Bioanalytical Testing Services Market will Reach USD 8.51 Billion by 2031 | SkyQuest

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Westford USA, June 14, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that Bioanalytical Testing Services Market will attain a value of USD 8.51 Billion by 2031, with a CAGR of 15% over the forecast period (2024-2031). The main reason behind the growth of this market is the recent tendency by major pharmaceutical firms to subcontract out their research and development (R&D) activities so they can focus on their main competencies. Additionally, during the estimated period, there will be high demand levels as it is cheaper when a study is done outside other than internally. It is anticipated that innovation and the creation of new products will increase demand for these services even more. Companies are outsourcing these services due to pressure from the competition and pricing concerns.

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Browse in-depth TOC on the ” Bioanalytical Testing Services Market “

  • Pages – 219
  • Tables – 155
  • Figures – 78

Bioanalytical Testing Services Market Overview:

Report Coverage Details
Market Revenue in 2023 $2.78 Billion
Estimated Value by 2031 $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 Molecule, Test, Workflow, Application, End-user
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights Increasing preference for outsourcing analytical testing
Key Market Opportunities Rising demand for specialized bioanalytical testing services
Key Market Drivers Increasing demand for personalized medicine

Sample Analysis to Dominate Owing to Advancements in Analytical Instruments

Its dominance in the global market of bioanalytical testing services is predominant due to strict regulatory requirements, the significance of sample analysis workflow for drug safety and efficacy, and development of analytical instrument technology. These forces drive an increase in demand for reliable testing that will make bioanalytical testing more prevalent on the market.

Bioavailability Test is Dominant Sub-Segment, Owing to Increasing Drug Development Activities

As bioavailability testing is crucial for figuring out medication absorption rates, guaranteeing therapeutic efficacy, and satisfying regulatory approval requirements, it dominates the global bioanalytical testing services market. Accurate bioavailability tests are in high demand due to this requirement, which is supported by growing drug research efforts and improvements in analytical techniques.

Increasing Number of Pharmaceutical Industries Allowing North America to Dominate Market

With more than 46.2% of the world market’s sales, North America was the market leader. As there are more pharmaceutical companies in the US and Canada, the region is anticipated to grow steadily with a constant CAGR throughout the course of the projected period. The expansion of the region is also anticipated to be aided by the strong presence of significant industry participants.

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Bioanalytical Testing Services Market Insight

Drivers:

  1. Increasing Demand for Personalized Medicine
  2. Growing Focus on Analytical Testing of Biologics and Biosimilars
  3. Increasing Preference for Outsourcing Analytical Testing

Restraints:

  1. Dearth of Skilled Professionals
  2. Pricing Pressure faced by Major Players
  3. Lack of Innovation in Formulations for Unique Bioanalytical Testing Approach

Prominent Players in Bioanalytical Testing Services Market

The following are the Top Bioanalytical Testing Services Companies

  • Pharmaron Beijing Co., Ltd. (China)
  • Medpace Holdings, Inc. (US)
  • Almac Group (UK)
  • Bioclinica (US)
  • Celerion (US)
  • PSI CRO AG (Switzerland)
  • Syneos Health (US)
  • Anapharm (Canada)
  • BioAgilytix Labs (US)
  • LGC Limited (UK)

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Key Questions Answered in Global Bioanalytical Testing Services Market Report

  • What is the anticipated market size for global bioanalytical testing services by 2031, and what is the anticipated compound annual growth rate (CAGR) for this market?
  • Why are big pharma businesses turning more and more to bioanalytical testing services for their research and development?
  • What percentage of the global market does the leading region now occupy, and which one is driving the market for bioanalytical testing services?

This report provides the following insights:

  • Analysis of key drivers (Bioanalytical testing services play a crucial role in developing, testing personalized drugs is increasing, determining the effectiveness of drugs on individual patients and expanded biomarker capabilities to support clinical development), restraints (Lack of qualified individuals to operate the sophisticated equipment, difficulty in new technologies & methodologies to be adopted and pricing pressure on international players is somewhat increased), opportunities (Governments are extensively emphasizing the development of life science infrastructure, manufacturing drugs for various infectious & chronic diseases and soft loans for pharma industrial R&D projects), and challenges (Development of novel drug delivery systems pose a variety of challenges and regulatory requirements make it highly difficult for service providers to ensure sufficient testing capabilities) influencing the growth of bioanalytical testing services market
  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the bioanalytical testing services market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the bioanalytical testing services market
  • Market Development: Comprehensive information on lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
  • Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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:

SkyQuest is an IP focused Research and Investment Bank and 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 have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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