The Global Bioanalytical Testing Services Market Continues To Grow Owing To the High Expansion of the Biotechnology Sector in the World

Bioanalytical Testing Services Market, By Method Type (Small Molecules and Large Molecules), By Test Type (Bioavailability and Bioequivalence Studies, Pharmacokinetics, Pharmacodynamics, and Other Test Types), and By Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America)- Size, Share Outlook, and Opportunity Analysis, 2022 - 2028.

Market Overview:

Bioanalytical testing services have gained prominence in the industry over the past few years. The growing number of ongoing clinical trials and the increasing research activities contribute to the rising demand for bioanalytical services. The rise in chronic diseases is another driving factor. This has resulted in a need for early detection of disease and the development of effective vaccines. In addition, pharmaceutical companies are increasing their efforts to develop new, fast-acting drugs. They are trying to reduce the costs involved in drug development.

Developing effective workflows can minimize the time spent on drug development. Also, establishing a reliable process can decrease the cost associated with drug development. To ensure the accuracy of results, assays should be validated properly. For this, it is necessary to select a partner with the necessary scientific expertise. An expert partner will also provide guidance on methods. Besides, it is important to understand the mechanism of action of the drug and the target.

Competitive Landscape:

Major players operating in the global Bioanalytical Testing Services Market include Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Syneos Health, Icon Plc, and PPD Inc.

Key Market Drivers:

Increasing developments by key players are expected to augment the growth of the global Bioanalytical Testing Services Market.

For instance, in October 2021, Syneos acquired RxDataScience, which is a healthcare-focused Artificial Intelligence (AI), data management, and data analytics company. Bioanalytical testing services have a significant role in the development of generic drugs.

The introduction of biosimilars has increased the demand for specific testing procedures. Moreover, the introduction of combination products has also contributed to the market. The high prevalence of biotechnology companies in the world is also estimated to enhance the growth of the global bioanalytical testing services for market.

Covid-19 Impact Analysis:

During the COVID-19 pandemic, there have been several developments in the global bioanalytical testing services for market. For instance, in August 2021, Community Clinical Oncology Research Network LLC (CCORN) and Labcorp partnered in order to understand the effect of differences in precision medicine for patients suffering from cancer.

Due to the increased need for analytical testing services or solutions, as well as the increase in medication approvals and clinical trials conducted globally, the Pharmaceutical Analytical Testing Market is expanding rapidly.

Key Takeaways:

· North America is expected to dominate the growth of the global Bioanalytical Testing Services Market, owing to the high prevalence of major companies in the region. For instance, in June 2021, Vigene Biosciences was acquired by Charles River, in order to strengthen the ability to support customers with end-to-end gene and cell therapy support.

· The Asia Pacific is estimated to witness high growth in the global bioanalytical testing services for market, owing to the high expansion of the biotechnology sector in the region. For instance, according to the Association of Biotechnology-Led Enterprises, currently, there are around 5,000 biotech firms in India.

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