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Bioanalytical Testing Services Market: By Testing Type (Cell-Based Assays, Virology Testing, Serology, Immunogenicity, and Neutralizing Antibodies, Toxicology Services, Biomarker Testing, Pharmacokinetic Testing), By Technology (Mass Spectrometry, Chromatography), By Application (Oncology, Neurology, Metabolic Disorders, Hematology, Immunology, Orthopedics), By End User (Biotech & Pharmaceuticals Company, CDMO & CMO, Clinical Research Organizations, Healthcare Institutes), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Bioanalysis refers to the quantitative assessment of compounds and analytes in biological matrices like bodily fluids (urine, blood, and more). Bioanalytical testing involves the use of an approved bioanalytical method to quantitatively assess the analyte(s) in the supplied biological matrix. This method is used early in the drug development course. It is essential for biopharmaceutical, nonclinical, and clinical pharmacology investigations to be performed successfully. It offers vital information to support the safety and efficacy of biological and pharmaceutical products. Regulations set forth by the FDA, Health Canada, and GLP must largely be followed when developing and validating bioanalytical methods. The technique should only be used to analyze the analyte in the verified biological matrix once it has been properly validated.
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Bioanalytical Testing Services Market to surpass USD 10.1 billion by 2032 from USD 3.13 billion in 2021 at a CAGR of 11.2% in the coming years, i.e., 2022-32. Companies are offering a wide range of services and products in the market due to the growing trend of outsourcing laboratory testing services for quality control. This is majorly driving the Bioanalytical Testing Services Market. Also, the market growth is largely attributed to investments made in bioanalytical R&D and laboratories due to the increased demand for biopharma products and the growing need to create novel bioanalytical assay platforms.
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Bioanalytical Testing Services Market is categorized on the basis of Testing Type into Cell-Based Assays, Virology Testing, Serology, Immunogenicity, and Neutralizing Antibodies, Toxicology Services, Biomarker Testing, Pharmacokinetic Testing, and Other Services. In 2021, the Cell-Based Assays segment held a major market share. The segment is expected to lead over the projected period as well due to the rising incidence of chronic diseases and the growing number of clinical trials.
Bioanalytical Testing Services Market is categorized on the basis of Application into Oncology, Neurology, Metabolic Disorders, Hematology, Immunology, Orthopedics, and Others. The oncology segment held a larger market share in 2021, and it is anticipated to expand at the highest CAGR during the projected period. The key driver of the segment growth is the surge in the number of cancer clinical studies being performed.
The development of cutting-edge bioanalytical technologies for improved testing is expected to aid in the growth of the Bioanalytical Testing Services Market. The demand for certain testing methods has increased due to the introduction of combination products, biosimilars, and other novel medicines. The global pharmaceutical market supply chain was affected by the coronavirus epidemic. However, the outbreak had a positive impact on the Bioanalytical Testing Services Market. Key stakeholders' R&D and manufacturing operations were expanded due to the pandemic, which increased demand for these services.
The key driver for the Bioanalytical Testing Services Market is the rising frequency with which the big pharmaceutical corporations outsource R&D efforts to concentrate on their core strengths. In addition, outsourcing economic effectiveness as opposed to performing an internal study is projected to increase demand over the projected period. The need for these services is anticipated to increase further due to new product developments and innovations. Companies are outsourcing these services due to pricing pressure and competitive pressure. This is ultimately anticipated to boost the growth of the Bioanalytical Testing Services Market on the whole.
The Bioanalytical Testing Services Market is projected to be significantly constrained by the stringent regulatory requirements and the complications associated with the software. The main obstacles to the overall growth of the Bioanalytical Testing Service Market are the development of instruments while adhering to rules and any problems that might occur during these instruments' validation.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Bioanalytical Testing Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America held a significant share of the global market in 2021 owing to the high prevalence of patients with various chronic diseases and the rising use of peptides and other large molecule therapies. North America is expected to lead a considerable share of the global market during the projected period as well due to growing pharmaceutical industries in nations like Canada and the U.S.
Asia Pacific is also anticipated to grow at a faster rate among others along with Europe. This growth is primarily attributed to the increased demand for outsourced services in areas that are still developing.
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A combination of various diagnostic technologies (point-of-care and centralized) is needed to choose the best course of therapy, make a prognosis, make an accurate diagnosis, follow patients, and conduct epidemiological surveillance during COVID-19. To quickly diagnose COVID-19, several biotech and pharmaceutical companies have been concentrating on developing efficient methods. They have focused on creating vaccinations and treatments that can prevent the disease from spreading by assuring the appropriate care in all healthcare settings and obtaining high-quality results.
Bioanalytical Testing Services Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 3.13 billion |
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Revenue Forecast in 2032 |
USD 10.1 billion |
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Growth Rate |
CAGR of 11.2% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Testing Type, Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled
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SGS SA, IQVIA, Eurofins Scientific SE, Wuxi AppTec, Intertek Group Plc, ICON Plc, PPD Inc., Syneos Health, Charles River Laboratories International, Labcorp Drug Development, Medpace, BioAgilytix Labs, Envigo, Frontage Labs, BioclinResearch Laboratories, and Other Prominent Players. |
The Bioanalytical Testing Services Market size was estimated at USD 3.13 billion in 2021 and is expected to reach USD 10.1 billion in 2032.
Bioanalysis refers to the quantitative assessment of compounds and analytes in biological matrices like the bodily fluids (urine, blood, and more). Bioanalytical testing involves the use of an approved bioanalytical method to quantitatively assess the analyte(s) in the supplied biological matrix.
The Cell-Based Assays and Oncology segments accounted for the larger share of the Bioanalytical Testing Services Market.
Key players in the Bioanalytical Testing Services Market are SGS SA, IQVIA, Eurofins Scientific SE, Wuxi AppTec, Intertek Group Plc, ICON Plc, PPD Inc., Syneos Health, Charles River Laboratories International, Labcorp Drug Development, Medpace, BioAgilytix Labs, Envigo, Frontage Labs, BioclinResearch Laboratories, and Other Prominent Players.
The Bioanalytical Testing Services Market is expected to grow due to growing emphasis on the advancement of advanced bioanalytical techniques for better testing and the rising need to create new bioanalytical assay platforms.
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