Chicago, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "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", 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.
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153 - Tables
37 - Figures
208 - Pages
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Scope of the Report:
| Report Coverage | Details |
| Market Size | USD 6.0 billion by 2027 |
| CAGR | 15.6% |
| Historical Data | 2020-2027 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Bioanalytical testing services market: By Type, By Application and By End User |
| Geographies Covered | North America
Middle East & Africa |
| Key Companies Profiled/Vendors | Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India) and Among Others |
| Key Market Opportunities | Emerging countries in the Asia Pacific region |
| Key Market Drivers | Rising focus on the analytical testing of biologics and biosimilars |
Increasing focus on the analytical testing of biologics and biosimilars, growing preference for outsourcing analytical testing, rising R&D expenditure in the pharmaceutical sector, are driving the growth of the market.
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In this report, the global bioanalytical testing services market is segmented by type of service, application, end user, and region. Based on the type of service, the market is segmented into cell-based assays; virology testing; method development optimization and validation; serology, immunogenicity, and neutralizing antibodies; biomarker testing; pharmacokinetic testing; and other services (biologics characterization, extractable & leachable testing, and stability testing). The cell-based assays segment accounted for the largest share the bioanalytical testing services market in 2021. High and increasing utilization of cell-based assays in developing newer drugs as a result of the increasing prevalence of chronic diseases is boosting the segment growth.
Various applications considered in the market are oncology, neurology, infectious diseases, gastroenterology, cardiology, and other application areas. Among these, the oncology accounted for the largest market share in 2021, primarily due to the growing number of clinical trials conducted for oncology and the increasing prevalence of cancer globally.
The end users of bioanalytical testing services market are pharmaceutical and biopharmaceutical companies, contract development and manufacturing organizations (CDMOs), and contract research organizations (CROs). Among these, the pharmaceutical and biopharmaceutical companies segment accounted for the largest market share of the bioanalytical testing services market in 2021. Factors such as, improved outsourcing of early-phase development, clinical, and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time duration to validate processes and products are driving the segment growth.
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Geographical Growth Scenario:
The bioanalytical testing services market is segmented into five major regions; North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America dominated this market with the largest share in 2021. This can be attributed to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, rapid growth in the biosimilars and biologics markets, increasing R&D expenditure, and the large pool of bioanalytical CROs in the region.
Key Players:
Prominent players in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India).
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