Bioanalytical Services Market Size is predicted witness a 8.25% CAGR during the forecast period for 2023-2031.
Bioanalytical services are utilised for the quantification of pharmaceuticals or metabolites in various biological matrices, including serum, blood, plasma, tissue, urine, and skin samples. Examples of applications include examinations of bioavailability, pharmacology, bioequivalence, pharmacokinetics, and toxicology in both human subjects and animals. The rising frequency with which large pharmaceutical companies outsource R&D activities in order to focus on their core strengths is a critical influence rendering driver for this market. Furthermore, the cost-effectiveness of outsourcing rather than completing an in-house study is likely to drive demand over the projection period. Innovation and new product development are projected to further enhance demand for these services.
However, the COVID-19 pandemic has led several enterprises in the worldwide bioanalytical services market to suspend operations in order to comply with new government laws and regulations. This suspension in activities has a direct influence on market participants' revenue flow. Bioanalytical technology was crucial in minimizing the COVID-19 pandemic and it will carry on to be critical in preventing succeeding waves of this pandemic, as well as future infectious disease outbreaks.
Competitive Landscape
Some Major Key Players In The Bioanalytical Services Market:
- PPD, Inc.
- ICON plc
- Laboratory Corporation of America
- Charles River Laboratories International, Inc.
- Syneos Health
- SGS SA Toxikon, Inc.
- Intertek Group
- Pace Analytical Services
- Medpace
- PRA HEALTH SCIENCES
- WuXi AppTec
- IQVIA
- Eurofins Scientific
- Others
Market Segmentation:
The Bioanalytical Services Market is segmented on the basis of type and end-user. Based on type, the market is segmented as Pre-Clinical Studies and Clinical Studies. The end-user segment includes Pharmaceutical companies, Biotechnology companies, CROs, and CDMOs.
Based On Type, The Pre-Clinical Studies Segment Is Accounted As A Major Contributor To The Bioanalytical Services Market.
The Pre-Clinical Studies category is expected to hold a major share in the global Bioanalytical Services Market in 2022. Pre-clinical studies are critical in the bioanalytical services market because they assess the safety and efficacy of new medications, biologics, and medical devices before they enter clinical trials. Pre-clinical investigations are in high demand due to the ongoing pipeline of new medication candidates. Bioanalytical services are required to evaluate these candidates' pharmacokinetics, toxicity, and efficacy.
The Pharmaceutical Companies Segment Witnessed Growth At A Rapid Rate.
The pharmaceutical company’s segment is projected to grow at a rapid rate in the global Bioanalytical Services Market. Bioanalytical services provided by pharmaceutical corporations are a dynamic and important element of drug development. Several variables influence the market dynamics for bioanalytical services inside pharmaceutical businesses. Pharmaceutical companies use bioanalytical services to evaluate the safety and possible toxicity of new medications.
In The Region, The North America Bioanalytical Services Market Holds A Significant Revenue Share.
The North America Bioanalytical Services Market is expected to register the maximum market share in revenue in the near future. This is mostly due to an increase in demand for bioanalytical services, as well as a significant volume of current research activities and clinical trials, which are projected to drive market expansion in the region. Furthermore, the expanded patient pool of various chronic diseases, and the increased acceptance of peptides and other large molecule treatments as an alternative to small compounds with greater adverse effects, is likely to fuel market expansion.
The bioanalytical services market in the Asia-Pacific region is predicted to grow significantly. The pharmaceutical and biotechnology sectors have grown significantly in Asia-Pacific, particularly in China, India, South Korea, and Singapore. Demand for bioanalytical services for drug development and clinical trials is increasing as a result of this rise.
Recent Developments:
- In November 2021,Lab Corp has recently established a new bioanalytical laboratory facility in Singapore as a component of its central laboratory services expansion. This development is expected to enhance the biomedical ecosystem in Singapore by bolstering its capabilities.
- In Feb 2023, ICON plc completed the acquisition of PRA Health Sciences Inc., a renowned global contract research organization. The acquisition facilitated the provision of services with an expanded geographical scope, enhanced knowledge of drug therapies, and increased proficiency in healthcare technology innovation.
Bioanalytical Services Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 8.25 % from 2023 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
PPD, Inc., ICON plc, Laboratory Corporation of America, Charles River Laboratories International, Inc., Syneos Health, SGS SA Toxikon, Inc., Intertek Group, Pace Analytical Services, Medpace, PRA HEALTH SCIENCES, WuXi AppTec, IQVIA, Eurofins Scientific, Others |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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