In 2023, the worldwide market for bioanalytical testing services amassed a revenue of USD 3,456.6 million. Forecasts indicate a substantial compound annual growth rate (CAGR) of 15.9% from 2024 to 2030, with the market expected to reach USD 9,652.6 million by 2030.
This growth of the industry can be attributed to the well-known life sciences sector using bioanalytical testing, the existence of major service providers, the augmented count of continuing clinical trials, high research and development investment, and the development of biosimilar and generic industries. Moreover, the growth of biopharmaceutical and pharmaceutical companies outsourcing preclinical, clinical, and laboratory testing services is another reason propelling the industry's growth.
A huge count of biopharmaceutical establishments are outsourcing bioanalytical testing rather than utilizing in-house testing for the growth of medications and the authentication of numerous assays at both the preclinical and clinical levels. This is mainly because such companies are trying to be more effective in the procedure of medication growth by focusing on their core abilities to launch new items to the industry, with ideal staffing and in a more effective and lucrative manner.
In 2023, North America dominated the bioanalytical testing services market, holding approximately 45% of the total share, and anticipates robust growth with a strong Compound Annual Growth Rate (CAGR) in the coming years. This is primarily due to the high prevalence of chronic diseases, increased adoption of large molecule therapeutics and peptides, substantial expansion in the pharmaceutical and biotechnical sectors, and the presence of key bioanalytical service providers in the region.
The U.S. dominates the North American industry, because of the existence of progressive healthcare infrastructure, a huge count of pharmaceutical manufacturing services, and key contract research establishments and service providers of bioanalytical testing, in the nation.
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