Oncology Segment by Disease Indication to Account Larger Share in Bioanalytical Testing Services Market during 2022–2030
According to our latest study on “Bioanalytical Testing Services Market Forecasts (2020 - 2030), Global Analysis – Services, Disease Indication, and End User," the market is expected to grow from US$ 4,641.13 million in 2022 and is expected to reach a value of US$ 10,108.82 million by 2030; it is anticipated to record a CAGR of 10.2% from 2023 to 2030. The report highlights the key factors driving the bioanalytical testing services market growth and prominent players with their developments in the market.
Bioanalytical testing services play a critical role in drug quantification and manufacturing, helping to determine the purpose of the drug and whether it meets the needs for which it was designed. Drug validation is done in the bioanalytical testing process, which validates the accuracy, precision, selectivity, stability, and other parameters. In biological matrices such as serum, blood, plasma, tissue, urine, and skin samples, bioanalytical test methods are used to determine drugs or metabolites quantitatively. The applications of such methods are bioavailability, pharmacology, bioequivalence, pharmacokinetics, and toxicology studies performed on humans and animals.
The bioanalytical testing services market, by disease indication, is segmented into cardiovascular, neurological disorders (CNS), metabolic disorders, autoimmune disorders, respiratory diseases, oncology, sexual health, bone disease, and others. The oncology segment held the largest market share in 2022 and same segment is anticipated to register the highest CAGR of 11.2% during the forecast period. Over the past decade, advances in oncology for pain relief, chemotherapy, and other therapies have dramatically changed how cancer is diagnosed and treated. Carboplatin and cisplatin are chemotherapy drugs used to treat various types of cancer. These compounds contain platinum, which can be analyzed by inductively coupled plasma mass spectrometry (ICP-MS). This instrument analyzes natural elements such as iron, sodium, platinum, lithium, and potassium. The diluted sample extracts are introduced into an argon plasma torch for nebulization, and the ions are passed through a lens set to the quadrupole filter of the mass spectrometry detector. These methods are validated according to the latest regulatory guidelines for examining bioanalytical methods. Most of these have been used successfully for study sample analysis. Other areas of interest are biomarkers (Na, Mg, Ca, Fe, K, PO4) and metal-based drugs (Li, SR, Bi, K, Zn, Pt). Hence, the above-mentioned factors significantly augment the bioanalytical testing services market growth during the forecast period.
SGS SA, Pharmaron Beijing Co Ltd, Element Materials Technology Group Ltd, CD BioSciences Inc, Charles River Laboratories International Inc, Eurofins Scientific SE, Labcorp Drug Development Inc, Syneos Health Inc, KCAS Bioanalytical and Biomarker Services LLC, ICON Plc, Intertek Group Plc are among the leading companies operating in the global Bioanalytical Testing Services market.
Companies operating in the bioanalytical testing services market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the bioanalytical testing services market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall bioanalytical testing services market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players are listed below.
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