Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Bioanalytical Testing Services Market Analysis & Forecast 2024-2034" report has been added to ResearchAndMarkets.com's offering.
This market analysis forecast for the Global Bioanalytical Testing Services industry, surrounding the period from 2024 to 2034, highlights significant growth and strategic advancements in the sector. Detailed within this research is insightful data that informs of market trends, including an expected compound annual growth rate (CAGR) of 8.74% over the forecasted decade.
Key Market Insights
At the core of driving the market is an emphasis on innovation, development, and integration of advanced bioanalytical platforms, and the considerable expansion of outsourcing services for drug development. Bioanalytical testing services are critical for drug development stages and the comprehensive analysis of pharmaceuticals and biological samples across numerous therapeutic areas including oncology and cardiology.
- Increasing Adoption of Outsourcing Services: The report identifies outsourcing trends among leading pharmaceutical companies, which channel focus towards core competencies, boosting the bioanalytical testing services market.
- Market Dominance by Small Molecules: The small molecule segment spearheads the market due to its significance in generic drug development, while the large molecule sector promises rapid growth.
- Strategic Collaborations: Collaborative ventures, such as those witnessed between Forge Biologics and Labcorp, signify the industry's partnership driving ethos.
- Regional Analysis: North America is underlined as the region with considerable market share while the Asia Pacific region is projected to have the fastest growth, primarily attributed to rising demand for outsourcing services.
Segment Focus and End-user Engagement
The report further details segmented analyses which encompass the molecule type, workflow, test type, therapeutic area, and end-user sector, presenting a diversified understanding of the bioanalytical testing services landscape. The report asserts that pharmaceutical and biotechnology companies are substantial contributors as end-users, largely due to their strategic focus on drug discovery and an upswing in industry partnerships.
Technological Advancements and Growth Drivers
Advancements in bioanalytical technologies, a surge in the demand for point-of-care diagnostics, and the introduction of advanced testing platforms such as ICON plc's ICON Digital Platform facilitate the predicted growth. Additionally, the sector is experiencing a heightened emphasis on the need for early detection and comprehensive screening procedures that are conducive to improved health outcomes globally.
Impacts on Cancer and Cardiology Therapeutic Areas
Cancer remains a focus with it being the highest revenue-grossing segment, as the industry responds to an increase in clinical trials and a demand for personalized medicine. Parallelly, the cardiology sector is anticipated to experience swift growth due to escalating cardiovascular disease prevalence and concentrated efforts towards novel therapy developments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $4.27 Billion |
| Forecasted Market Value (USD) by 2034 | $10.73 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Companies Mentioned
- Pace Analytical Services LLC
- SGS SA
- Intertek Group plc
- PPD Inc.
- ICON plc
- Syneos Health
- IQVIA
- Covance Inc.
- Toxikon
- Charles River Laboratories International
For more information about this report visit https://www.researchandmarkets.com/r/fq7tgx
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