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%.
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.
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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
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Key Growth Drivers of Bioanalytical Testing Services Market
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
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Bioanalytical Testing Services Market Segmentation
The bioanalytical testing services market is segmented based on
Testing Type
Application
End-user
Technology
Region
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