Healthcare Medical Devices Biotechnology

Bioanalytical Testing Services Market is Expected to Reach USD 9.74 Billion by 2031

Mar 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Bioanalytical Testing Services Market was valued at USD 4.71 billion in 2023 and is projected to reach USD 9.74 billion by 2031, growing at a CAGR of 9.53% from 2024 to 2031.

The growing focus on personalized medicine is fostering market expansion by necessitating precise and accurate bioanalytical testing services. As healthcare shifts towards tailored treatments and therapies, the demand for analyzing biomarkers, pharmacokinetics, and drug interactions at an individual patient level increases. This trend drives innovation in bioanalytical testing technologies, such as advanced mass spectrometry and genomics-based assays, enabling healthcare providers to deliver more effective and targeted interventions. This results in an increased need for specialized bioanalytical testing services, thereby fueling market growth in the pharmaceutical and healthcare sectors.

Key Insights

  • Based on test type, the bioavailability segment accounted for the largest market share of 34.83% in 2023
  • Based on application, the oncology segment is estimated to reach a valuation of USD 3.12 billion by 2031
  • Based on service, the large molecular bioanalysis segment is poised to grow at a staggering CAGR of 9.77% over the forecast period
  • On the basis of region, North America led the market in 2023 with a valuation of USD 2.02 billion

Waters Launches OligoWorks SPE Workflow and Kits to Accelerate Bioanalysis of Oligonucleotide Therapeutics

October 2023: Waters Corporation introduced the OligoWorks Solid-Phase Extraction (SPE) Workflow and Kits to enhance the bioanalysis of oligonucleotide therapeutics. This innovative solution streamlined and accelerated the sample preparation process for oligonucleotide analysis, improving efficiency and accuracy in bioanalytical testing. The OligoWorks platform offered robust and reproducible results, enabling researchers and pharmaceutical companies to analyze oligonucleotide drugs with greater precision and speed. By addressing key challenges in oligonucleotide bioanalysis, Waters aimed to support advancements in drug development and personalized medicine, thereby benefiting patients and the healthcare industry.

Rising Chronic Disease Cases to Propel Demand for Bioanalytical Testing Services

The surge in chronic diseases such as cancer, diabetes, and cardiovascular disorders is driving demand for bioanalytical testing services. These services play a crucial role in biomarker analysis, drug monitoring, and disease diagnostics, aiding in early detection and development of personalized treatment strategies. As the global population ages and lifestyles evolve, chronic diseases continue to pose significant health challenges, highlighting the need for precise and reliable bioanalytical methods to accurately profile diseases and monitor therapies. Due to this, pharmaceutical companies, healthcare providers, and research institutions are increasingly relying on advanced bioanalytical technologies to develop targeted therapies and improve patient outcomes, thereby fueling the growth of the bioanalytical testing services sector.

Rising Outsourcing Trends to Drive Bioanalytical Testing Services Market Growth

Pharmaceutical and biotechnology firms are progressively outsourcing bioanalytical testing services to specialized providers, thereby fueling market expansion. This trend is further supported by strategies employed by key players to lower operational costs, access cutting-edge technologies, and concentrate on core competencies such as drug development. By leveraging the expertise and infrastructure of external service providers, organizations streamline workflows, expedite testing processes, and enhance overall efficiency. Moreover, outsourcing allows companies to navigate complex regulatory environments more effectively, ensuring compliance while accelerating time-to-market for new drugs. The continued adoption of outsourcing practices underscores the pivotal role of specialized service providers in supporting the evolving needs of the pharmaceutical and biotech industries.

North America to Record a Significant CAGR of 9.17% Through the Forecast Period

Based on region, the global bioanalytical testing services market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America. North America is slated to experience significant growth through the forecast period. This growth can be attributed to several factors such as a robust pharmaceutical and biotechnology industry presence, increasing research and development activities, technological advancements in bioanalytical testing, and stringent regulatory standards that drive demand for reliable testing services. Additionally, collaborations between industry players and academic institutions, coupled with a focus on personalized medicine and innovative drug development, contribute to the region's promising outlook in the bioanalytical testing services market.

Prominent Companies Forge Agreements to Enhance Industry Presence

The global bioanalytical testing services market reveals a fragmented landscape, featuring prominent companies including Charles River Laboratories International, Inc., Eurofins Scientific SE, Laboratory Corporation of America Holdings (LabCorp), Pharmaceutical Product Development, LLC (PPD), ICON plc, SGS SA, WuXi AppTec, BioAgilytix Labs, Intertek Group plc, PRA Health Sciences, Inc., and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their global business footprint and enhance their competitive position.

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