Bioanalytical Testing Services Market Trends

Growth Drivers

• Spiking Number of Medication Errors – The U.S. Food and Drug Administration stated to receive more than 100,000 medication errors annually. Medication error is a serious issue that occurs in the medical field, it is also estimated to cost someone his life. Henceforth, before making any new medical method, drug, therapy, and medicine available for the common people, proper research and testing are required. Such a demand for testing services is projected to hike the growth of the market over the forecast period.

• Significant Growth in Blood Donation - The act of donating blood involves taking blood from a healthy person and using it to benefit others. Blood transfusion diagnostics and the maintenance of the blood supply depends on blood donation, and thus it needs to be properly assessed. As per the data provided by World Health Organization, it was stated that approximately 118.54 blood donations are collected worldwide and 40% of them come from developed countries.

• Increasing Cases of Urinary Tract Infection (UTI) - There is a rising need for diagnosis, testing, and treatment of UTIs as the incidence of these illnesses rises. The fact that these services are utilized to identify UTIs is increasing the demand for bioanalytical testing services. As of 2019, It is observed that approximately 42% of women have UTIs and about 22% of them are above 65.

• Higher Number of Ongoing Clinical Trials - Clinical trials are a crucial step in the development of novel medications and medical devices because they allow for the evaluation of their efficacy and safety. In mid-2021, around 425,000 studies were being conducted in about 220 countries.

• Growing Healthcare Expenditure Across the Globe - The demand for bioanalytical testing services rises as a result of the increasing research on novel medications and treatments made possible by the increased expenditure. Based on the data provided by the World Bank, the healthcare expenditure of the world was stated to be 1,121.9 U.S. dollars per capita in 2019.

Challenges

• Lack of Skilled Medical Professionals - Bioanalytical testing requires skilled professionals to handle the equipment and the shortage of experienced people leads to the restraining of market growth.  The number of students who graduated every year was believed to be one-third of the vacancies available for the clinical laboratory science program. The low number is a limiting factor to using new technologies and methods in the bioanalytical testing service impeding market growth.
• Requirement for Higher Initial Investment
• Complex and Long-Lasting Procedure of Bioanalytical Testing