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; it is estimated to grow at a CAGR of 9.2% from 2022 to 2030.
Uninterrupted Growth of Pharmaceuticals Industry Fuel the South & Central America Bioanalytical Testing Services Market
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.
South & Central America Bioanalytical Testing Services Market Overview
The bioanalytical testing services market in South & Central America is sub segmented into Brazil, Argentina, and the Rest of South & Central America. The market growth in this region is primarily attributed to the ongoing efforts of global pharmaceutical companies to establish their presence in the region, along with the increasing awareness about diseases and rising healthcare expenditure by countries.
South & Central America Bioanalytical Testing Services Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Bioanalytical Testing Services Market Segmentation
The South & Central America bioanalytical testing services market is segmented based on test type, disease indication, end user, and country.
Based on test type, the South & Central America bioanalytical testing services market is segmented into pharmacokinetics, biomarkers, immunogenicity, virology testing, cell-based assays, and others. The cell-based assays segment held the largest market share in 2022.
Based on disease indication, the South & Central America bioanalytical testing services market is segmented into cardiovascular, neurological disorders, metabolic disorders, respiratory diseases, autoimmune disorder, oncology, sexual health, bone disease, and others. The oncology segment held the largest market share in 2022.
Based on end user, the South & Central America bioanalytical testing services market is segmented into pharmaceutical and biopharmaceutical companies, contract research organization (CRO), contract development and manufacturing organization (CDMO), and others. The pharmaceutical and biopharmaceutical companies segment held the largest market share in 2022.
Based on country, the South & Central America bioanalytical testing services market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America bioanalytical testing services market share in 2022.
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, ICON Plc, and Intertek Group Plc are some of the leading companies operating in the South & Central America bioanalytical testing services market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 242.43 Million |
| Market Size by 2030 | US$ 491.76 Million |
| CAGR (2022 - 2030) | 9.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Services
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
1. SGS SA
2. Pharmaron Beijing Co Ltd
3. Element Materials Technology Group Ltd
4. Charles River Laboratories International Inc
5. Eurofins Scientific SE
6. Labcorp Drug Development Inc
7. Syneos Health Inc
8. ICON Plc
9. Intertek Group Plc
The South & Central America Bioanalytical Testing Services Market is valued at US$ 242.43 Million in 2022, it is projected to reach US$ 491.76 Million by 2030.
As per our report South & Central America Bioanalytical Testing Services Market, the market size is valued at US$ 242.43 Million in 2022, projecting it to reach US$ 491.76 Million by 2030. This translates to a CAGR of approximately 9.2% during the forecast period.
The South & Central America Bioanalytical Testing Services Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Bioanalytical Testing Services Market report:
The South & Central America Bioanalytical Testing Services Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Bioanalytical Testing Services Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Bioanalytical Testing Services Market value chain can benefit from the information contained in a comprehensive market report.
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