Market Overview
The bioanalytical testing services market size is expected to reach USD 7.55 billion by 2030 at 8.6% CAGR during the forecast period 2022-2030.
The role of bioanalytical technology in trying the put an end to the infectious COVID’19 pandemic technologies is worth to be appreciated. Bioanalytical testing refers to the quantitative measurement of xenobiotics, including small molecule drugs, their biological molecules, and metabolites. Bioanalytical testing services are utilized to develop bioanalytical methods in body fluids and tissue specimens. These tests are meant to support pre-clinical and trials between phase I and phase IV.
Several companies offered bioanalytical services related to small and large molecules, including spectrometry, cell-based assays, and immunoassays. Normally such detailed study is required in case of infectious diseases. Currently, the government is encouraging bioanalytical testing services to control the infectious coronavirus. Such encouragement may provide good opportunities and boost the bioanalytical testing services market. Bioanalytical testing services are mainly required to find a solution to cure chronic ailments. Increased demand to cure chronic ailments leads to the growth of the bioanalytical testing services market. This sort of service requires skilled professionals. Lack of skilled professionals may disturb the market growth.
Key Players:
Toxikon (U.S.), Intertek Group plc (U.K.), Charles River Laboratories, Inc. (U.S.), SGS SA (Switzerland), WuXi AppTec (U.S.), Pharmaceutical Product Development (U.S.), LLC (U.S.), Covance, Inc. (U.S.), ICON plc (Ireland), Pace Analytical Services, inVentiv Health (U.S.), Laboratory Corporation of America Holdings (U.S.)
Market Segmentation
The market of the Bioanalytical Testing Services Market can be segmented based on test type, molecule type, application, end-user, and geography. According to the test type category, the market can be divided into pharmacodynamics, bioavailability and bioequivalence studies, pharmacokinetics, and other tests. According to the molecule type, it can be divided into small and large molecules. When geography is considered, it can be divided into North America, Europe, Asia-Pacific, and the rest of the world. According to the application segment, the market can be divided based on oncology, infectious diseases, gastroenterology, neurology, cardiology, etc. In the end-user segment, the market can be divided into pharmaceutical and biopharmaceutical companies, manufacturing organizations, contract development, etc.
Industry News
The global bioanalytical testing services market analysis reveals that the market size is expected to earn a revenue of USD 6.3 billion at a growth rate of CAGR 8.6% by the end of 2028. Several pharmaceutical companies are investing huge investments in research and development, assay validation, and other laboratory solutions, driving the bioanalytical testing services market ahead. The innovation of a new drug will provide more opportunities for growth in the bioanalytical testing services market. But the high cost of the drugs may disturb the growth rate. Searching for a new method that reduces the testing costs and drug costs may lead to a rise in the market size.
Regional Classification
The small molecule sub-segment has the largest share in the bioanalytical testing services market when the molecule type segment is analysed. They play an important role in developing generic versions of branded drugs. This is very important when the branded drug is costly. When a large molecules segment is analysed, testing large molecules can be done only by well-established research and development of biopharmaceutical companies. So, this kind of testing service is outsourced when phase II studies or long-term toxicity studies are required. When analysed geography-wise, North America has the largest bioanalytical testing services market share. When the test type is analysed the pharmacodynamics test type is much in demand followed by the pharmacokinetics. When analysed application-wise, the testing services related to oncology are much in demand, followed by infectious diseases. Pharmaceutical and biopharmaceutical companies have the maximum need for bioanalytical testing services in the end-user segment.
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