The Bioanalytical Testing Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bioanalytical Testing Services Global Market Report 2024, The bioanalytical testing services market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to globalization of clinical studies, focus on pharmacokinetics, quality control measures, rise in personalized medicine.
The bioanalytical testing services market size is expected to see strong growth in the next few years. It will grow to $4.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to biopharmaceutical pipeline growth, rising biosimilar development, precision medicine advancements, increasing clinical trial complexity. Major trends in the forecast period include integration of artificial intelligence (AI), comprehensive pharmacokinetic analysis, microbiome analysis services, adoption of high-throughput technologies, biological sample analysis.
The rising government initiative to control infectious disease outbreaks is significantly contributing to the growth of the bioanalytical testing services market. The outbreak of the COVID-19 pandemic has aided in the growth in demand for bioanalytical testing services. Countries worldwide have been taking initiatives and increasing spending to prevent the spread and impact of the diseases. For instance, in March 2021, the U.S. Department of Health and Human Services announced the investment of $10 billion from the American Rescue Plan to ramp up screening testing to help schools reopen and $2.25 billion to scale up testing in underserved populations. Therefore, the increased spending on government initiatives will contribute to the growth of the bioanalytical testing services market.
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The bioanalytical testing services market covered in this report is segmented –
1) By Test Type: ADME (Absorption, Distribution, Metabolism, And Excretion), Pharmacokinetic, Pharmacodynamic, Bioequivalence, Bioavailability
2) By Molecule Type: Small Molecules, Large Molecules
3) By End User: Pharmaceutical And Biopharmaceutical Companies, Contract Development And Manufacturing Organizations, Contract Research Organizations
Major companies operating in the bioanalytical testing services market are focused on developing testing facilities to sustain their position in the market. Testing facilities are specialized environments designed and equipped to conduct various types of tests on products, materials, systems, or components. For instance, in October 2021, Thermo Fisher Scientific Inc., a US-based biotechnology company, launched State-of-the Art Bioanalytical Lab. The lab focuses on bioanalytical services, meaning it analyzes biological samples (like blood or tissue) to detect and quantify drugs, metabolites, biomarkers, and other molecules. The lab boasts cutting-edge technologies, including liquid chromatography-mass spectrometry (LC-MS) for highly sensitive and specific analysis of drugs and other molecules
The bioanalytical testing services market report table of contents includes:
1. Executive Summary
2.Bioanalytical Testing Services Market Characteristics
3.Bioanalytical Testing Services Market Trends And Strategies
4.Bioanalytical Testing Services Market analysis
5. Bioanalytical Testing Services Market Size And Growth
6.Bioanalytical Testing Services Segmentation
7.Bioanalytical Testing Services Regional And Country Analysis
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27.Bioanalytical Testing Services Competitive Landscape And Company Profiles
28. Bioanalytical Testing Services Key Mergers And Acquisitions
29. Bioanalytical Testing Services Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- CD BioSciences
- Thermo Fisher Scientific Inc.
- Merck KGaA
- Laboratory Corporation of America Holdings (LabCorp)
- Eurofins Scientific SE
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