DUBLIN, June 24, 2022 /PRNewswire/ — The “Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User, and Region (North America, EuropeACPA, Latin AmericaMEA) – The Global Forecast to 2027 report has been added to from ResearchAndMarkets.com offer.
The Global Bioanalytical Testing Services Market is Expected to Reach $6.0 billion by 2027 based on an estimate $2.9 billion in 2022 at a CAGR of 15.6% over the forecast period.
Factors such as the increasing focus on analytical testing of biologics and biosimilars, a growing preference for outsourcing analytical testing, increasing R&D spending in the pharmaceutical and biopharmaceutical industries, and the growing adoption of Quality by Design approach is expected to drive the growth of this market over the forecast period.
However, the shortage of qualified professionals is a major factor that is expected to restrain the growth of this market in the coming years.
Cellular testing segment is expected to account for the largest share of the bioanalytical testing services market
The growing prevalence of chronic diseases and increasing number of clinical trials are expected to support the growth of the cell testing market. Cellular assays are in vitro assays used for the quantitative and qualitative assessment of cellular mechanisms and functions using a wide range of reagents and cells. These tests are used to study the characteristics of a cell under natural conditions.
Oncology Segment Expected to Account for Largest Bioanalytical Testing Services Market Share
The oncology segment accounted for the largest share of the global bioanalytical testing services market in 2021. With the increasing burden of cancer on healthcare systems globally, government and private organizations are increasingly focusing on the development of new cancer therapies. This is expected to drive demand for bioanalytical testing services in clinical trials of cancer drugs. ICON (Ireland), Syneos Health (USA) and PAREXEL International (USA) are the main players offering services for clinical trials of oncology drugs.
Pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the bioanalytical testing services market
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global bioanalytical testing services market in 2021. The pharmaceutical and biopharmaceutical companies mainly focus on the development of new drugs for the treatment of various diseases. These companies must submit specific data related to drug development during the drug development process and subsequent filing of applications with regulatory agencies. This requires a wide range of services in the early stages of development and clinical phases to comply with regulatory requirements.
Asia Pacific Market to Experience the Highest Growth Over the Forecast Period
The APAC market is expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the rapid growth of pharmaceutical and biopharmaceutical industries, low cost of clinical trials and favorable government policies in several countries in this region.
Main topics covered:
2 Research methodology
3 Executive summary
4 premium previews
4.1 Bioanalytical Testing Services Market Overview
Figure 11 Increased Emphasis on Analytical Testing of Biologics and Biosimilars to Drive Market Growth
4.2 Asia Pacific: Bioanalytical Testing Services Market, by Application and Country (2021)
Figure 12 Oncology Segment to Dominate Bioanalytical Testing Services Market in Asia-Pacific in 2021
4.3 Bioanalytical Testing Services Market: Geographic Growth Opportunities
Figure 13 China will register the highest growth during the forecast period
4.4 Regional Mix: Bioanalytical Testing Services Market
Figure 14 North America to Dominate the Market During the Forecast Period
4.5 Bioanalytical Testing Services Market: Development vs. Developed nations
Figure 15 Developing countries will experience higher growth over the forecast period
5 Market Overview
5.2 Market Dynamics
220.127.116.11 Increased focus on analytical testing of biologics and biosimilars
18.104.22.168 Growing preference for outsourcing analytical testing
22.214.171.124 Growth in R&D expenditure in the pharmaceutical and biopharmaceutical industry
126.96.36.199 Growing adoption of Quality by Design
188.8.131.52 Shortage of qualified professionals
184.108.40.206 Pricing pressure faced by major players
220.127.116.11 Emerging countries in the Asia-Pacific region
18.104.22.168 Growing Demand for Specialty Bioanalytical Testing Services
22.214.171.124 Innovative formulations requiring a unique bioanalytical testing approach
126.96.36.199 Growing need to improve the sensitivity of bioanalytical methods
5.3 COVID-19 Economic Scenario Impact Assessment on Bioanalytical Testing Services Market
6 Bioanalytical Testing Services Market, by Type
6.2 Cell assays
6.3 Virology tests
6.4 Optimization and validation of method development
6.5 Serology, immunogenicity and neutralizing antibodies
6.6 Biomarker testing
6.7 Pharmacokinetic tests
7 Bioanalytical Testing Services Market, by Application
7.4 Infectious Diseases
8 Bioanalytical Testing Services Market, By End User
8.2 Pharmaceutical and biopharmaceutical companies
8.3 Development and Contract Manufacturing Organizations
8.4 Contract research organizations
9 Bioanalytical Testing Services Market, by Region
10 Competitive Landscape
LLC absorption systems
Bioneeds India Private Limited
Cd Biosciences Inc
Intertek Group plc
Laboratory Corporation of America Holdings
Lotus Labs Pvt. ltd.
Parexel International Corporation
For more information about this report visit https://www.researchandmarkets.com/r/arbqvd
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SOURCE Research and Markets