The bioanalytical testing services market in Europe is expected to be valued at USD 1976 million by 2028 from USD 1327 million in 2023, growing at a CAGR of 8.28% from 2023 to 2028.
The growing demand for drug development and manufacturing due to the rising prevalence of chronic diseases and infections primarily drives the Europe bioanalytical testing services market. In 2021, approximately 35% of the population aged 16 and above were afflicted with at least one chronic disease, such as cancer, diabetes, cardiovascular disease, arthritis, and more. The escalating mortality rate among these individuals has spurred researchers to focus on the development of drugs and vaccines that can prevent or treat these diseases at an early stage. Bioanalytical testing plays a crucial role in this drug development process, facilitating seamless progression from one stage to another while minimizing errors. This testing aids in determining the drug's intended purpose and identifying any potential toxicity. The FDA has issued several guidelines for bioanalytical methods in the healthcare industry, ensuring that drug developers validate their products to ensure the biological quality of the data for future requirements.
The growing trend of pharmaceutical companies outsourcing their analytical testing needs further contributes to the growth of the Europe bioanalytical testing services market. Contract research organizations (CROs) play a vital role in providing these services as they possess the necessary resources, expertise, advanced instrumentation, and cutting-edge technology to handle complex programs across various modules in the clinical and therapeutic sectors. With intense competition in the pharmaceutical industry for drug production, companies are increasingly turning to outsourcing partners to manage drug testing and other high-cost, time-consuming processes. Bioanalytical testing serves multiple purposes, including determining injection dosages and evaluating cell-based therapies.
The advancements in bioanalytical testing services promote the Europe bioanalytical testing services market growth. Researchers are actively working on expanding the applications of biological testing services, thereby contributing to the market's growth rate in Europe. Furthermore, the healthcare sector is witnessing an upsurge in the manufacturing of diverse devices, products, and procedures for analytics testing, further bolstering market growth. Factors such as increased research and development activities, augmented investments by healthcare organizations, and a rise in the number of product approvals support the bioanalytical testing services market growth in Europe.
High costs associated with the instruments used in such testing is one of the major factors hampering the European bioanalytical testing services market. Factors such as lack of awareness, inadequate infrastructure facilities, scarcity of skilled professionals in service centers, and time-consuming procedures pose further hinder the European market growth.
This research report on the Europe bioanalytical testing services market has been segmented and sub-segmented into the following categories.
By Molecule:
By Test:
By Workflow:
By Therapeutic Area:
By End-user:
By Country:
The Europe region had the second biggest share of the global market in 2022 and is anticipated to account for a notable share of the worldwide market during the forecast period. Germany is expected to capture the leading share of the European market during the forecast period owing to the growing investments from the German government to enhance healthcare services. The introduction of various software solutions designed to streamline bioanalytical testing services, the proliferation of bioanalytical testing service centers and the increasing number of drug approvals in Germany propel the German market growth. The provision of diverse bioanalytical testing packages in Germany favors the German market growth. The UK market is predicted to hold a notable share of the European market during the forecast period owing to the growing emphasis on bioanalytical testing for biosimilars and biologics. The expanding network of bioanalytical testing laboratories, increasing mergers and partnerships and the establishment of training programs and clinical trial centers fuel the UK market growth.
KEY MARKET PLAYERS:
Eurofins Scientific SE, Charles River Laboratories International, Inc., Covance Inc., SGS SA and Intertek Group plc are some of the major companies in the Europe bioanalytical testing services market.
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