At 10.0% CAGR, the Europe Bioanalytical Testing Services Market is Projected to be worth US$ 2,956.96 million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe bioanalytical testing services market was valued at US$ 1,374.48 million in 2022 and is expected to reach US$ 2,956.96 million by 2030, registering a CAGR of 10.0% 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 Europe bioanalytical testing services market expansion.

The research & development, production, and distribution of medicinal drugs and other pharmaceutical products are the major areas of the pharmaceutical industry. Global pharmaceutical consumption is rising with the increasing need for drugs to treat age-related diseases and chronic diseases. According to the WHO, the elderly population aged 60 or above is projected to double from 2020 to 2050, reaching ~2.1 billion by 2050. A rise in the geriatric population would contribute to a surge in incidences of chronic diseases, such as cardiovascular diseases, cancer, hypertension, osteoarthritis, and diabetes mellitus. Thus, chronic diseases have been a major area of focus for pharmaceutical companies. New drug development is a resource-, cost-, and time-intensive process, where later clinical stages result in significant costs. Several pharmaceutical companies are opting for bioanalytical testing services for drug development and validation of assays in both clinical and preclinical stages. Generics and branded drug compounds are mostly small molecules. Generics manufacturers conduct and submit bioanalytical testing results to overcome the issue of patent expiration. Thus, with the uninterrupted proliferation of the pharmaceutical industry, bioanalytical testing service providers are likely to experience a continuous rise in demand for their services in the future, which would lead to new growth opportunity in the bioanalytical testing services market.

On the contrary, challenges in development and validation of bioanalytical methods hurdles the growth of Europe bioanalytical testing services market.

Based on test type, the Europe bioanalytical testing services market is categorized into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assays segment held 23.6% market share in 2022, amassing US$ 324.82 million. It is projected to garner US$ 753.30 million by 2030 to expand at 11.1% CAGR during 2022-2030.

Based on disease indication, the Europe 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 22.4% market share in 2022, amassing US$ 307.36 million. It is projected to garner US$ 709.07 million by 2030 to expand at 11.0% CAGR during 2022-2030.

Based on end user, the Europe 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 61.2% share of Europe bioanalytical testing services market in 2022, amassing US$ 840.54 million. It is projected to garner US$ 1,881.01 million by 2030 to expand at 10.6% CAGR during 2022-2030.

Based on country, the Europe bioanalytical testing services market has been categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 26.5% share of Europe bioanalytical testing services market in 2022. It was assessed at US$ 364.26 million in 2022 and is likely to hit US$ 794.27 million by 2030, exhibiting a CAGR of 10.2% during 2022-2030.

Key players operating in the Europe 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, KCAS Bioanalytical and Biomarker Services LLC, ICON Plc, and Intertek Group Plc, among others.

• In July 2022, Eurofins acquired WESSLING Hungary enhancing its environmental, food and BioPharma product testing offering.

• In Jan 2023, Charles River and Rznomics Announced the RNA-based Anticancer Gene Therapy Manufacturing Alliance.
  
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