According to the latest report by IMARC Group, titled "Bioanalytical Testing Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global bioanalytical testing services market reached a value of US$ 2.56 Billion in 2021. Bioanalytical testing services are generally utilized by laboratory professionals for determining the drug concentration in biological fluids. Some of the commonly adopted services include ligand binding assays and hyphenated and chromatographic techniques that assist in analyzing the metabolites, detecting pharmacodynamic biomarkers, and analytes in complex biological matrices, such as blood, stool, urine, plasma, cell lysates, plasma, breast milk, cerebrospinal fluid (CSF), tissue homogenates, and serum. As a result, these services are extensively used in the production of medicines and for clinical and preclinical bioanalysis.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bioanalytical Testing Services Market Trends:
The global market is primarily driven by significant growth in the pharmaceutical industry. Along with this, the increasing prevalence of infectious diseases among the masses is providing an impetus to the market growth across the globe. In line with this, the escalating need for personalized medical treatments and point-of-care (POC) diagnostic services for individuals is providing a boost to the market growth. Furthermore, the sudden outbreak of coronavirus disease (COVID-19) has propelled the demand for bioanalytical testing services. This, along with the rising utilization of testing services in the manufacturing of generic drugs is creating a positive outlook for the market. Additionally, various technological advancements, such as the widespread adoption of robotics for sample preparation and increasing investments by public and private firms to upgrade the existing pharmaceutical infrastructure are acting as major growth-inducing factors. Other factors, including continual improvements in the healthcare industry and extensive research and development (R&D) activities conducted by key players, are contributing to the market growth. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 11.31% during the forecast period (2022-2027).
- On the basis of the molecule type, the market has been segmented into small molecule, large molecule (LC-MS studies, immunoassays and others).
- Based on the test type, the market has been classified into ADME (in-vivo, In-vitro), PK, PD, bioavailability, bioequivalence and others.
- On the basis of the workflow, the market has been categorized into sample preparation (protein precipitation, liquid-liquid extraction, solid phase extraction), sample analysis (hyphenated technique, chromatographic technique, electrophoresis, ligand binding assay, mass spectrometry, nuclear magnetic resonance) and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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 and Toxikon Corporation.
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