Bioanalytical Testing Services Market Size Worth $6.3 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, March 8, 2021 /PRNewswire/ -- The global bioanalytical testing services market size is anticipated to reach USD 6.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The economic efficiency offered for outsourcing as compared to conducting an in-house study is encouraging the outsourcing of these services that is expected to boost the demand over the forecast period. Innovation or new molecule development is directly proportional to the demand for testing services. Due to pricing concerns, competitive pressures, and lead-time to market, companies are opting for outsourcing of testing services. The growing focus on customized care as well as on technological advancements is lowering the molecule lifecycle, which has resulted into rapid development of new molecules.

Key suggestions from the report:

• Small molecule bioanalytical testing services held a lucrative share in 2020. This can be attributed to the maximum generic and branded drug compounds coming under this category
• The Bioavailability (BA) segment dominated the market in 2020 owing to the great demand for these services in generic drug manufacturing. Moreover, with the emergence of biosimilars, the demand for BA studies is expected to increase over the forecast period
• North America dominated the market in 2020. This can be attributed to the fact that it is one of the top manufacturing hubs of highly reliable, complex, and high-end pharmaceuticals
• Asia Pacific region is anticipated to witness the fastest CAGR over the forecast period. This is owing to many developed countries investing in the Asia Pacific region and various amendments to change the clinical trials evaluation standards according to the global platform

Read 120 page research report with ToC on "Bioanalytical Testing Services Market Size, Share & Trends Analysis Report By Molecule Type (Small Molecule, Large Molecule), By Test Type (ADME, PK, PD, Bioavailability, Bioequivalence), By Workflow, By Region, And Segment Forecasts, 2021 - 2028' at: https://www.grandviewresearch.com/industry-analysis/bioanalytical-testing-services-market

The market player's performance in the pharmaceutical analytical testing domain is greatly influenced by the demand from end-user. Due to the increasing awareness level, intense market efforts, government initiatives, and improving accessibility, consumers, these days, are more anxious about personal care, leading to higher consumption of pharmaceutical products. The consumption levels are projected to rise exponentially over the forecast period.

Due to COVID-19 many universities has imposed complete campus lockdown and various other bioanalytical laboratories were suspended for sometimes. This has adversely impacted bioanalytical testing services industry. Also 'wet lab' bioanalytical research came to a complete standstill at several universities. But based on recent circumstances the situation has improved for many bioanalytical testing laboratories where activities can be continued in modified forms based on new guidelines.

Grand View Research has segmented the global bioanalytical testing services market based on molecule type, test type, workflow, and region:

• Bioanalytical Testing Services Molecule Type Outlook (Revenue, USD Million, 2016 - 2028)
• Small Molecule
• Large Molecule
• LC-MS Studies
• Immunoassays
• PK
• ADA
• Others
• Others
• Bioanalytical Testing Services Test Type Outlook (Revenue, USD Million, 2016 - 2028)
• ADME
• In-Vivo
• In-Vitro
• PK
• PD
• Bioavailability
• Bioequivalence
• Others
• Bioanalytical Testing Services Workflow Outlook (Revenue, USD Million, 2016 - 2028)
• Sample Preparation
• Protein Precipitation
• Liquid-Liquid Extraction
• Solid Phase Extraction
• Sample Analysis
• Hyphenated technique
• Chromatographic technique
• Electrophoresis
• Ligand Binding Assay
• Mass Spectrometry
• Nuclear Magnetic Resonance
• Other Processes
• Bioanalytical Testing Services Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• The U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• India
• China
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Bioanalytical Testing Services Market

• PPD
• ICON plc
• Covance Inc.
• LabCorp
• Charles River Laboratories International, Inc.
• inVentiv Health
• SGS SA
• Toxikon, Inc.
• Intertek group
• Pace Analytical Services, LLC

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

• Pharmaceutical Analytical Testing Outsourcing Market – The global pharmaceutical analytical testing outsourcing market size was valued at USD 6.54 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.3% over the forecast period
• ADME Toxicology Testing Market – The global ADME toxicology testing market size was valued at USD 4.33 billion in 2017 and is expected to register a CAGR of 11.4% over the forecast period.
• Preclinical CRO Market – The global preclinical CRO market size was valued at USD 4.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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