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Bioanalytical Testing Services Market Size

Report ID: GMI8443
Published Date: Mar 2024
Report Format: PDF

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Bioanalytical Testing Services Market Size

Bioanalytical Testing Services Market was valued at USD 3.8 billion in 2023 and is set to achieve over 8.6% CAGR from 2024 to 2032.

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The growth of this market can be attributed to factors such as increasing volume of ongoing research activities & clinical trials and development of complex therapeutic modalities, such as gene therapies as well as biologics. Also, increased outsourcing laboratory testing services and growing development and approval of biopharmaceutical are expected to fuel the market growth. Also, outsourcing these services enable companies to access testing facilities in different geographical regions. This globalization of testing capabilities allows companies to expand their market reach, establish strategic partnerships, and leverage regional expertise and resources to support drug development activities in diverse markets, thereby augmenting the industry growth.

Bioanalytical testing services refer to a range of laboratory services that involve the analysis of biological samples such as blood, urine, tissue, etc. to quantify the concentration of drugs, metabolites, biomarkers, and other analytes in biological matrices. These services are commonly used in the pharmaceutical and biotechnology industries for various purposes, including drug development, pharmacokinetic studies, bioequivalence assessments, and in overall clinical trials.

Bioanalytical Testing Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
Bioanalytical Testing Services Market Size in 2023:	USD 3.8 Billion
Forecast Period:	2018 – 2023
Forecast Period 2018 – 2023 CAGR:	8.6%
2018 – 2023 Value Projection:	USD 8.1 Billion
Historical Data for:	2024 – 2032
No. of Pages:	195
Tables, Charts & Figures:	266
Segments covered:	Molecule Type, Test Type, Application, End-use, and Region
Growth Drivers:	Increased trend of outsourcing laboratory testing services Rising advancements in bioanalytical technology Growing drug development and approval processes Increasing volume of ongoing research activities and clinical trials
Pitfalls & Challenges:	Complex regulatory framework for maintaining laboratories

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global market size for bioanalytical testing services was valued at USD 3.8 billion in 2023 and is predicted to reach USD 8.1 billion by 2032, attributed to the increasing volume of ongoing research activities & clinical trials, along with the development of complex therapeutic modalities.

The small molecule segment accounted for major market share of 56.1% in 2023 and is expected to dominate through 2032 attributed to the advancements in medical science concerning small molecules and the growing demand to address unmet medical needs.

North America market for bioanalytical testing services accounted for USD 1.6 billion in 2023 and is anticipated to observe 8.4% CAGR between 2024-2032 owing to the increasing investment in the R&D of new drugs by pharmaceutical and biotechnology companies.

BioAgilytix, Charles River Laboratories, Inc., Eurofins Scientific, Frontage Labs, ICON Plc, Intertek Group Plc, Labcorp Drug Development, Pace Analytical Services LLC, SGS Soci