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Bioanalytical Testing Services Market Trends
- Report ID: GMI8443
- Published Date: Mar 2024
- Report Format: PDF
Bioanalytical Testing Services Market Trends
- Rising advancements in bioanalytical technology such as mass spectrometry, chromatography, and immunoassays, are enhancing the sensitivity, accuracy, and throughput of bioanalytical testing services. These advancements enable faster turnaround time, improved data quality, and expanded capabilities in metabolite profiling, biomarker discovery, and pharmacokinetic studies.
- Further, pharmaceutical companies are increasingly adopting advanced bioanalytical technologies to accelerate the drug discovery and development process. High-throughput screening (HTS), lab-on-a-chip (LOC) devices, and biosensors facilitate the rapid screening of drug candidates, identification of novel targets, and assessment of drug efficacy and safety profiles.
- Thus, the abovementioned factors are escalating the growth of the market.
However, complex regulatory framework for maintaining laboratories may hamper the market growth to certain extent.
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 Société Générale de Surveillance SA, Syneos Health, Thermo Fisher Scientific Inc., and WuXi AppTec
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