Bioanalytical Testing Services Market Size, Share & Trends Report

Bioanalytical Testing Services Market Size, Share & Trends Analysis Report By Molecule (Small, Large), By Test (ADME, PD, PK, Others), By Workflow, By Application, By End Use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-946-3
  • Number of Pages: 180
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2023
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the bioanalytical testing services market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for bioanalytical testing services market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of bioanalytical testing services market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Bioanalytical Testing Services Market Categorization:

The bioanalytical testing services market was categorized into four segments, namely molecule (Small Molecule, Large Molecule), test (ADME, PK, PD, Bioavailability, Bioequivalence), workflow (Sample Preparation, Sample Analysis), and regional (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

Segment Market Methodology:

The bioanalytical testing services market was segmented into molecule, test, workflow, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The bioanalytical testing services market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty-two countries, namely, the U.S.; Canada; the UK.; Germany; France; Italy; Spain; Netherlands; Switzerland; Norway; Denmark; Sweden; India; China; Japan; Australia; South Korea; Indonesia; Malaysia; Singapore; Thailand; Taiwan; Brazil; Mexico; Argentina; Colombia; South Africa; Saudi Arabia; UAE; Israel; Kuwait.
Egypt; South Africa; and Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Bioanalytical testing services market companies & financials:

The bioanalytical testing services market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Thermo Fisher Scientific Inc (PPD, Inc.) -  Pharmaceutical Product Development, LLC (PPD) provides drug discovery & development and post-approval services as well as compound partnering programs. The company caters to pharmaceuticals, medical device companies, biotechnology institutions, government organizations, and academic institutions. Key therapeutic areas in which the company offers services include cardiology, critical care, dermatology, hematology, oncology, pulmonology, and urology.

  • ICON Plc - ICON plc is a global CRO that provides clinical, consulting, & commercialization services. It specializes in strategic development management and analysis of programs that support clinical development ranging from selection of a compound to phase I to phase IV clinical studies. The company also provides functional outsourcing & laboratory services. Its laboratory services include a range of high-value testing services including vaccine, biomarker, good manufacturing practice, bioanalytical & central laboratory services.

  • Charles River Laboratories International - Charles River Laboratories International, Inc. is a provider of clinical laboratory services and preclinical services for pharmaceutical and biotechnology industries. It operates through three segments: Discovery & Safety Assessment (DSA), Research Models & Services (RMS), and Manufacturing Support. Its DSA segment offerings include bioanalysis, drug metabolism, toxicology, and pharmacokinetics services. It caters its products & services to biotechnology & pharmaceutical companies, medical device companies, hospitals, clinics, and academic institutions.

  • Covance, Inc. - Covance, Inc. is a contract research organization that provides clinical and commercialization services to biopharmaceutical & pharmaceutical industries. The company is owned by LabCorp and provides services in more than 60 countries. It offers a wide range of drug development solutions to pharmaceutical industries and laboratory testing services to chemical industries. It is a key player in discovery, toxicology, & central laboratory services and one of the top companies that provides management services for phase III clinical trials to pharmaceutical industries.

  • IQVIA - IQVIA provides contract research services, technology solutions, and advanced analytics to the global life sciences industry. The company operates through three main business areas: R&D solutions, commercialization solutions, and technology solutions. It serves biotechnology, consumer health, pharmaceuticals, and device & diagnostics companies across North America, Europe, Asia Pacific, & Africa. The company have operations in more than 100 countries.

  • Syneos Health - Syneos Health Inc. provides phase I to phase II clinical development service. The company offers its services to medical devices and biopharmaceutical companies. The company has two functional segments, namely Phase I services and clinical development services. The Phase I service segment includes support for Phase I studies for established compounds, exploratory medicine, and first-in-human studies. The clinical development segment offers global studies, clinical monitoring, patient recruitment, quality assurance reviews, consulting services, investigator recruitment, and study reports to facilitate drug development. The company have presence in more than 110 countries.

  • SGS SA - SGS SA offers inspection, testing, certification, and verification services for various industries. It operates in agriculture & food, chemicals, consumer & retail goods, construction, energy, life sciences, industrial manufacturing, oil & gas, logistics, public sector, mining, and transportation. For life sciences, the company has the following verticals in its services portfolio: clinical research services, laboratory services, biopharmaceutical services, pharmaceutical services, medical devices, health beauty & wellness, quality health safety & environment, and technical staffing services. The company has more than 2,600 offices and laboratories globally.

  • Labcorp (Toxikon) -  LabCorp is involved in the development of drugs and diagnostics. The company serves clients across 100 countries. Its clients include hospitals, physicians, employers, governmental agencies, and other independent clinical laboratories. It has clinical laboratories that are located in the U.S. and other countries, including Canada, the UK, and the UAE.

  • Intertek Group Plc - Intertek Group plc (IGP) is the provider of quality and safety solutions. IGP operates through three reportable segments: Product, Trade, and Resources. Its product segment’s key offerings include inspection & certification services, laboratory testing, quality & performance testing, supplier auditing, vendor compliance, and sustainability analysis. Its trade and resources segment offers technical services, analytical testing services, calibration, and asset integrity services. IGP caters its services to life science, food, pharmaceuticals, and healthcare industries. It has presence in 1,000 locations in over 100 countries.

  • Pace Analytical Services LLC - Pace Analytical Services, Inc. (Pace) is a sampling and analytical testing services company. Pace operates as a subsidiary of LAB Holdings, Inc. It offers chemistry services, such as method development, validation, verification, and method transfer services, including raw material testing, extractable & leachable testing, quality testing, residual solvents testing, environment monitoring, impurities testing, and microbiology laboratory testing. Pace also provides other services such as scientific staffing, instrument sale & services, and consulting. It caters its services through a network of analytical labs and service centers in the U.S. The company has more than 500 certifications.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Bioanalytical Testing Services Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Bioanalytical Testing Services Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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