Bioanalytical testing services market is expected to reach an estimated value of ~USD 8.5 billion by 2033, by expanding at a CAGR of ~9%.

NEW YORK, NEW YORK, UNITED STATES, January 19, 2023 /EINPresswire.com/ -- Global Bioanalytical Testing Services Market Key Insights

During the forecast period of 2023-2033, the global bioanalytical testing services market is expected to reach an estimated value of ~USD 8.5 billion by 2033, by expanding at a CAGR of ~9%. The market further generated a revenue of ~USD 3.5 billion in the year 2022. Major key factors propelling the growth of bioanalytical testing services market worldwide are the upsurge in demand for bioanalytical testing and large patient population in developing countries.

Market Definition of Bioanalytical Testing Services

The purpose of bioanalytical testing is to quantify the levels of drugs, their metabolites, and biological matrices, which include urine, blood, serum, and plasm. Throughout the drug development process, bioanalytical testing is crucial. Performing nonclinical, biopharmaceutical, and clinical pharmacology studies successfully relies heavily on this process. Furthermore, it provides vital information about the safety and effectiveness of drugs and biologicals. Validating and developing bioanalytical methods must adhere to GLP and FDA regulations.

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Global Bioanalytical Testing Services Market: Growth Drivers

The growth of the global bioanalytical testing services market can majorly be attributed to the significant increase in blood donations, increasing number of cases of urinary tract infections (UTIs), growth in number of clinical trials, and a rising number of medication errors being reported are a few of the most significant factors anticipated to drive the market growth during the forecast period. According to the U.S. Food and Drug Administration, they receive more than 100,000 reports of medication errors each year. Therefore, proper testing and research should be conducted before making any new medicine or medical method available to the general public. Furthermore, increasing clinical trials and strategies dealing with cell therapy by major companies are expected to drive market growth over the forecast period. For instance, the company Medpace Holdings, Inc. elaborated on the advantages and disadvantages of using cell therapy in clinical trials. By discussing a variety of topics from clinical trials to managing complex logistics to regulatory strategy, the experts at Medpace Holdings, Inc. shed light on strategies and challenges.

The global bioanalytical testing services market is also estimated to grow majorly on account of the following:

Rising focus on analytical testing for biologics
Increasing Research & Development expenditure
Rise in the number of clinical trials
Development of new drugs and medications
Developing healthcare infrastructure around the world
Global Bioanalytical Testing Services Market: Restraining Factor

There is a lack of qualified professionals to handle the advanced tools required for bioanalytical testing. Hence this factor is expected to be the major hindrance for the growth of the global bioanalytical testing services market during the forecast period.

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Global Bioanalytical Testing Services Market Segmentation

By Molecule Type (Small Molecules, and Large Molecules)
The cardiology segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the growing concern for heart stroke and hypertension. Moreover, an increase in cardiovascular disease in the region is expected to drive regional market growth over the forecast period. It was observed that United States lost approximately 600,000 people to cardiovascular disease in 2020. There is an extensive need for bioanalytical testing during all phases of drug development, including the development of drugs for the treatment of cardiovascular diseases.

By Type (Cell-Based, In Vitro Virology, Biomarker, Pharmacokinetic, Serology, and Others)
By Application (Cardiology, Gastroenterology, Neurology, Oncology, and Others)
By End User (Pharmaceutical & Biopharmaceutical Institutions and Contract Research Organizations)
By Region

The North America bioanalytical testing services market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions on the account of the growing expenditure on research and development in the pharmaceutical industry. According to a recent study, around USD 100 billion was invested by a number of key players in 2019. Moreover, the increasing prevalence of chronic diseases and the presence of a well-established healthcare infrastructure are expected to contribute to the growth of the market during the forecast period. It was observed that approximately five out of ten adults in the United States suffer from a chronic illness.

The market research report on global bioanalytical testing services also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Bioanalytical Testing Services Market

Some of the key players of the global bioanalytical testing services market are Charles River Laboratories, Inc., Vipragen Biosciences Private Limited, Medpace Holdings, Inc., Pace Analytical Services, LLC, WuXiAppTec Co., Ltd., Eurofins Scientific SE, Intertek Group plc, SGS S.A., Almac Group, BioAgilytix Labs, and others.

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