Westford USA, June 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Bioanalytical Testing Services Market will attain a value of USD 8.51 Billion by 2031, with a CAGR of 15% over the forecast period (2024-2031). The main reason behind the growth of this market is the recent tendency by major pharmaceutical firms to subcontract out their research and development (R&D) activities so they can focus on their main competencies. Additionally, during the estimated period, there will be high demand levels as it is cheaper when a study is done outside other than internally. It is anticipated that innovation and the creation of new products will increase demand for these services even more. Companies are outsourcing these services due to pressure from the competition and pricing concerns.
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Bioanalytical Testing Services Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $2.78 Billion |
| Estimated Value by 2031 | $8.51 Billion |
| Growth Rate | Poised to grow at a CAGR of 15% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Molecule, Test, Workflow, Application, End-user |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing preference for outsourcing analytical testing |
| Key Market Opportunities | Rising demand for specialized bioanalytical testing services |
| Key Market Drivers | Increasing demand for personalized medicine |
Sample Analysis to Dominate Owing to Advancements in Analytical Instruments
Its dominance in the global market of bioanalytical testing services is predominant due to strict regulatory requirements, the significance of sample analysis workflow for drug safety and efficacy, and development of analytical instrument technology. These forces drive an increase in demand for reliable testing that will make bioanalytical testing more prevalent on the market.
Bioavailability Test is Dominant Sub-Segment, Owing to Increasing Drug Development Activities
As bioavailability testing is crucial for figuring out medication absorption rates, guaranteeing therapeutic efficacy, and satisfying regulatory approval requirements, it dominates the global bioanalytical testing services market. Accurate bioavailability tests are in high demand due to this requirement, which is supported by growing drug research efforts and improvements in analytical techniques.
Increasing Number of Pharmaceutical Industries Allowing North America to Dominate Market
With more than 46.2% of the world market's sales, North America was the market leader. As there are more pharmaceutical companies in the US and Canada, the region is anticipated to grow steadily with a constant CAGR throughout the course of the projected period. The expansion of the region is also anticipated to be aided by the strong presence of significant industry participants.
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Bioanalytical Testing Services Market Insight
Drivers:
- Increasing Demand for Personalized Medicine
- Growing Focus on Analytical Testing of Biologics and Biosimilars
- Increasing Preference for Outsourcing Analytical Testing
Restraints:
- Dearth of Skilled Professionals
- Pricing Pressure faced by Major Players
- Lack of Innovation in Formulations for Unique Bioanalytical Testing Approach
Prominent Players in Bioanalytical Testing Services Market
The following are the Top Bioanalytical Testing Services Companies
- Pharmaron Beijing Co., Ltd. (China)
- Medpace Holdings, Inc. (US)
- Almac Group (UK)
- Bioclinica (US)
- Celerion (US)
- PSI CRO AG (Switzerland)
- Syneos Health (US)
- Anapharm (Canada)
- BioAgilytix Labs (US)
- LGC Limited (UK)
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Key Questions Answered in Global Bioanalytical Testing Services Market Report
- What is the anticipated market size for global bioanalytical testing services by 2031, and what is the anticipated compound annual growth rate (CAGR) for this market?
- Why are big pharma businesses turning more and more to bioanalytical testing services for their research and development?
- What percentage of the global market does the leading region now occupy, and which one is driving the market for bioanalytical testing services?
This report provides the following insights:
- Analysis of key drivers (Bioanalytical testing services play a crucial role in developing, testing personalized drugs is increasing, determining the effectiveness of drugs on individual patients and expanded biomarker capabilities to support clinical development), restraints (Lack of qualified individuals to operate the sophisticated equipment, difficulty in new technologies & methodologies to be adopted and pricing pressure on international players is somewhat increased), opportunities (Governments are extensively emphasizing the development of life science infrastructure, manufacturing drugs for various infectious & chronic diseases and soft loans for pharma industrial R&D projects), and challenges (Development of novel drug delivery systems pose a variety of challenges and regulatory requirements make it highly difficult for service providers to ensure sufficient testing capabilities) influencing the growth of bioanalytical testing services market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the bioanalytical testing services market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the bioanalytical testing services market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Biopharmaceutical Analytical Testing Services Market
Pharmaceutical Analytical Testing Outsourcing Market
Biologics Safety Testing Market
Clinical Laboratory Tests Market
Bioinformatics Services Market
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