Bioassay Services Market projected to reach USD 853.15 Million by 2030, growing at a CAGR of 21.47% during the forecast period of 2023-2030 – pronounced by MarketDigits in its recent study
The Global Bioassay Services Market was valued USD 218.65 Million in 2023 and projected to reach USD 853.15 Million by 2030, growing at a CAGR of 21.47% during the forecast period of 2023-2030
Richmond, Dec. 12, 2023 (GLOBE NEWSWIRE) — According to a research report “Bioassay Services Market”, Type of bioassay (In Vitro and In Vivo), Type Of Offerings (Pre-Developed Assay, Customized Assay), Type Of Bioanalytical Services (Immunoassay, Potency Assay, Qualitative PCR, Digital Droplet PCR, Flow Cytometry, Elisa, Immunochemistry, Others), Application area (Cell Therapy, Gene Therapy and Others) and Region – Global Forecast to 2030.
Global Bioassay Services Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 218.65 Million |
| Market size value in 2030 | USD 853.15 Million |
| CAGR (2023-2030) | 21.47% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type of bioassay, Type Of Offerings, Type Of Bioanalytical Services, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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TOC Covers in Depth & Breath on Bioassay Services Market
170 – Market Data Tables
65 – List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Bioassay Services Market is witnessing dynamic growth driven by the escalating demand for specialized analytical testing in the pharmaceutical, biotechnology, and environmental sectors. As the pharmaceutical and biotechnology industries expand, there is an increasing need for comprehensive bioanalytical services to assess the safety, efficacy, and quality of new drug candidates, particularly in the realm of biologics and precision medicines. The market caters to the intricate requirements of diverse therapeutic modalities, relying on sophisticated techniques such as cell-based assays, immunoassays, and other advanced analytical methods. Outsourcing bioassay services has become a strategic choice for companies seeking cost-effective solutions and access to specialized expertise. Additionally, stringent regulatory standards further drive the demand for bioassay services to ensure compliance throughout the drug development process. With continuous technological advancements and a growing emphasis on environmental testing, the Bioassay Services Market stands at the forefront of supporting innovation and quality assurance in the life sciences industry.
Major Vendors in the Global Bioassay Services Market:
- Charles River Laboratories International, Inc.
- Eurofins Scientific SE
- Covance (LabCorp)
- SGS SA
- WuXi AppTec
- Toxikon Corporation
- BioReliance (Merck & Co., Inc.)
- Frontage Laboratories, Inc.
- QPS Holdings, LLC
- ICON plc
- Sartorius AG
- Namsa
- Intertek Group plc
- MPI Research (Charles River Laboratories)
- Pacific Biolabs
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Rising Demand for Biologics
The rising demand for biologics significantly propels the Bioassay Services Market, as these complex and innovative therapeutic products require rigorous testing and evaluation throughout their development lifecycle. Biologics, including monoclonal antibodies, gene therapies, and recombinant proteins, exhibit unique characteristics that necessitate specialized bioassay services for assessing their safety, efficacy, and quality. The intricate nature of biologics demands sophisticated analytical techniques, such as cell-based assays and immunoassays, to ensure accurate and reliable results. Additionally, as the biopharmaceutical industry continues to expand, with an increasing number of biologics in the pipeline, pharmaceutical companies are increasingly relying on external bioassay service providers to meet the demand for specialized expertise and capabilities in bioanalytical testing. This trend not only underscores the importance of bioassay services in the biologics development process but also presents a significant growth opportunity for service providers who can deliver high-quality and comprehensive bioanalytical solutions.
Market Dynamics
Drivers:
- Growing Cell & Gene Therapy Market
- Increasing Focus on R&D.
Opportunities:
- Growing Pharmaceutical and Biotechnology sector
- Global Expansion with Localized Expertise.
Increasing Technological Advancements
The Bioassay Services Market is experiencing a notable trend marked by increasing technological advancements that significantly enhance the precision, efficiency, and capabilities of bioanalytical testing. Continuous innovation in automation, high-throughput screening, and advanced analytics is revolutionizing the field, enabling faster and more accurate assessments of drug safety and efficacy. These technological upgrades are particularly critical in addressing the evolving complexities of biologics and other advanced therapeutic modalities. Automation streamlines workflows, reduces human error, and increases the throughput of bioassay services, thereby improving overall efficiency. Moreover, advanced analytics provide deeper insights into the data generated during bioassay testing, facilitating better decision-making in drug development. As the Bioassay Services Market embraces and integrates these technological trends, service providers are better positioned to meet the growing demand for sophisticated, reliable, and high-throughput bioanalytical solutions in the pharmaceutical and biotechnology sectors.
North America dominates the Bioassay Services Market.
North America is dominating the Bioassay Services Market for several reasons. The region’s leadership can be attributed to the robust presence of major pharmaceutical and biotechnology companies that continuously drive the demand for bioassay services. The US alone houses many leading players in the biopharma industry, driving the demand for sophisticated and reliable bioassay services. North America boasts well-established research institutions, cutting-edge laboratories, and a readily available skilled workforce, fostering a conducive environment for bioassay service providers.
The US FDA and other regulatory bodies in the region impose high standards for drug development and approval, necessitating the use of high-quality bioassays, which benefits service providers. As the pharmaceutical and biotechnology sectors in the region continue to expand, the demand for bioassay services remains high, contributing to North America’s dominant position in the global Bioassay Services Market.
The Asia Pacific region is emerging as the fastest-growing region for the Bioassay Services Market, fueled by a combination of factors. The region’s burgeoning pharmaceutical and biotechnology industries are witnessing rapid expansion, driven by increasing investments in research and development. Countries such as China, India, Japan, and South Korea are becoming prominent hubs for drug discovery and development, leading to a heightened demand for specialized bioassay services. The availability of a large pool of skilled researchers and scientists, coupled with lower operational costs compared to some Western counterparts, makes the Asia Pacific an attractive destination for outsourcing bioanalytical testing.
In vitro Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the Type of bioassay segment categorized into In Vitro and In Vivo. The dominance of the in vitro segment in the Bioassay service market can be attributed to several factors. In vitro assays offer a controlled and reproducible environment, enabling researchers to study biological processes outside of a living organism. This method provides a cost-effective and time-efficient alternative to in vivo assays, as it eliminates the complexities associated with whole organism studies. Additionally, in vitro assays are often more amenable to high-throughput screening, facilitating the analysis of a large number of samples simultaneously. The ability to manipulate experimental conditions precisely, coupled with advancements in cell culture technologies, has led to increased confidence in the reliability and relevance of in vitro bioassays, making them a preferred choice for pharmaceutical and biotechnology companies in drug discovery and development processes.
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