Bioanalytical Testing Services Market Size Worth US$ 5.1 Billion by 2028 at 9.6% CAGR - Report by IMARC Group

IMARC Group has recently released a new research study titled "Bioanalytical Testing Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the bioanalytical testing services market?

The global bioanalytical testing services market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.6% during 2023-2028.

What are bioanalytical testing services?

Bioanalytical testing services play a crucial role in quantifying the concentration of drugs, their metabolites, and pharmacodynamic biomarkers in biological fluids. These services involve the validation of methods to ensure that the results obtained are accurate, precise, selective, and stable, thereby guaranteeing the reliability of sample analysis outcomes. Today, these services heavily rely on the use of established and validated techniques for detecting analytes and metabolites across a wide range of intricate biological samples. These samples encompass diverse matrices, such as urine, serum, blood, saliva, plasma, breast milk, cell lysates, cell culture media, tissue homogenates, cerebrospinal fluid (CSF), and wastewater produced during pharmaceutical manufacturing.

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Bioanalytical Testing Services Market Trends and Growth Drivers: 

Driving Factors in the Bioanalytical Testing Services Market

Rising Prevalence of Chronic Health Conditions: The bioanalytical testing services market is witnessing a positive impact due to the increasing prevalence of chronic health conditions worldwide. Sedentary lifestyles and the consumption of fast food are contributing to this trend.

Growing Demand for Personalized Medical Treatments:The market is also benefiting from a growing demand for personalized medical treatments. Additionally, biopharmaceutical companies are increasingly utilizing these testing services for assay validation and drug development, both during preclinical and clinical stages, which is driving market growth significantly.

Impact of COVID-19 and Point-of-Care (POC) Diagnostics

Escalating Need for POC Diagnostics: The rapid spread of the COVID-19 disease, coupled with the absence of effective vaccines and treatments, has led to an increased requirement for bioanalytical testing services for point-of-care (POC) diagnostics. This factor is further fueling the global market's growth.

Technological Advancements and Healthcare Infrastructure Improvements

Innovative Techniques and High-Volume Analyses: Many companies are adopting innovative techniques, such as mass spectrometry, immunochemistry, Ultra-Performance Liquid Chromatography (UPLC), automated sample preparation utilizing robotics or turbulent flow, and large sample storage with bar code systems. These advancements enable rapid high-volume analyses, contributing to market expansion.

Enhancements in Healthcare Infrastructure: Improvements in healthcare infrastructure are also playing a role in augmenting the bioanalytical testing services market, promising further growth in the years to come.

Who are the key players operating in the industry?

The report covers the major market players including: 

• Almac Group
• Charles River Laboratories International Inc.
• Frontage Laboratories Inc.
• ICON plc
• Intertek Group plc
• Laboratory Corporation of America Holdings
• Pace Analytical Services LLC
• PPD Inc.
• PRA Health Sciences
• SGS SA
• Syneos Health
• Toxikon Corporation

Key Market Segmentation:

The report has segmented the market into the following categories: 

Breakup by Molecule Type:

• Small Molecule
• Large Molecule

Breakup by Test Type:

• ADME
• PK
• PD
• Bioavailability
• Bioequivalence
• Others

Breakup by Workflow:

• Sample Preparation
• Sample Analysis
• Others

Breakup by Region:

• North America
• Asia-Pacific
• India
• Europe
• Latin America
• Middle East and Africa

Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=4137&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.   

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Browse Related Report:

Point-of-Care Diagnostics Market Size, Share, Trends, Growth Drivers, Development Facts and Figures by 2028: https://www.digitaljournal.com/pr/news/imarc/point-of-care-diagnostics-market-size-share-trends-growth-drivers-development-facts-and-figures-by-2028

About Us                                    

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.