The bioanalytical services market is projected to reach USD 3.7 billion by 2025 from USD 2.1 billion in 2020, at a CAGR of 11.8% during the forecast period. The growth in this market is primarily attributed to the rising focus on the analytical testing of biologics and biosimilars, increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach. While the entire drug development process has evolved tremendously over time, bioanalytics—the foundation of drug development— remains labor-intensive and technically challenging. Despite recent advances involving the combination of traditional and new technologies, there is an urgent need for novel approaches in bioanalytics to increase throughput and improve drug development quality.
Aligning with the latest compliance regulations in the industry, bioanalytical services companies can serve pharma and biotech firms of all sizes in the areas of drug development at both preclinical and clinical stages. The pharma and biotech companies can outsource testing to efficient contract research organizations (CROs) to curtail operational expenditure costs and propel market growth over the forecast period. With in-depth knowledge of using cutting-edge analytical tools, the CROs can play a central role in the inspection, verification, testing of the various biomarkers and molecules.
There are numerous bioanalytical service providers in the market today, and businesses find it difficult to choose the appropriate one who can guide them in building long-lasting customer relationships. To help leaders navigate through the list of bioanalytical service providers, our panel comprising CEOs, CIOs, VCs, industry analysts and the editorial board of Life Sciences Review has narrowed down the top companies in this landscape who exhibit competence in delivering robust innovations. We present to you Life Science Review’s “Top 10 Bioanalytical Services Companies in APAC - 2021”.