Bioanalytical testing services play a crucial role in the drug development process by measuring drug concentration in biological samples such as blood and urine. These tests are conducted to determine the absorption, distribution, metabolism, and excretion of drugs in the human body. Bioanalytical testing helps evaluate drug safety, efficacy, and pharmacokinetics. The increasing drug development activities due to the growing demand for therapeutic drugs is expected to fuel the demand for bioanalytical testing services.
The global bioanalytical testing services market offers a wide range of services including small molecule bioanalysis, large molecule bioanalysis, immunoassay development and validation, cell-based assays, method development and validation, PK/PD integration, and much more. Bioanalytical testing services help ensure drugs are safe and effective for human use by providing data on absorption, distribution, metabolism, and excretion.
The global Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing outsourcing of bioanalytical testing: Pharmaceutical and biotechnology companies are outsourcing bioanalytical testing services to contract research organizations (CROs) to reduce costs and focus on core activities. This trend is expected to drive significant demand for bioanalytical testing services market. CROs offer various advantages such as access to advanced technology and laboratories, skilled workforce, and global presence which attracts outsourcing from sponsors. Growing adoption of Ligand Binding Assays (LBA): Ligand binding assays (LBAs) measure drug concentrations through analyte-specific ligand interactions that detect and quantify drug molecules. LBAs are gaining popularity due to their high sensitivity and ability to measure large molecule drugs such as monoclonal antibodies, cytokines, and peptides. This growing adoption of LBAs will further boost the bioanalytical testing services market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high initial costs to set up laboratories and acquire technologies and equipments. The presence of few large players also poses entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, buyers prefer outsourcing bioanalytical testing from CROs to avoid high setup costs. This increases their bargaining power.
Bargaining power of suppliers: The suppliers of technologies, instruments and reagents possess moderate bargaining power due to the availability of substitute suppliers.
Threat of new substitutes: There are few options for substitutes due to stringent regulatory guidelines in drug development. Virtual testing through AI and big data analytics poses threat of substitution.
Competitive rivalry: The market is dominated by a few large players. However, intense completion exists among players to gain market share through lab expansions, new services and strategic partnerships.
Key Takeaways
The Global Bioanalytical Testing Services Market Size is expected to witness high growth.
Regional analysis: Europe is another major regional market for bioanalytical testing services driven by presence of prominent pharmaceutical companies and stringent regulatory guidelines. The market in the region is led by Germany, France and United Kingdom.
Key players operating in the Bioanalytical Testing Services market are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others. These players are focusing on expanding their service portfolio and geographical footprint through strategic collaborations to strengthen their market position.
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COVID-19 Impact Analysis on Bioanalytical Testing Services Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the bioanalytical testing services market include Pharmaceutical Product Development, LLC.
(PPD), ICON plc, Covance, Inc., Charles River Laboratories International, Inc., Laboratory Corporation of America, inVentiv Health, SGS SA, Toxikon, Inc., Intertek Group plc, Pace Analytical Services, LLC.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Bioanalytical Testing Services Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bioanalytical-testing-services-market/download-sampleMarket DynamicsThe global bioanalytical testing services market is expanding at a fast pace due to the growing pharmaceutical and biopharmaceutical industry.
The significant growth in bioanalytical testing is attributed to increasing concentration on the analytical testing of biosimilars and biologics, increased applications in clinical trials, a growing trend of outsourcing analytical testing.
The Bioanalytical Testing Services Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the bioanalytical testing services market include Pharmaceutical Product Development, LLC.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Bioanalytical Testing Services Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/bioanalytical-testing-services-market/download-sampleMarket DynamicsThe global bioanalytical testing services market is expanding at a fast pace due to the growing pharmaceutical and biopharmaceutical industry.
The significant growth in bioanalytical testing is attributed to increasing concentration on the analytical testing of biosimilars and biologics, increased applications in clinical trials, a growing trend of outsourcing analytical testing.
During the global pandemic COVID0-19 market the bioanalytical testing market is expected to witness prominent growth as the entire healthcare system across the globe is focused on the discovery and development of effective drug solutions to combat the disease.
