Bioanalytical Testing Services Market to Surpass USD 9.22 Billion by 2032, Predicted CAGR of 9.4%| Polaris Market Research
The adoption of artificial intelligence in bioanalytical testing enables drug screening, imaging screening, and drug target identification, thereby propelling the market forward.
New York, USA, Nov. 12, 2024 (GLOBE NEWSWIRE) — Market Outlook:
The market for bioanalytical testing services is poised to register a healthy CAGR of 9.4% from 2024 to 2032, according to the latest study by Polaris Market Research. The bioanalytical testing services market size was valued at USD 4.12 billion in 2023 and is anticipated to grow to USD 9.22 billion by 2032.
Market Overview:
What Are Bioanalytical Testing Services?
Bioanalytical testing, also known as bioanalysis, is a process that measures the concentration of drugs and other metabolites in biological matrices such as blood, serum, tissue, urine, or other body fluids. The process is done using a variety of methods, including liquid chromatography, analyte extraction, and MS detection. It includes bioanalytical method validation to ensure that the results of the test are precise, accurate, selective, and stable. Bioanalytical testing is a vital tool in drug discovery and development, and it helps researchers understand the impact of drugs on the body.
Bioanalytical testing services are specialized services offered by bioanalytical companies that measure substances in biological samples. These services are used in a variety of processes, including toxicology, drug development, clinical research, pharmacokinetics, and research and development. Bioanalytical testing services find applications in several fields of medicine, such as oncology, neurology, infectious diseases, and cardiology. With the rising need for well-equipped laboratories offering services for bioanalytical investigations, the bioanalytical testing services market demand is anticipated to rise.
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Market Report Scope and Attributes
| Report Attribute | Details |
| Market Value in 2023 | USD 4.12 billion |
| Market value by 2032 | USD 9.22 billion |
| CAGR | 9.4% from 2024 to 2032 |
| Base Year | 2023 |
| Historical Data | 2019–2022 |
| Forecast Period | 2024–2032 |
Key Report Highlights:
- Several factors, including rising technological advancements and increased adoption of artificial intelligence, are anticipated to drive the market expansion
- The bioanalytical testing services market segmentation is primarily based on molecule, test, workflow, application, end user, and region
- The key regions covered in the research report are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Top Market Participants:
The key players in the market are making significant investments in R&D to expand their product offerings. Also, they are undertaking a variety of strategic initiatives such as higher investments, mergers and acquisitions, and collaborations to improve their global reach.
The bioanalytical testing services market key players are:
- Charles River Laboratories International
- Intertek Group Plc.
- IQVIA
- Labcorp (Toxikon)
- Pace Analytical Services LLC.
- SGS SA
- Syneos Health
- Thermo Fisher Scientific Inc.
Market Drivers and Opportunities:
Drivers:
- Expansion of Contract Research Organizations: Contract research organizations (CROs) aim to offer efficient and personalized clinical trial solutions for the unmet R&D needs of biotech and pharmaceutical companies across the globe. The increasing expansion of CROs is anticipated to drive the bioanalytical testing services market growth.
- Rising Technological Advancements: In recent years, the need for bioanalytical testing instruments among scientists, healthcare professionals, and research and development centers, has increased significantly. This, in turn, is having a favorable impact on the market expansion.
Opportunities:
- Increasing AI Adoption: The use of artificial intelligence and machine learning in bioanalytical testing services has resulted in enhanced extraction of data analysis, offering a precise understanding of the chemical components of biological samples.
Regional Overview:
- North America: North America dominated the bioanalytical testing services market in 2023. The region’s growth is primarily fueled by rising R&D investments in new drug development. Also, the rise in the expansion of pharmaceutical firms in North America is having a favorable impact on the regional market expansion.
- Asia Pacific: Asia Pacific is anticipated to register the fastest CAGR from 2024 to 2032. This is because of the rise in pharmaceutical and biotechnology activities in APAC. Also, rising investments and increase in healthcare spending further drives the bioanalytical testing services market sales in the region.
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Market Segmentation:
By Molecule Outlook:
- Small Molecule
- Large Molecule
- LC-MS Studies
- Immunoassays
- PK
- ADA
- Others
- Others
By Test Outlook:
- ADME
- In-Vivo
- In-Vitro
- PK
- PD
- Bioavailability
- Bioequivalence
- Others
By WorkFlow Outlook:
- Sample Analysis
- Hyphenated technique
- Chromatographic technique
- Electrophoresis
- Ligand Binding Assay
- Mass Spectrometry
- Nuclear Magnetic Resonance
- Sample Preparation
- Protein Precipitation
- Liquid-Liquid Extraction
- Solid Phase Extraction
- Others
- Others
By Application Outlook:
- Oncology
- Neurology
- Infectious Diseases
- Gastroenterology
- Cardiology
- Others
By End-Use Outlook:
- Pharma & BioPharma Companies
- CDMO
- CRO
By Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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