New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Bioanalytical Testing Services Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Profiling of key market players
Global Bioanalytical Testing Services Market Size:
The global bioanalytical testing services market is estimated to garner a revenue of ~USD 8.5 billion by the end of 2033 by growing at a CAGR of ~9% over the forecast period. Further, the market generated a revenue of ~USD 3.5 billion in the year 2022. The growth of the market is primarily ascribed to the escalating development of novel drugs and therapies. It was observed that as of 2020, around 550 new medicine were found to be under development in the USA while nearly 50 novel drugs received approval from the Center for Drug Evaluation and Research (CDER).
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Global Bioanalytical Testing Services Market: Key Takeaways
- North America region to gain the largest share of the revenue in 2022
- Cardiology segment to dominate the revenue graph
- Contract research organizations sub-segment remains prominent in the end-user segment
Rising Prevalence of Cardiovascular Diseases and Increasing Medical Errors to Boost Market Growth
Bioanalytical testing is a method that is utilized for the quantitative evaluation of drugs and associated metabolites. Bioanalytical testing is significantly required in all phases of drug development, which includes drugs for the treatment of cardiovascular diseases too. The most important behavioral risk factors for cardiovascular diseases are an unhealthy diet, physical inactivity, and excessive consumption of alcohol. It was observed that between 2015 and 2019, excessive alcohol usage caused more than 140,000 fatalities annually in the US and the deaths caused were primarily brought about by the long-term health impacts of excessive drinking, including liver issues and heart diseases. Hence, this is estimated to significantly boost the growth of the global bioanalytical testing services market.
In addition to this, the spiking number of medication errors is also estimated to drive market growth significantly over the forecast period. U.S. Food and Drug Administration stated to receive more than 100,000 medication errors annually. Furthermore, medication error is a serious issue that occurs in the medical field, it is also estimated to cost someone’s life. Hence, before making any new medical method, drug, therapy, and medicine available for any living being, proper research and testing are required. Such a demand for testing services is projected to hike the growth of the global bioanalytical testing services market over the forecast period. Moreover, the market is also expected to be propelled by the significant growth in blood donation, increasing cases of urinary tract infection (UTI), and developing healthcare expenditure across the globe.
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Global Bioanalytical Testing Services Market: Regional Overview
The global bioanalytical testing services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Prevalence of Chronic Diseases to Drive Market in the North America Region
The market in the North America region holds the largest market share of ~45% as of 2022. The growth of the market in the region is ascribed to the mounting investment in the R&D expenditure in the pharmaceutical industry. Additionally, the growing chronic diseases and the rising presence of well-developed healthcare infrastructure in the region are further anticipated to influence the growth of the market over the forecast period. It was observed that, in 2018, 51.8% (129 million) of U.S. civilian, noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. More specifically, 24.6% (61 million) of adults had one chronic condition, and 27.2% (68 million) had more than two chronic conditions.
Increasing Healthcare Expenditure to Favor Market Growth in Asia Pacific Region
On the other hand, the market in Asia Pacific region is anticipated to grow with a notable CAGR during the forecast period. The growth of the market can primarily be associated with growing investment in healthcare infrastructure, rising geriatric population, and increasing cases of chronic conditions. Additionally, the increasing health expenditure in the region, high economic growth, and increasing population in countries mainly, India and China are major factors contributing to the growth of the market. As per The World Bank, in the year 2019, the share of global health expenditure in the East Asia & Pacific region accounted for 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Bioanalytical Testing Services Market, Segmentation by Application
- Cardiology
- Gastroenterology
- Neurology
- Oncology
- Others
Out of these, the cardiology segment is estimated to attain the largest share in the market over the forecast period. The growth of the segment can be accredited to the rising cases of cardiovascular diseases (CVDs) across the globe. According to the World Health Organization, nearly 17.9 million people died from CVDs in 2019, representing 32% of all global deaths and among these deaths, 85% were due to heart attack and stroke.
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Global Bioanalytical Testing Services Market, Segmentation by End-User
- Pharmaceutical & Biopharmaceutical Institutions
- Contract Research Organizations
Among these, the contract research organizations segment is expected to witness noteworthy growth over the forecast period. The growth of the segment can be attributed to the increasing investments in research and development works in the healthcare sector by governmental or private organizations around the world to continuously bring up more feasible solutions for treatment procedures. According to research reports, since 2000, global research and development expenditure has more than tripled in real terms, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019.
Global Bioanalytical Testing Services Market, Segmentation by Type
- Cell-Based
- In Vitro Virology
- Biomarker
- Pharmacokinetic
- Serology
- Others
Global Bioanalytical Testing Services Market, Segmentation by Molecule Type
- Small Molecules – 57%
- Large Molecules – 43%
Few of the well-known market leaders in the global bioanalytical testing services market that are profiled by Research Nester are Charles River Laboratories, Inc., Vipragen Biosciences Private Limited, Medpace Holdings, Inc., Pace Analytical Services, LLC, WuXiAppTec Co., Ltd., Eurofins Scientific SE, Intertek Group plc, SGS S.A., Almac Group, BioAgilytix Labs, and others.
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Recent Developments in the Global Bioanalytical Testing Services Market
- In July 2022, approval was received by Pace Analytical Services, for its Pace, which uses GCMS/MS technology to identify dibenzofurans and dioxins.
- In October 2021, to get into more detail about avoiding common problems in cell therapy clinical trials, Medpace Holdings, Inc elaborated on the scenario. By discussing a wide variety of topics the professionals at Medpace Holdings, Inc. shed light on strategies and obstacles.
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