Bioanalytical Testing Services Market Expected to Exceed USD 8.95 Bn by 2031, Showing 15.7% CAGR, TMR Study

PRESS RELEASE
Published June 22, 2023

WILMINGTON, DE / ACCESSWIRE / June 22, 2023 / The global bioanalytical testing services market was valued at USD 2.11 Bn in 2021 and is projected to reach USD 8.95 Bn by 2031 with CAGR of 15.7%.

https://storage.googleapis.com/accesswire/media/763102/bioanalytical-testing-services-market.jpg

Significant demand for specialized pharmacokinetic (PK) testing services for the development of proteins, small molecule, peptide, and macromolecule therapeutics is anticipated to augment market size. Continuous advancement in bioanalytical assays used in drug & vaccine development is expected to boost the market. An instance is several key service providers in the market offering liquid chromatography with a tandem mass spectrometry (LC/MS/MS) platform to pharmaceutical and biopharmaceutical companies.

Download Sample Copy with Graphs & List of Figures@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=45450

Surge in R&D activities in biosimilars around the globe is anticipated to create significant growth opportunities for companies in the bioanalytical testing services industry. Rapid increase in usage of immunogenicity testing for the development of therapeutic protein products is estimated to accelerate market development in the next few years.

Key Findings of Study

  • Surge in Demand for Immunogenicity Testing: Significant demand for assays for immunogenicity of therapeutic protein products among pharmaceutical and biopharmaceutical products presents significant opportunities for companies in the market. Consistent rise in demand for immune-based therapies is anticipated to augment the immunogenicity testing segment. Rapid increase in development of monoclonal antibodies (mAbs) for oncology is expected to bolster market size. Based on application, the immunology segment is anticipated to expand at the highest growth rate during the forecast period. Bioanalytical testing service providers are offering advanced technologies to help companies (clients) assess pharmacokinetics, pharmacodynamics, safety, and efficacy of a range of therapeutic products in clinical trials.
  • Rapid Utilization of Mass Spectroscopy in Pharmaceutical Industry: Steady advancement in mass spectroscopy (MS) is expected to generate significant revenue opportunities for companies in the market in the next few years. Based on technology, the mass spectrometry segment is projected to account for major market share by 2031. Significant focus on peptide and proteins in biopharmaceutical research is anticipated to fuel the adoption of MS technology among end-use industries.

Buy this Premium Research Report | Immediate Delivery Available at https://www.transparencymarketresearch.com/checkout.php?rep_id=45450<ype=S

Key Growth Drivers of Bioanalytical Testing Services Market

  • Consistent investments in drug discovery and development by pharmaceutical and biopharmaceutical companies is a key driver of the bioanalytical testing services market. Steady increase in demand for advanced bioanalytical methods among these companies is likely to accelerate the development of safe and more efficacious drugs, thus propelling the need for state-of-the-art bioanalytical services.
  • Surge in demand for advanced bioanalytical assays for pharmacokinetic/pharmacodynamic characterization of a novel chemical entity in drug development programs is expected to drive the bioanalytical testing services market. Need for development of bioanalytical laboratory in developed and developed countries is likely to boost market growth. An instance is usage of state-of-the-art liquid chromatography is likely to enhance bioanalytical testing services industry value.

Regional Growth Dynamics

North America is projected to constitute dominant market share during the forecast period (2022 to 2031). Surge in demand for biosimilars for a range of chronic diseases, especially heart diseases, diabetes, and cancer, is anticipated to bolster the application of bioanalytical testing. Rapid increase in adoption of bioanalytical testing services for quantitative evaluation of drugs and their metabolites is likely to augment market value in the region. Surge in demand for sensitive bioanalytical methods for drug development programs in the U.S. is likely to spur market development. North America accounted for the leading market share of more than 45% in 2021.

The market in Asia Pacific is anticipated to expand at a rapid pace from 2022 to 2031. Constantly evolving regulatory guidelines in several developing countries and surge in usage of bioanalytical testing in clinical applications are projected to propel the market in the region. Significant investments in drug discovery and development are expected to drive the demand for bioanalytical testing services market in Asia Pacific in the next few years.

Competition Landscape

Leading companies in the bioanalytical testing services market are focusing on new product launches, divestiture, mergers & acquisitions, and partnerships in order to consolidate their position in the near future.

Key players operating in the bioanalytical testing services industry are

  • Bioreliance Corporation
  • Intertek Group plc
  • Eurofins Scientific SE
  • Labcorp
  • Wuxi AppTec
  • Envigo
  • SyneosHealth
  • Frontage Labs
  • BioclinResearch Laboratories
  • Charles River Laboratories

Budget constraints? Contact us for special Pricing at https://www.transparencymarketresearch.com/sample/sample.php?flag=d&rep_id=45450

Bioanalytical Testing Services Market Segmentation

The bioanalytical testing services market is segmented based on

Testing Type

  • Cell-based Assays
  • Virology Testing
  • Serology, Immunogenicity, and Neutralizing Antibodies
  • Toxicology Services
  • Biomarker Testing
  • Pharmacokinetic Testing
  • Other Services

Application

  • Oncology
  • Neurology
  • Metabolic Disorders
  • Hematology
  • Immunology
  • Orthopedics
  • Others

End-user

  • Biotech and Pharmaceutical Companies
  • CDMO and CMO
  • Clinical Research Organizations
  • Healthcare Institutes

Technology

  • Mass Spectrometry
  • Chromatography

Region

  • North America
  • Europe
  • Middle East & Africa
  • Latin America
  • Asia Pacific

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com

SOURCE: Transparency Market Research Inc.



View source version on accesswire.com:
https://www.accesswire.com/763102/Bioanalytical-Testing-Services-Market-Expected-to-Exceed-USD-895-Bn-by-2031-Showing-157-CAGR-TMR-Study

ACCESSWIRE

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.