by Bioassay refers to an analytical procedure which deals with the study of biological activities of vaccines, drugs, or toxic materials on living cells and organisms. Bioassay services involve activities such as discovery, safety assessment, efficacy evaluation, quality control testing, and other preclinical services to support drug development. The growing demand for high throughput screening and cell-based assays is boosting the Bioassay Services Market.
The Bioassay Services Market is estimated to be valued at US$ 340 Mn in 2024 and is expected to exhibit a CAGR of 30.% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Bioassay Services Market are CCRM,Nexelis,Pacific BioLabs,PPD Laboratories,WuXi Advanced Therapies.
The rising prevalence of chronic diseases and growing R&D expenditure in the pharmaceutical and biotechnology industry are creating significant growth opportunities for players in the Bioassay Services Market.
Leading bioassay service providers are expanding their global footprint to capitalize on the growth opportunities in emerging markets such as Asia Pacific and Latin America.
Market Drivers
The increasing complexity of assays along with rising drug discovery and development activities is driving the demand for outsourcing bioassay services. Outsourcing bioassay services enables pharmaceutical and biotech companies to focus on their core competencies. It also provides advantages such as access to advanced technologies, expertise, high throughput capabilities and reduced costs. The outsourcing trend coupled with rising R&D spending in drug development is expected to fuel the growth of the Bioassay Services Market over the forecast period.
PEST Analysis
Political: Regulations, policies related to biosafety, research on living systems, ethics guidelines etc. may impact the market growth.
Economic: Changes in funding for research or economic crises affecting research budgets will influence demand for bioassay services.
Social: Growing acceptance of research involving biosciences and focus on developing new therapeutics are driving growth.
Technological: Advancements in areas like high throughput screening, automated analysis tools are allowing faster, affordable bioassays leading to increased outsourcing. Development of new bioassay techniques will also augment the market.
Regions With Highest Market Concentration
North America currently holds the largest share of the Bioassay Services Market in terms of value. This can be attributed to presence of well-established CROs, growing biotechnology and pharmaceutical industries and availability of funding for R&D activities in the region. Increased outsourcing of drug discovery related work to specialty CROs from major pharmaceutical companies also contributes to its large market size.
Fastest Growing Regional Market
The Asia Pacific region is expected to witness highest growth over the forecast period owing to increasing government funding for biological research, growing biopharmaceutical industry, and presence of large patient pools facilitating clinical trial activities in countries like China and India. Rising awareness about contract research and presence of low-cost skilled workforce are further attracting investments from global players into the APAC Bioassay Services Market.
What Are The Key Data Covered In This Bioassay Services Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Bioassay Services Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Bioassay Services Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Bioassay Services Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Bioassay Services Market vendors
FAQ’s
Q.1 What are the main factors influencing the Bioassay Services Market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Bioassay Services Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Bioassay Services Market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
