Bioanalytical Testing Services Market Size, Share, Growth Analysis, By Workflow(Sample Preparation, and Sample Analysis), By Test(ADME, PK, PD, Bioavailability), By Molecule(Small Molecule, and Large Molecule), By Region - Industry Forecast 2024-2031

Global 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). 

LabCorp Drug Development and Medable Inc. formed a partnership to advance clinical trials through digital health solutions. This collaboration aims to combine Labcorp’s bioanalytical testing capabilities with Medable’s decentralized clinical testing technology. By combining LabCorp’s extensive experience in bioanalytical testing with Madeable’s innovative approach to testing in other areas, the partnership increases the efficiency and effectiveness of clinical research. It could lead to better data collection, real-time monitoring, and improved patient engagement, ultimately streamlining drug development and accelerating market for new therapies. 'Eurofins Scientific SE (Luxembourg) ', 'Charles River Laboratories International, Inc. (US) ', 'Laboratory Corporation of America Holdings (US) ', 'WuXi AppTec (China) ', 'PPD, Inc. (US) ', 'Frontage Laboratories, Inc. (US) ', 'SGS SA (Switzerland) ', 'ICON plc (Ireland) ', 'Intertek Group plc (UK) ', 'Bioanalytical Systems, Inc. (US) ', 'Almac Group (UK) ', 'Anapharm (Canada) ', 'Pharmaron Beijing Co., Ltd. (China) ', 'Syneos Health (US) ', 'Celerion (US) ', 'BioAgilytix Labs (US) ', 'Medpace Holdings, Inc. (US) ', 'LGC Limited (UK) ', 'PSI CRO AG (Switzerland) ', 'Bioclinica (US)'

Increasing number of pharmaceutical trials and focus on new drugs and biopharmaceuticals is driving demand for bioanalytical testing services. Accurate and reliable testing is essential to ensure product efficacy and safety. 

Advances in Biomarker Discovery and Development: There is an increasing trend to incorporate biomarker discovery and the improvement into bioanalytical testing projects. Identification and validation of biomarkers is becoming increasingly important for personalized medicine, early diagnosis and targeted therapy. By combining state-of-the-art technologies and techniques, bioanalytical testing services are empowering them supporting the increased development of new treatments and diagnostic tools.

North America holds the largest market share due to the increase in patient groups with various chronic diseases and rise in peptides and other therapeutic agents as alternatives to small molecules with many side effects.  Large and extensive number of investments by several large pharmaceutical companies are the major factors driving the growth of the studied market in the country.