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Bioanalytical Testing Services Market trends, Top Companies, Share, Growth And Forecast 2033
Bioanalytical Testing Services Market
The Business Research Company presents an extensive market research report on the Bioanalytical Testing Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The bioanalytical testing services market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to globalization of clinical studies, focus on pharmacokinetics, quality control measures, rise in personalized medicine.
The bioanalytical testing services market size is expected to see strong growth in the next few years. It will grow to $4.99 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to biopharmaceutical pipeline growth, rising biosimilar development, precision medicine advancements, increasing clinical trial complexity. Major trends in the forecast period include integration of artificial intelligence (AI), comprehensive pharmacokinetic analysis, microbiome analysis services, adoption of high-throughput technologies, biological sample analysis.
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Key Market Players:
Major companies operating in the bioanalytical testing services market report are CD BioSciences, Thermo Fisher Scientific Inc., Merck KGaA, Laboratory Corporation of America Holdings (LabCorp), Eurofins Scientific SE, ICON plc, PPD Inc., SGS SA, WuXi AppTec, Syneos Health Inc., STERIS plc, Sartorius AG, Charles River Laboratories Inc., Intertek Group, Covance Inc., PAREXEL International Corporation, Element Materials Technology, ALS Limited, Medpace Holdings Inc., Almac Group, Pace Analytical Services LLC, Altasciences, BioAgilytix Labs, Frontage Laboratories Inc., Cinven Ltd. (LGC Limited), Toxikon Inc., Absorption Systems LLC, Lotus Labs Pvt. Ltd., Bioneeds India Private Limited, Vipragen Biosciences Pvt. Ltd., Source BioScience
Market Drivers:
The rising government initiative to control infectious disease outbreaks is significantly contributing to the growth of the bioanalytical testing services market. The outbreak of the COVID-19 pandemic has aided in the growth in demand for bioanalytical testing services. Countries worldwide have been taking initiatives and increasing spending to prevent the spread and impact of the diseases. For instance, in March 2021, the U.S. Department of Health and Human Services announced the investment of $10 billion from the American Rescue Plan to ramp up screening testing to help schools reopen and $2.25 billion to scale up testing in underserved populations. Therefore, the increased spending on government initiatives will contribute to the growth of the bioanalytical testing services market.
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https://www.thebusinessresearchcompany.com/report/bioanalytical-testing-services-global-market-report
The bioanalytical testing services market covered in this report is segmented -
1) By Test Type: ADME (Absorption, Distribution, Metabolism, And Excretion), Pharmacokinetic, Pharmacodynamic, Bioequivalence, Bioavailability
2) By Molecule Type: Small Molecules, Large Molecules
3) By End User: Pharmaceutical And Biopharmaceutical Companies, Contract Development And Manufacturing Organizations, Contract Research Organizations
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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