South & Central America Bioanalytical Testing Services Market
Published On: Feb 2024
Published On: Feb 2024
At 9.2% CAGR, the South & Central America Bioanalytical Testing Services Market is Projected to be worth US$ 491.76 million by 2030, says Business Market Insights
According to Business Market Insights research, the South & Central America bioanalytical testing services market was valued at US$ 242.43 million in 2022 and is expected to reach US$ 491.76 million by 2030, registering a CAGR of 9.2% 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 South & Central 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. 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, high cost associated to bioanalytical testing services hurdles the growth of South & Central America bioanalytical testing services market.
Based on test type, the South & Central America bioanalytical testing services market is categorized into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assays segment held 24.6% market share in 2022, amassing US$ 59.72 million. It is projected to garner US$ 130.10 million by 2030 to expand at 10.2% CAGR during 2022-2030.
Based on disease indication, the South & Central 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 23.4% market share in 2022, amassing US$ 56.68 million. It is projected to garner US$ 122.83 million by 2030 to expand at 10.2% CAGR during 2022-2030.
Based on end user, the South & Central 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 62.1% share of South & Central America bioanalytical testing services market in 2022, amassing US$ 150.60 million. It is projected to garner US$ 316.20 million by 2030 to expand at 9.7% CAGR during 2022-2030.
Based on country, the South & Central America bioanalytical testing services market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.7% share of South & Central America bioanalytical testing services market in 2022. It was assessed at US$ 142.24 million in 2022 and is likely to hit US$ 297.12 million by 2030, exhibiting a CAGR of 9.6% during 2022-2030.
Key players operating in the South & Central America 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.
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