February 21, 2024

Bioanalytical Testing Services Market Growth Accelerated by Rising Outsourcing Trend

Bioanalytical testing services help pharmaceutical and biotechnology companies gain insights into drug metabolism, pharmacokinetics as well as safety and efficacy of drug candidates.

This has led to increased outsourcing of bioanalytical testing to contract research organizations (CROs). CROs provide advanced bioanalytical testing techniques, skilled workforce and regulatory compliance which helps drug developers focus on their core competencies.

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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising outsourcing trend in the bioanalytical testing services market is being driven by cost advantages and expertise offered by CROs. With increasing R&D investments in drug development, pharmaceutical and biotech companies are outsourcing non-core operations like bioanalytical testing to CROs. This allows drug developers to focus resources on drug innovation while leveraging advanced technologies, specialized skills and regulatory knowledge of CROs. CROs also help bioanalytical testing clients reduce costs through economies of scale. Their large portfolio of clients enables spreading of fixed operational costs. This has accelerated the growth of outsourcing and augmented the demand for bioanalytical testing services market.

Segment Analysis
This is due to cell-based assays providing accurate insights into toxicity studies as well as pharmacological behavior of drugs. Cell-based assays are widely used in drug discovery and development processes to study toxicity as well as efficacy of potential drug candidates.

Key Takeaways
The global bioanalytical testing services market is expected to witness high growth.

Regional analysis: North America and Asia Pacific are expected to dominate the market. This is due to increasing R&D expenditure for drug development by pharmaceutical and biotechnology companies in these regions.

Key players related content comprises 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.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it