The global biological safety testing market size is expected to reach USD 5.54 billion by 2024
NEW YORK, June 28, 2018 /PRNewswire/ -- Biological Safety Testing Market Size, Share & Trends Analysis Report By Product, By Application (Vaccines & Therapeutics, Gene Therapy, Stem Cell), By Test, By Region, And Segment Forecasts, 2018 - 2024
Read the full report: https://www.reportlinker.com/p05445394
The global biological safety testing market size is expected to reach USD 5.54 billion by 2024 registering a CAGR of 12.2% during the forecast period. The market is predominantly driven by increasing influx of biologics, which raises the requirements of highly efficient biological safety testing tools. Rising disease burden is expected to be a major cause for high production of biologics, thereby contributing toward market growth.
Increasing prevalence of lifestyle-associated chronic diseases such as cancer and diabetes serves as a key contributing factor toward increasing drug development and their subsequent commercialization.This is presumed to raise the need to scrutinize and ensure safety of targeted and specialized therapies, evaluate their outcomes, and circumvent probable shortcomings.
As a consequence of high manufacturing intensity, pharmaceutical and biotechnology companies are increasingly incorporating biological safety testing tools to produce highly potent and contamination-free biologics to cater to the large population suffering from target diseases.
Viral safety testing is proving to be one of the primary concerns of most companies as it is a critical component of chemistry, manufacturing, and control of biologics. This presents the market with several potential growth opportunities in future.
Laboratory-based contaminations have stimulated the development and refinement of workstations by incorporating biological safety tools.Need to work with tissue cultures, maintain sterility of cell lines, and minimize cross-contamination has contributed to concerns regarding product integrity.
The aforementioned factors are responsible for raising concerns of public organizations. Consistent intervention by government healthcare organizations to implement good manufacturing practices and subsequent testing and control at every production stage is believed to widen the growth opportunities of the market.
Further key findings from the study suggest:
• By product, reagents and kits accounted for the largest share of over 42.0% in 2015 as they form major components and are extensively used in research and clinical laboratories
• The instruments segment, on the other hand, is expected to witness a lucrative CAGR of 13.2% during the forecast period due to rising demand from various clinical and research laboratories
• Based on application, the vaccine segment is expected to exhibit a CAGR of 12.9% during the forecast period, which can be predominantly attributed to significant increase in disease outbreaks over the years
• Bioburden tests are expected to grow at a lucrative rate throughout the forecast period owing to high adoption rate to determine bioburden limits in wide-ranging biologics and medical devices
• North America dominated the global market with over 36.0% in 2015 owing to high R&D investments in biotechnology
• The Asia Pacific regional market is anticipated to exhibit a strong CAGR of over 13.1% during the forecast period.
Read the full report: https://www.reportlinker.com/p05445394
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article