, /PRNewswire/ -- According to SkyQuest, the global size was valued at in 2022 and is poised to grow from in 2023 to by 2031, at a CAGR of 15 % during the forecast period (2024-2031). The global bioanalytical testing services market refers to analytical services provided by medical biotechnology companies to determine the safety and efficacy of drugs and biologics in humans. These services play an important role in drug development and the regulatory approval process.
Bioanalytical testing services refer to analytical methods for the determination of concentrations of drugs, metabolites and other biomarkers in natural fluids and tissues, including blood, urine and tissue. WuXi AppTec's laboratory testing department has increased productivity by 400% since its early start in implementing bioanalytical automation. The bioanalytical testing services market includes CROs and other providers of bioanalytical testing services to the pharma and biotech industries.
The sample analysis segment accounts for the largest share of the global bioanalytical testing services market, accounting for over 45.8% of the total revenue. The next phase of pharmaceutical industry involvement in pharmaceuticals demands more efficient and accurate analytical methods.
For example, hyphenated methods and chromatographic methods are important sensitive and selective methods for identifying and quantifying biological samples. According to SkyQuest In-depth Analysis, approx 10-15% of these methods are used .
