Bioanalytical Testing Services Market to Develop at Impressive 15% CAGR by 2031

WESTFORD, MASSACHUSETTS, UNITED STATES, July 3, 2024 /EINPresswire.com/ -- Bioanalytical Testing Services Market size was valued at USD 2.42 Billion in 2022 and is poised to grow from USD 2.78 Billion in 2023 to USD 8.51 Billion by 2031, at a CAGR of 15 % during the forecast period (2024-2031).

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The process of identifying and measuring the presence of various drugs and other metabolic materials is known as bioanalytical testing. Growing investments in medical R&D and high demand for personalized medicine are projected to primarily augment the demand for bioanalytical testing services across the forecast period. The global bioanalytical testing services market presents many rewarding opportunities for new and established companies.

High demand for drug discovery and drug development around the world is slated to be a prime catalyst for bioanalytical testing service providers. The use of advanced analytical techniques such as high-resolution mass spectrometry to improve the accuracy and efficacy of testing will also foster new demand for bioanalytical testing services in the future. Growing penetration of digital technologies and the use of advanced analytical instruments are also estimated to bolster bioanalytical testing services market development in the future.

Launch of New Testing Labs a Key Trend for Bioanalytical Testing Services Companies Over the Next Five Years

The following are the key Bioanalytical Testing Services Trends that will shape the growth of the market in the next 5 years

• In January 2024, a new standalone analytical service business was launched by Kindeva Drug Delivery. The move was aimed at expanding its support capabilities for medical device, pharmaceutical, and biopharmaceutical companies in the future. New laboratories were expected to serve as the hub for this new business unit.

• A new bioanalytical testing lab was inaugurated in Australia back in December 2022. The new lab is part of the United Kingdom-based CRO, Alliance Pharma’s expansion efforts. The new facility is capable of providing bioanalytical services for large and small molecules to provide extensive bioanalytical support in Australia.

New testing labs are becoming more and more crucial for bioanalytical testing services businesses as the workload of bioanalytical testing increases across the healthcare sector. Companies are continually investing in launching new and advanced labs to satisfy the surging demand.

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Acquisitions and Partnerships to Take Hold of the Global Bioanalytical Testing Services Market Over the Decade

• In May 2024, BioAgilytix, a renowned provider of bioanalytical testing services signed an agreement to partner with a leading biotechnology provider called BBI Solutions OEM Limited. Through this move, companies intended to streamline the bioanalytical testing process by utilizing each other’s expertise.

• Denali Medpharma, a renowned biotechnology organization was acquired by Resolian (formerly known as Alliance Pharma) back in November 2023. The company strengthened its share and presence in the global bioanalytical testing services market through this move.

• 360biolabs^®, a top CRO based in Australia entered into a definitive agreement of acquisition with BioAgilytix Labs LLC back in August 2021. BioAgilytix strengthened its presence in Australia through this acquisition and also gained access to extensive resources of 360biolabs as well.

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Strategies such as mergers and acquisitions will be a top priority for leading and established companies. New companies can also opt for these strategies to stand out and stay competitive in this market going forward. All bioanalytical testing services providers are projected to focus on strategies that will help them maximize their share and market presence over the next ten years and beyond.

Growing emphasis on healthcare around the world is creating an opportune setting for bioanalytical testing services companies. Rise of personalized medicine and growing use of digital technologies in will also create new moneymaking opportunities for bioanalytical testing services market players going forward.

Related Report:
Biopharmaceutical Analytical Testing Services Market

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