CHICAGO, June 6, 2022 /PRNewswire/ -- According to the new market research report "Bioanalytical Testing Services Market by Type, Application (Oncology, Neurology, Infectious Diseases, Gastroenterology, Cardiology), End User and Region (North America, Europe, APAC, Latin America, MEA) - Global Forecast to 2027", published by MarketsandMarkets, the market is projected to reach USD 6.0 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 15.6% during the forecast period.
Browse in-depth TOC on "Bioanalytical Testing Services Market"
153 - Tables
37 - Figures
208 - Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=12254971
The Factors such as the rising focus on the analytical testing of biologics and biosimilars, increasing preference for outsourcing analytical testing, growing R&D expenditure in the pharmaceutical and biopharmaceutical industries, and the rising adoption of the Quality by Design approach are expected to drive the growth of this market during the forecast period. However, the dearth of skilled professionals is a major factor that is expected to restrain the growth of this market in the coming years.
By Type of service, the cell-based assays segment is expected to account for the largest share of the bioanalytical testing services market
The cell-based assays segment accounted for the largest share the bioanalytical testing service market in 2021. The large share of this segment can be attributed to the high and growing utilization of cell-based assays in developing newer drugs as a result of the increasing prevalence of chronic diseases.
By Application, the Oncology segment is expected to account for the largest share of the bioanalytical testing services market
The Oncology accounted for the largest share of the global bioanalytical testing service market in 2021. The large share of this segment can be attributed to due to the increasing number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide.
By End User, the pharmaceutical and biopharmaceutical companies segment is expected to account for the largest share of the bioanalytical testing services market
The pharmaceutical and biopharmaceutical companies segment accounted for the largest share of the global bioanalytical testing service market in 2021. The large share of this segment can be attributed to the increased outsourcing of early-phase development, clinical, and laboratory testing services by pharmaceutical companies to boost profit margins, avoid high capital expenditure, and reduce the time duration to validate processes and products.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=12254971
North America dominated this market with the largest share in 2021
In 2021, North America dominated this market with the largest share. This can be attributed to the presence of a well-established base of pharmaceutical and biopharmaceutical companies, rapid growth in the biosimilars and biologics markets, increasing R&D expenditure, and the large pool of bioanalytical CROs in the region.
Prominent players in the bioanalytical testing services market include Charles River (US), Medpace (US), WuXi AppTec (China), Eurofins Scientific (Luxembourg), IQVIA (US), SGS SA (Switzerland), Laboratory Corporation of America Holdings (US), Intertek Group (UK), Syneos Health (US), ICON (Ireland), Frontage Labs (US), PPD (US), PAREXEL International Corporation (US), Almac Group (UK), Celerion (US), Altasciences (US), BioAgilytix Labs (US), Lotus Labs (India), LGS Limited (UK), Sartorius AG (Germany), CD BioSciences (US), Absorption Systems LLC (US), Pace Analytical Services (US), Bioneeds India Private Limited (India) and Vipragen Biosciences (India).
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=12254971
Browse Adjacent Markets: Analytical and Scientific Instrumentation Market Research Reports & Consulting
Browse Related Reports:
Contract Research Organization (CROs) Services Market by Type (Early phase, Clinical, Lab, Consulting), Therapeutic Area (Oncology, Infectious Disease, Neurology, Immunology, Hematology, Vaccines), End User - Global Forecast to 2027
https://www.marketsandmarkets.com/Market-Reports/contract-research-organization-service-market-167410116.html
Drug Discovery Services Market by Process (Target Selection, Validation, Hit-to-lead), Type (Chemistry, Biology), Drug Type (Small molecules, biologics), Therapeutic Area (Oncology, Neurology) End User (Pharma, Biotech) - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/drug-discovery-services-market-138732129.html
About MarketsandMarkets
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/bioanalytical-testing-services-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/bioanalytical-testing-services.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
