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Bioanalytical Testing Services Market - Segments Worth Observing Aiding Growth Factors 2023 - 2030

10-17-2024 07:12 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Premium Market Insights

The global Bioanalytical Testing Services Market is expected to reach US$ 10,108.82 million in 2030 from US$ 4,641.13 million in 2022. The market is estimated to grow with a CAGR of 10.2% from 2022 to 2030.

The key factors driving the market's growth are increasing outsourcing of R&D activities by pharmaceutical companies and the high demand for analytical testing of biosimilars and biologics. However, challenges in developing and validating bioanalytical methods are hampering the market's growth to a certain extent.

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Analysis of the Top Market Players:

1. SGS SA
2. Pharmaron Beijing Co Ltd
3. Element Materials Technology Group Ltd
4. CD BioSciences Inc
5. Charles River Laboratories International Inc.
6. Eurofins Scientific SE
7. Labcorp Drug Development Inc
8. Syneos Health Inc
9. KCAS Bioanalytical and Biomarker Services LLC
10. ICON Plc

In this report, the market has been segmented on the basis of:

Service (Pharmacokinetics, Biomarkers, Immunogenicity, Virology Testing, Cell-Based Assays, and Others)
Disease Indication (Cardiovascular, Neurological Disorders, Metabolic Disorders, Autoimmune Disorders, Respiratory Diseases, Oncology, Sexual Health, Bone Disease, and Others)
End User [Pharmaceutical and Biopharmaceutical Companies, Contract Research Organization (CRO), Contract Development and Manufacturing Organization (CDMO), and Others], and Geography

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Market Opportunities of Bioanalytical Testing Services Market

The research & development, production, and distribution of medicinal drugs and other pharmaceutical products are the major areas of the pharmaceutical industry. Global pharmaceutical consumption is rising with the increasing need for drugs to treat age-related diseases and chronic diseases. According to the WHO, the elderly population aged 60 or above is projected to double from 2020 to 2050, reaching ~2.1 billion by 2050. A rise in the geriatric population would contribute to a surge in incidences of chronic diseases, such as cardiovascular diseases, cancer, hypertension, osteoarthritis, and diabetes mellitus. Thus, chronic diseases have been a major area of focus for pharmaceutical companies.

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