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. Looking forward, IMARC Group expects the market to reach US$ 4.90 Billion by 2027, exhibiting a CAGR of 11.31% during 2022-2027.
COVID-19 Impact:
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.
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Industry Definition and Application:
Bioanalytical testing refers to a branch of analytical chemistry that involves the quantitative measurement of drugs and metabolites present in multiple biological fluids, such as blood, plasma, serum, urine, or tissue extracts. It includes cell-based assays, in vitro or vivo virology testing, method development, optimization and validation, and immunogenicity as common service types. These testing methods ensure results that validate accuracy, precision, and stability. Consequently, bioanalytical testing services find extensive applications in pharmacology, bioavailability, bioequivalence, pharmacokinetic, and toxicological research.
Market Drivers and Trends:
The increasing demand for effective biopharmaceutical products and the growing acceptance of biosimilars and generics are majorly driving the bioanalytical testing services market growth. In line with this, the rising prevalence of chronic diseases, such as diabetes and cancer, coupled with the growing pre-clinical and clinical trials for developing new drugs, are creating a positive outlook for the market. Additionally, the widespread adoption of the quality by design approach (QbD) by biotechnology companies to ensure product quality and improve their manufacturing processes is impelling the market growth. Besides this, the sudden outbreak of the COVID-19 pandemic intensified investments in research and development (R&D) activities to formulate effective treatments for early detection and screening of disease, which is aiding in the market expansion.
Competitive Landscape with Key Players:
Key Market Segmentation:
The report has segmented the global bioanalytical testing services market on the basis of molecule type, test type, workflow and region.
Breakup by Molecule Type:
Breakup by Test Type:
Breakup by Workflow:
Breakup by Region:
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