Bioanalytical Testing Services Market Propelled by Growing Pharmaceutical and Biotechnology Industry
Bioanalytical testing services includes preclinical and clinical testing of drugs during various stages of drug development. Bioanalytical testing helps evaluate pharmacokinetic and pharmacodynamic properties of drug candidates to determine absorption, distribution, metabolism, and excretion. It also tests for drug-drug interactions, drug stability and efficacy. The growing pharmaceutical and biotechnology industry has increased research and development activities for novel drug development, thereby fueling demand for bioanalytical testing services.
The global Bioanalytical Testing Services Market is estimated to be valued at US$ 3614.31 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing pharmaceutical and biotechnology industry has been a major driver of the bioanalytical testing services market over the past few years. There has been rising investments in R&D of novel drugs for treatment of various diseases like cancer, infectious diseases, and rare disorders. Moreover, continuous clinical trials and need for method development and validation has contributed to the growth of this market. It is estimated that in 2019, global pharmaceutical R&D spending increased by 7.1% to reach US$ 179 billion. This increasing focus on drug development is expected to propel the demand for bioanalytical testing services during the forecast period.
SWOT Analysis
Strength: Bioanalytical testing services help streamline the drug development process and deliver faster results which reduces costs and brings drugs to market quicker.
Weakness: High dependence on skilled professionals leading to shortage of trained personnel and increased operational costs.
Opportunity: Growing need for advanced analytical techniques and outsourcing of testing services presents an opportunity for market expansion.
Threats: Stringent regulations can increase compliance requirements and costs for service providers.
Key Takeaways
The Global Bioanalytical Testing Services Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America dominates the global market currently due to presence of major pharmaceutical companies and CROs in the US and Canada. Rapid growth is expected in Asia Pacific region due to increasing investment in clinical trials and outsourcing of testing to countries like China and India.
Key players operating in the bioanalytical testing services market are Agilecrm.com, Bitrix, Inc, Celerity Systems (Pty) Ltd, ClickSend, directSMS, Dove Soft Pvt Ltd., Exotel Techcom Pvt. Ltd, IMImobile, King Digital Pvt. Ltd., MessageBird, Osumare, SendPulse, Text Marketer, TextMagic Ltd, and others.
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