At 10.4% CAGR, the North America Bioanalytical Testing Services Market is Projected to be worth US$ 3,971.42 million by 2030, says Business Market Insights

According to Business Market Insights research, the North America bioanalytical testing services market was valued at US$ 1,798.03 million in 2022 and is expected to reach US$ 3,971.42 million by 2030, registering a CAGR of 10.4% from 2022 to 2030. Increasing outsourcing of R&D activities by pharmaceutical companies and high demand for analytical testing of biosimilars and biologics are the critical factors attributed to the North America bioanalytical testing services market expansion.

Bioanalytical testing services are used for the quantitative estimation of drugs and their metabolites in biological fluids. This testing is performed in the early stages of the drug development. Various biotechnology companies are engaging in collaborations to accelerate R&D activities and scale them up on a global level. Several ongoing drug research studies have shown positive outcomes for effectively treating chronic disorders such as cancer, neurological disorders, and autoimmune disorders. An upsurge in the prevalence of such disorders, coupled with the increase in R&D activities, would create demand for bioanalytical testing services in the coming years. An increase in the incidence of rare disorders such as amyloidosis, adrenoleukodystrophy, and Ehlers-Danlos syndrome has further bolstered the R&D activities for the development of interventions against them, which has been generating the demand for specific bioanalytical testing services. According to the Food and Drug Administration (FDA), in 2022, the Center for Drug Evaluation and Research (CDER) approved 37 novel drugs. Out of 37, 20 drugs were approved for rare diseases. Similarly, Congressional Budget Office (CBO) reported that the FDA approved 38 new drugs per year, on average, from 2010 through 2019 (with a peak of 59 in 2018), which is 60% more than the yearly average over the previous decade. Thus, the continuous efforts of drug companies to discover and develop drugs against rare and emerging diseases are expected to provide lucrative opportunities for the expansion of the bioanalytical testing service businesses during the forecast period.

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

Based on test type, the North America bioanalytical testing services market is categorized into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assays segment held 24.1% market share in 2022, amassing US$ 433.54 million. It is projected to garner US$ 1,030.14 million by 2030 to expand at 11.4% CAGR during 2022-2030.

Based on disease indication, the North America 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 22.9% market share in 2022, amassing US$ 412.15 million. It is projected to garner US$ 974.00 million by 2030 to expand at 11.3% CAGR during 2022-2030.

Based on end user, the North America 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 61.5% share of North America bioanalytical testing services market in 2022, amassing US$ 1,105.56 million. It is projected to garner US$ 2,538.99 million by 2030 to expand at 11.0% CAGR during 2022-2030.

Based on country, the North America bioanalytical testing services market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.4% share of North America bioanalytical testing services market in 2022. It was assessed at US$ 1,499.55 million in 2022 and is likely to hit US$ 3,345.75 million by 2030, exhibiting a CAGR of 10.6% during 2022-2030.

Key players operating in the North America bioanalytical testing services market are SGS SA, Pharmaron Beijing Co Ltd, Element Materials Technology Group Ltd, CD BioSciences Inc, 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 Dec 2021, SGS Announces the Acquisition of Quay Pharmaceuticals Limited.

• In Mar 2023, Element launches global Extractables and Leachables Service as part of its growing Life Sciences Division.
  
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