Dublin, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The "Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
Bioanalytical testing involves analytical methods used for the detailed examination of biological and biotechnology products. Bioanalysis enables the quantitative measurement of drugs and their metabolites, biological molecules in unnatural locations or concentrations, DNA, and large molecules. The global bioanalytical testing services market is projected to reach USD 6.0 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 15.6% during the forecast period.
The Cell-based assays segment is expected to account for the largest share of the bioanalytical testing services market
The increasing prevalence of chronic diseases and the rising number of clinical trials are expected to support the growth of the cell-based assays market. Cell-based assays are in vitro assays used for the quantitative and qualitative assessment of cellular mechanisms and functions using a wide range of reagents and cells. These assays are used to study the characteristics of a cell in natural conditions.
The the oncology segment is expected to account for the largest share of the bioanalytical testing services market
The oncology segment accounted for the largest share of the global bioanalytical testing services market in 2021. With the increasing burden of cancer on healthcare systems worldwide, both government and private organizations are increasingly focusing on developing novel cancer therapies. This is expected to drive the demand for bioanalytical testing services in the clinical trials of cancer drugs. ICON (Ireland), Syneos Health (US), and PAREXEL International (US) are the leading players offering services for the clinical trials of oncology drugs.
The pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the bioanalytical testing services market
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global bioanalytical testing services market in 2021. Pharmaceutical and biopharmaceutical companies mainly focus on developing new drugs for the treatment of various diseases. These companies need to submit specific data related to drug development during the drug development process and subsequent filing of applications to regulatory bodies. This necessitates a wide spectrum of services in the early development phases and clinical phases to comply with regulatory requirements.
Asia Pacific market to witness the highest growth during the forecast period
The APAC market is estimated to grow at the highest CAGR during the forecast period. This is majorly attributed to the rapid growth in the pharmaceutical and biopharmaceutical industries, low cost of clinical trials, and favorable government policies in several countries in this region.
Market Dynamics
Drivers
- 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 Industry
- Rising Adoption of the Quality by Design Approach
Restraints
- Dearth of Skilled Professionals
- Pricing Pressure Faced by Major Players
Opportunities
- Emerging Countries in the Asia-Pacific Region
- Rising Demand for Specialized Bioanalytical Testing Services
Challenges
- Innovative Formulations Demanding a Unique Bioanalytical Testing Approach
- Growing Need to Improve the Sensitivity of Bioanalytical Methods
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Bioanalytical Testing Services Market, by Type
7 Bioanalytical Testing Services Market, by Application
8 Bioanalytical Testing Services Market, by End-user
9 Bioanalytical Testing Services Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Absorption Systems LLC
- Almac Group
- Altasciences
- Bioagilytix Labs
- Bioneeds India Private Limited
- Cd Biosciences Inc
- Celerion
- Charles River
- Eurofins Scientific
- Frontage Labs
- Icon plc
- Intertek Group plc
- Iqvia Inc.
- Laboratory Corporation of America Holdings
- LGC Limited
- Lotus Labs Pvt. Ltd.
- Medpace Holdings
- Pace Analytical
- Parexel International Corporation
- PPD, Inc.
- Sartorius Ag
- SGS Sa
- Syneos Health
- Vipragen Biosciences
- Wuxi Apptec
For more information about this report visit https://www.researchandmarkets.com/r/1wi554
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