanalytical testing instruments among scientists, healthcare professionals, and research and development centers is also contributing to market expansion.
Opportunities in the bioanalytical testing services market include the increasing adoption of artificial intelligence. The use of AI and machine learning in bioanalytical testing services has improved data analysis and provided a precise understanding of the chemical components of biological samples.
North America dominated the bioanalytical testing services market in 2023, driven by rising research and development investments in new drug development. The region’s pharmaceutical industry expansion has also positively influenced market growth. Asia Pacific is expected to register the fastest CAGR from 2024 to 2032, attributed to the increasing pharmaceutical and biotechnology activities in the region, along with rising investments and healthcare spending.