Bioanalytical Testing Services Market: Rising Demand for Precision Drives 15% CAGR by 2031| SkyQuest Technology

WESTFORD, Mass., July 17, 2024 /PRNewswire/ -- According to SkyQuest, the global Bioanalytical Testing Services Market size was valued at USD 2.42 Billion in 2022 and is poised to grow from USD 2.78 Billion in 2023 to USD 8.51 Billion by 2031, at a CAGR of 15 % during the forecast period (2024-2031).

The global bioanalytical testing services market refers to analytical services provided by medical biotechnology companies to determine the safety and efficacy of drugs and biologics in humans. These services play an important role in drug development and the regulatory approval process. Bioanalytical testing services refer to analytical methods for the determination of concentrations of drugs, metabolites and other biomarkers in natural fluids and tissues, including blood, urine and tissue.

WuXi AppTec's laboratory testing department has increased productivity by 400% since its early start in implementing bioanalytical automation. The bioanalytical testing services market includes CROs and other providers of bioanalytical testing services to the pharma and biotech industries.

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Bioanalytical Testing Services Market Overview:

Segments covered in Bioanalytical Testing Services Market are as follows:

• Type
  • Cell based assays (Bacterial cell-based assays, Viral cell-based assays), Virology testing (In-vitro virology testing, In-vivo testing, Species-specific viral PCR assays)

• Application
  • Oncology, Neurology, Infectious diseases, Gastroenterology, Cardiology, other applications, and Others

• End-user
  • Pharmaceutical and Biopharmaceutical Companies, Contract Development and Manufacturing Organizations, and Contract Research Organizations

• Workflow
  • Sample Preparation, and Sample Analysis

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Comprehensive Workflow for Bioanalytical Testing Services

The sample analysis segment accounts for the largest share of the global bioanalytical testing services market, accounting for over 45.8% of the total revenue. The next phase of pharmaceutical industry involvement in pharmaceuticals demands more efficient and accurate analytical methods. For example, hyphenated methods and chromatographic methods are important sensitive and selective methods for identifying and quantifying biological samples. According to SkyQuest In-depth Analysis, approx 10-15% of these methods are used in the pharmaceutical industry. Mass spectrometry and nuclear magnetic resonance provide detailed molecular expression data needed to determine the mechanism of action of drugs and other physiological agents. Ligand binding assays are used in immunogenicity tests and biomarker studies, while electrophoresis aids identification properties of proteins. Advanced technology then guarantees that sound system data will satisfy codes and allow new treatments to be developed more quickly.

The sample manufacturing segment is expected to grow at a CAGR of 8.9% during the forecast period. Sampling extraction methods help to extract important features from the matrix. Automation, less solvent usage, and reduced bottle size for non-traditional extraction technologies have become increasingly popular in the industry Ideal methods of sample preparation avoid matrix high risk and experimental variability in the sample thus obtaining a clean sample. Therefore, it is important to preserve sample integrity from the point of sample collection to the point of analysis to reduce the complications encountered in bioanalysis.

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Diverse Testing Services Driving Innovation and Quality in Bioanalysis 

The bioavailability segment has the largest market share, accounting for more than 18.4% of global revenue by 2023. This is due to increasing consumer awareness of self-medication through pharmaceutical products, greater demand for live services such in simple pharmaceutical formulations. Furthermore, increasing consumer health and self-care awareness is also contributing to the demand for pharmaceutical products and increasing the need for bioavailability tests. Based on our study, the increasing prevalence of chronic diseases and increasing aging, i.e. 10% of the global population over the age of 65, also contributed to this because such people need regular services. The importance of such testing is heightened by regulatory agencies' expectation to demonstrate the bioavailability and biocompatibility of the drug.

The bioequivalence segment is expected to grow the fastest, at a CAGR of 9.1% during the forecast period. Growing demand for drugs is driving end-users to expand their testing capabilities and encourage more in-house research. Furthermore, the widespread use of drugs leads to the growth of generic drugs, whose therapeutic values are compared with those of branded drugs is a great bioequivalence test. This study is important for regulation councils to ensure that generic drugs have the same safety and efficacy data as new drugs, but licensing has increased substances that has also contributed to increasing the frequency of bioequivalence testing.

Precision in Progress: The Future of Bioanalytical Testing Services

As the bioanalysis testing services market continues to evolve, increasing demand for precision medicine is leading innovation and growth in the pharmaceutical biotechnology industry, with market leaders driving the need for testing services.

Strategic partnerships and acquisitions shape the competitive landscape and foster collaboration and expansion. Companies are investing in state-of-the-art laboratories and skilled personnel to enhance their testing capabilities and meet growing demand.

In conclusion, the bioanalytical testing services market is poised for significant growth, driven by technological advancements and the expansion of the biopharmaceutical industry.

Related Reports:

Biopharmaceutical Analytical Testing Services Market

Pharmaceutical Analytical Testing Outsourcing Market

Biologics Safety Testing Market

Clinical Laboratory Tests Market

Bioinformatics Services Market

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SOURCE SkyQuest Technology