WESTFORD, Mass., July 17,
2024 /PRNewswire/ -- According to SkyQuest, the
global Bioanalytical Testing Services Market size was valued
at USD 2.42 Billion in 2022 and is
poised to grow from USD 2.78 Billion
in 2023 to USD 8.51 Billion by 2031,
at a CAGR of 15 % during the forecast period (2024-2031).
The global bioanalytical testing services market refers to
analytical services provided by medical biotechnology companies to
determine the safety and efficacy of drugs and biologics in humans.
These services play an important role in drug development and the
regulatory approval process. Bioanalytical testing services refer
to analytical methods for the determination of concentrations of
drugs, metabolites and other biomarkers in natural fluids and
tissues, including blood, urine and tissue.
WuXi AppTec's laboratory testing department has increased
productivity by 400% since its early start in implementing
bioanalytical automation. The bioanalytical testing services market
includes CROs and other providers of bioanalytical testing services
to the pharma and biotech industries.
Download a detailed overview:
https://www.skyquestt.com/sample-request/bioanalytical-testing-services-market
Bioanalytical Testing Services Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 2.78
Billion
|
Estimated Value by
2031
|
USD 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
|
Type, Application, End
User, Workflow and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increasing Preference
for Outsourcing Analytical Testing
|
Key Market
Drivers
|
Increasing Demand for
Personalized Medicine
|
Segments covered in Bioanalytical Testing Services
Market are as follows:
- Type
- Cell based assays (Bacterial cell-based assays, Viral
cell-based assays), Virology testing (In-vitro virology
testing, In-vivo testing, Species-specific viral
PCR assays)
- Application
- Oncology, Neurology, Infectious
diseases, Gastroenterology, Cardiology, other
applications, and Others
- End-user
- Pharmaceutical and Biopharmaceutical Companies, Contract
Development and Manufacturing Organizations, and Contract Research
Organizations
- Workflow
- Sample Preparation, and Sample Analysis
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Comprehensive Workflow for Bioanalytical Testing
Services
The sample analysis segment accounts for the largest share of
the global bioanalytical testing services market, accounting for
over 45.8% of the total revenue. The next phase of pharmaceutical
industry involvement in pharmaceuticals demands more efficient and
accurate analytical methods. For example, hyphenated methods and
chromatographic methods are important sensitive and selective
methods for identifying and quantifying biological samples.
According to SkyQuest In-depth Analysis, approx 10-15% of these
methods are used in the pharmaceutical industry. Mass spectrometry
and nuclear magnetic resonance provide detailed molecular
expression data needed to determine the mechanism of action of
drugs and other physiological agents. Ligand binding assays are
used in immunogenicity tests and biomarker studies, while
electrophoresis aids identification properties of proteins.
Advanced technology then guarantees that sound system data will
satisfy codes and allow new treatments to be developed more
quickly.
The sample manufacturing segment is expected to grow at a CAGR
of 8.9% during the forecast period. Sampling extraction methods
help to extract important features from the matrix. Automation,
less solvent usage, and reduced bottle size for non-traditional
extraction technologies have become increasingly popular in the
industry Ideal methods of sample preparation avoid matrix high risk
and experimental variability in the sample thus obtaining a clean
sample. Therefore, it is important to preserve sample integrity
from the point of sample collection to the point of analysis to
reduce the complications encountered in bioanalysis.
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Diverse Testing Services Driving Innovation and Quality in
Bioanalysis
The bioavailability segment has the largest market share,
accounting for more than 18.4% of global revenue by 2023. This is
due to increasing consumer awareness of self-medication through
pharmaceutical products, greater demand for live services such in
simple pharmaceutical formulations. Furthermore, increasing
consumer health and self-care awareness is also contributing to the
demand for pharmaceutical products and increasing the need for
bioavailability tests. Based on our study, the increasing
prevalence of chronic diseases and increasing aging, i.e. 10% of
the global population over the age of 65, also contributed to this
because such people need regular services. The importance of such
testing is heightened by regulatory agencies' expectation to
demonstrate the bioavailability and biocompatibility of the
drug.
The bioequivalence segment is expected to grow the fastest, at a
CAGR of 9.1% during the forecast period. Growing demand for drugs
is driving end-users to expand their testing capabilities and
encourage more in-house research. Furthermore, the widespread use
of drugs leads to the growth of generic drugs, whose therapeutic
values are compared with those of branded drugs is a great
bioequivalence test. This study is important for regulation
councils to ensure that generic drugs have the same safety and
efficacy data as new drugs, but licensing has increased substances
that has also contributed to increasing the frequency of
bioequivalence testing.
Precision in Progress: The Future of Bioanalytical Testing
Services
As the bioanalysis testing services market continues to evolve,
increasing demand for precision medicine is leading innovation and
growth in the pharmaceutical biotechnology industry, with market
leaders driving the need for testing services.
Strategic partnerships and acquisitions shape the competitive
landscape and foster collaboration and expansion. Companies are
investing in state-of-the-art laboratories and skilled personnel to
enhance their testing capabilities and meet growing demand.
In conclusion, the bioanalytical testing services market is
poised for significant growth, driven by technological advancements
and the expansion of the biopharmaceutical industry.
Related Reports:
Biopharmaceutical Analytical Testing Services Market
Pharmaceutical Analytical Testing Outsourcing Market
Biologics Safety Testing Market
Clinical Laboratory Tests Market
Bioinformatics Services Market
About Us:
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Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
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SkyQuest Technology
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Massachusetts 01886
USA (+1) 351-333-4748
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SOURCE SkyQuest Technology