Bioanalytical
testing services involve quantitative and qualitative evaluation of drugs and
biologics in various biological samples. These services help evaluate
absorption, distribution, metabolism, and excretion of new drug candidates
during various stages of drug development. They help determine drug levels in
blood, evaluate pharmacokinetics and pharmacodynamics of drugs, and ensure drug
safety and efficacy. Key applications of bioanalytical testing include
oncology, immunology, CNS disorders, and infectious diseases.
The global bioanalytical testing services market is estimated to be valued at US$ 4163.69 Bn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Dynamics:
The bioanalytical testing services market is witnessing high growth owing to
growing adoption of outsourcing models among pharmaceutical and biotechnology
companies. Outsourcing analytical testing helps companies focus on their core
competencies and ensures timely completion of testing activities. This in turn
allows fast transition of drug candidates into clinical trials. Additionally,
outsourcing testing to contract research organizations provides access to
advanced analytical instrumentation and expert personnel. This helps improve
quality of data generated during various stages of drug development. Moreover,
growing biosimilars market has also boosted demand for sophisticated
bioanalytical testing services. Biosimilars require rigorous testing to
demonstrate similarity with reference products, thus driving market growth over
the forecast period.
SWOT Analysis
Strength: Bioanalytical testing services offer high accuracy and selectivity.
They can analyze complex biological matrices. They provide validated analytical
methods to support drug development.
Weakness: Bioanalytical testing services have high setup costs and require
specialized equipment and infrastructure. Testing protocols need to adhere to
strict regulatory guidelines.
Opportunity: Growing R&D investment in pharmaceutical and biotechnology
sectors is driving demand. Increasing outsourcing of bioanalytical testing work
will support market growth. Development of personalized medicine also presents
opportunities.
Threats: Strict regulations and compliance requirements add costs and
complexity. Loss of government funding and budget cuts could negatively impact
the market. Environmental factors like pandemics can disrupt operations.
Key Takeaways
Global
Bioanalytical Testing Services Market Size is expected to witness high
growth. It is projected to rise at a CAGR
of 10.% during the forecast period of 2024 to 2031. The market size is
estimated to reach US$ 4163.69 Bn by 2031 from US$ 2774.12 Bn in 2024.
Regional analysis: North America currently dominates the market, supported by
presence of major pharmaceutical companies and increasing drug development
activities in the region. The Asia Pacific region is expected to grow at the
fastest pace due to improving healthcare infrastructure, availability of
low-cost operations, and growing outsourcing trend.
Key players: Key players operating in the bioanalytical testing services market
are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend,
directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital
Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and
others. They provide state-of-the-art analytical capabilities and technologies.
Get More Insights On This Topic: https://www.trendingwebwire.com/bioanalytical-testing-services-market-estimated-to-reach-us-4163-69-billion-by-2023/
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