At 10.6% CAGR, the Asia Pacific Bioanalytical Testing Services Market is Projected to be worth US$ 2,252.88 million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific bioanalytical testing services market was valued at US$ 1,004.33 million in 2022 and is expected to reach US$ 2,252.88 million by 2030, registering a CAGR of 10.6% from 2022 to 2030. Increasing outsourcing of R&D activities by pharmaceutical companies and high demand for analytical testing of biosimilars and biologics are among the critical factors attributed to the Asia Pacific bioanalytical testing services market expansion.

Biologics are among the most promising therapeutic areas important in the pharmaceutical market. The rising number of cases of chronic diseases such as inflammatory bowel diseases, cancer, and rheumatoid arthritis propels the demand for biologics. However, the high cost of biologics has redirected the focus of drug developers and healthcare stakeholders toward biosimilars in recent years. Additionally, the imminent expiry of the patents and exclusivity periods of biologics have also created opportunities for the development of biosimilars. According to McKinsey & Co., ~19 high-volume biologics would lose exclusivity by 2025. Additionally, 39 more high-volume biologics are expected to lose patent protection between 2026 and 2032, with more biologics likely to follow. The anticipated rise in biosimilar R&D would boost the demand for related bioanalytical testing services-compatibility studies for biosimilars, stability testing, product release testing, and biosimilar protein analysis-to reduce the risks involved with medication development. Thus, the rise in demand for analytical testing of biosimilars is boosting the growth of the bioanalytical testing services market.

On the contrary, high cost associated to bioanalytical testing services hurdles the growth of Asia Pacific bioanalytical testing services market.

Based on test type, the Asia Pacific bioanalytical testing services market is categorized into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assays segment held 23.4% market share in 2022, amassing US$ 235.16 million. It is projected to garner US$ 570.35 million by 2030 to expand at 11.7% CAGR during 2022-2030.

Based on disease indication, the Asia Pacific bioanalytical testing services market is categorized into cardiovascular, neurological disorders, metabolic disorders, respiratory diseases, autoimmune disorder, oncology, sexual health, bone disease, and others. The oncology segment held 23.2% market share in 2022, amassing US$ 233.22 million. It is projected to garner US$ 559.29 million by 2030 to expand at 11.6% CAGR during 2022-2030.

Based on end user, the Asia Pacific bioanalytical testing services market is categorized into pharmaceutical and biopharmaceutical companies, contract research organization (CRO), contract development and manufacturing organization (CDMO), and others. The pharmaceutical and biopharmaceutical companies segment held 61.0% share of Asia Pacific bioanalytical testing services market in 2022, amassing US$ 612.26 million. It is projected to garner US$ 1,429.12 million by 2030 to expand at 11.2% CAGR during 2022-2030.

Based on country, the Asia Pacific bioanalytical testing services market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific bioanalytical testing services market in 2022. It was assessed at US$ 274.97 million in 2022 and is likely to hit US$ 636.92 million by 2030, exhibiting a CAGR of 11.1% during 2022-2030.

Key players operating in the Asia Pacific bioanalytical testing services market are SGS SA, Pharmaron Beijing Co Ltd, Element Materials Technology Group Ltd, Charles River Laboratories International Inc, Eurofins Scientific SE, Labcorp Drug Development Inc, Syneos Health Inc, and Biomarker Services LLC, ICON Plc, and Intertek Group Plc, among others.

• In July 2021, ICON plc completed the acquisition of PRA Health Sciences.
• In May 2021, Labcorp expands bioanalytical services in Asia-Pacific region with integrated laboratory in Singapore.

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