The global Bioanalytical Testing Services Market size is anticipated to reach USD 4.83 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 7.5% during the forecast period. The economic efficiency offered for outsourcing as compared to conducting an in-house study is encouraging the outsourcing of these services that is expected to boost the demand.
Innovation or new Molecule development is directly proportional to the demand for testing services. Due to pricing concerns, competitive pressures, and lead-time to market, companies are opting for outsourcing of bioanalytical testing services. The growing focus on customized care as well as on technological advancements are lowering the molecule lifecycle, which has resulted into rapid development of new molecules.
Performance of the market players in the pharmaceutical analytical testing domain is greatly influenced by the demand from end-user. Due to the increasing awareness level, intense market efforts, government initiatives, and improving accessibility; consumers, these days, are more anxious about personal care, leading to higher consumption of pharmaceutical products. The rising consumption is projected to drive the bioanalytical testing services market over the forecast period.
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Further key findings from the report suggest:
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Grand View Research has segmented the global bioanalytical testing services market based on molecule type, test type, and region:
Bioanalytical Testing Services Molecule Type Outlook (Revenue, USD Million, 2014 – 2026)
Bioanalytical Testing Services Test Type Outlook (Revenue, USD Million, 2014 – 2026)
Bioanalytical Testing Services Regional Outlook (Revenue, USD Million, 2014 – 2026)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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