Value of Bioanalytical Testing Services Market Estimated at US$ 8.95 Bn by 2031, TMR Report
Investments from pharmaceutical companies, contract research organizations (CROs), and bioanalytical companies in bioanalytical testing laboratories to foster growth of bioanalytical testing services market
Wilmington, Delaware, United States, July 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.: TMR study for bioanalytical testing services market statistics, estimates a CAGR of 15.7% for the forecast period from 2022 to 2031. Rise in demand for biopharma products and increasing clinical use of biosimilars for different indications are some key factors fuelling the growth of bioanalytical testing services market.
Substantial investments in bioanalytical testing laboratories from pharmaceutical companies, bioanalytical laboratories, and CROs to scale up bioanalytical services to expand scope for bioanalytical testing services market. Increasing demand for biopharma products and rising need for novel bioanalytical assay platforms driving investments in bioanalytical R&D and laboratories to influence bioanalytical testing services market size in the future.
Growing practice of outsourcing of laboratory testing services for quality check enables companies to offer value-added solutions and services, and thus experience competitive gains. This influences demand for bioanalytical testing services.
North America is projected to be highly attractive region in the global market for bioanalytical testing services during the forecast period. Growing adoption of peptides and other large molecule therapeutics to serve the large patient pool accounts for more than 45% share of North America in bioanalytical testing services market.
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Bioanalytical Testing Services Market – Key Findings of the Report
Immunology is anticipated to be fastest growing application segment of bioanalytical testing services market during the forecast period. The increasing demand for immunogenicity and immune-based therapy is anticipated to boost the immunology application segment during the forecast period
Criticality of immunogenicity testing throughout the development of biopharma products to help establish efficacy and safety with assurance in biologics production, vaccine, or gene therapy strengthens demand for immunogenicity testing. Furthermore, significance of immunological testing for any therapy that triggers an immune reaction requires clinical immunological testing for patient safety.
The mass spectrometry technology segment is projected to hold the major share of bioanalytical testing services market by 2031. Rising use of mass spectrometers in biopharmaceutical and pharmaceutical industries and growing practice of adoption of new applications in bioanalytical testing services market are key factors fuelling the growth of mass spectroscopy segment.
Significant opportunities provided by new mass spectrometry technology along with growing significance of peptides and proteins as therapeutic agents provides immense opportunities for bioanalytical scientists
Biotech & pharmaceutical companies end user segment is anticipated to advance at a CAGR of 15.1% during the forecast period. Focus of biotech and pharmaceutical companies on specialized testing services including liquid chromatography-mass spectrometry, gene expression analysis, raw material wet chemistry analysis accounts for robust growth of biotech & pharmaceutical companies end user segment
Asia Pacific is anticipated to display the leading CAGR in the bioanalytical testing services market during the forecast period. Advantages of cost savings, retention of clinical trial participants, and constantly improving regulatory procedures are some key factors favouring clinical trials boost the bioanalytical testing services market of the region.
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Bioanalytical Testing Services Market – Growth Drivers
Growing demand for biopharma products and expanding use of biosimilars for different disease indications fuels the growth of bioanalytical testing services market
Need to develop novel bioanalytical assay platforms attracts investments in bioanalytical R&D and laboratories to foster growth
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Bioanalytical Testing Services Market – Key Players
Some of the key players operating in the bioanalytical testing services market are;
Charles River Laboratories International Inc.
Intertek Group plc
BioclinResearch Laboratories
Wuxi AppTec
BioAgilytix Labs
Frontage Labs
Bioreliance Corporation
Eurofins Scientific SE
Labcorp
Envigo
Syneos Health
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The bioanalytical testing services market is segmented as follows;
Bioanalytical Testing Services Market, by Testing Type
Cell-based Assays
Virology Testing
Serology, Immunogenicity, and Neutralizing Antibodies
Toxicology Services
Biomarker Testing
Pharmacokinetic Testing Others
Bioanalytical Testing Services Market, by Application
Oncology
Metabolic Disorders
Neurology
Hematology
Orthopedics
Immunology
Other
Bioanalytical Testing Services Market, by Technology
Healthcare Institutes
Biotech & Pharmaceuticals Company
CDMO & CMO
Clinical Research Organizations
Bioanalytical Testing Services Market, by Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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