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| Global Bioanalytical Testing Services Market Size |
Bioanalytical testing services help to determine the concentration of drugs
administered in biological samples collected during clinical trials. These
services are crucial for developing and validating drug assays during
pharmacokinetic and bioavailability studies. Bioanalytical testing provides
vital data required for obtaining regulatory approvals, dose selection and
translational medicine studies. With growing demand for personalized medicine,
more number of compounds need to be tested on smaller patient populations which
necessitates extensive use of bioanalytical testing services.
The global Bioanalytical Testing Services Market is estimated to be valued at US$ 4163.69 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
Personalized drug development has gained significant momentum owing to its
potential to provide target-specific treatment options. The approach relies on
understanding genetic makeup, molecular characteristics and various biomarkers
of individual patients to design customized therapies. Advancements in
precision medicine and companion diagnostics have further augmented demand for
small scale clinical trials involving novel biologics, cell and gene therapies
targeting rare diseases. This presents a huge market opportunity for
bioanalytical testing service providers to provide specialized support for
developing personalized medicines and biologicals through population specific
pharmacokinetic analyses, translational medicine support and customized
biomarker assays. The ability to address patient heterogeneity and fulfill
unmet need of smaller patient subgroups through personalized healthcare
approaches is projected to drive significant growth of bioanalytical testing
services market over the forecast period.
Porter’s Analysis
Threat of new entrants: The bioanalytical testing services market requires high
capital investment for setting up testing facilities and acquiring
certifications. This poses as a barrier for new entrants.
Bargaining power of buyers: The presence of many service providers gives buyers
options to switch between providers, increasing their bargaining power.
Bargaining power of suppliers: Specialized equipment and skillful workforce are
essential in this industry. This gives suppliers a bargaining power over
pricing and contracts.
Threat of new substitutes: There exist no close substitutes for bioanalytical
testing services. Testing methodologies may differ but the need remains
constant.
Competitive rivalry: The market comprises many global and local players
competing on parameters like quality, reliability, cost and turnaround time.
SWOT Analysis
Strength: Services are essential for drug development and support regulatory
compliances. Growing R&D expenditure boosts demand.
Weakness: Dependence on skilled workforce can impact operations if talent is
poached. High setup and compliance costs pose challenges.
Opportunity: Emerging areas like biosimilars, biomarkers and mAb present scope
for test method development and validation services.
Threats: Outsourcing to other low-cost regions can affect revenue. Regulatory
changes necessitate infrastructure upgrades.
Key Takeaways
Global
Bioanalytical Testing Services Market Size is expected to witness high
growth between 2024 to 2031 driven by increasing drug approvals and clinical
trials.
North
America dominates currently due to presence of major pharmaceutical companies
and growing biologics market. Asia Pacific shows bright prospects aided by
improving healthcare infrastructure and expanding biopharma industry in
countries like China and India.
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.
There is intense competition among leading service providers to expand
capabilities and global footprint. Regional firms also bring local expertise
and networks. Outsourcing trend and emergence of niche services will likely
define the future market dynamics.
Get More Insights On This Topic: https://www.newswirestats.com/bioanalytical-testing-services-market-is-expected-to-be-flourished-by-growing-biosimilar/