Bioanalytical Testing Services Market Set to Soar Past USD 7.39 Billion by 2030
The global Bioanalytical Testing Services market size is expected to reach USD 7.39 billion by 2030 and exhibit a CAGR of 15% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing drug development activities, stringent regulatory requirements for drug approval, rising demand for pharmacokinetic and pharmacodynamic studies, the complexity of drug molecules, expansion of biopharmaceuticals, advancements in analytical technologies, and the need for accurate safety and efficacy assessments in the pharmaceutical and biotechnology industries is fueling the market’s growth.
Westford,USA, Jan. 10, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Bioanalytical Testing Services market, increasing demand for bioanalysis in personalized medicine, the rise of biosimilars and biobetters, growth in contract research organizations (CROs) providing bioanalytical services, expanding applications in biomarker discovery and validation, a focus on compliance with Good Laboratory Practices (GLP) and Good Clinical Practices (GCP), and the integration of automation and high-throughput technologies for efficiency and data accuracy are the trends that aid in the market’s growth.
Browse in-depth TOC on “Bioanalytical Testing Services Market”
- Pages – 157
- Tables – 65
- Figures – 75
Bioanalytical testing services measure drugs’ concentration, metabolites, and other biological molecules in biological samples, such as blood, plasma, serum, urine, and tissue. These services are used in various industries, including pharmaceutical, biotechnology, food and beverage, and environmental testing.
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Prominent Players in Bioanalytical Testing Services Market
- Charles River Laboratories
- Medpace Holdings
- WuXi AppTec
- Eurofins Scientific
- IQVIA
- SGS SA
- Laboratory Corporation of America Holdings
- Intertek Group
- Syneos Health
- ICON
- Frontage Labs
- PPD
- PAREXEL International Corporation
- Almac Group
- Celerion
- Altasciences
- BioAgilytix Labs
- Lotus Labs
- LGS Limited
- Sartorius AG
- CD BioSciences
- Absorption Systems LLC
Bioavailability and Bioequivalence (BA/BE) Testing Demand to Grow Substantially in the Forecast Period
Bioavailability and Bioequivalence (BA/BE) Testing dominates the global online market as it is crucial for ensuring the safety and efficacy of generic drug products compared to their reference counterparts. The demand for generic drugs has been rising globally, which could drive the need for BA/BE testing services.
Pharmaceutical Drug Development is the Leading Application Segment
In terms of application, pharmaceutical drug development is the leading segment as pharmaceutical companies require extensive bioanalytical testing services to support the development of new drugs. Testing services are essential for assessing drug candidates’ safety, efficacy, and pharmacokinetics, which is a critical step in the drug development process.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a significant emphasis on technological advancements. The United States has a substantial pharmaceutical and biotechnology industry, with many significant companies headquartered there. This concentration of industry activity drives demand for bioanalytical testing services. The U.S. Food and Drug Administration (FDA) has stringent regulatory requirements for drug approval and safety testing, which leads to a high demand for testing services to ensure compliance.
A recent report thoroughly analyzes the major players operating within the Bioanalytical Testing Services market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Bioanalytical Testing Services.
Key Developments in Bioanalytical Testing Services Market
- Eurofins Scientific announced the acquisition of Beacon Discovery, a contract research organization specializing in drug discovery services. This acquisition was aimed at expanding Eurofins’ drug discovery services portfolio.
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Key Questions Answered in Bioanalytical Testing Services Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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