DUBLIN, Dec. 30, 2019 /PRNewswire/ -- The "Biological Safety Testing Products & Services Market Analysis Report By Product (Reagents & Kits, Instruments, Services), By Application (Vaccines & Therapeutics, Gene Therapy, Stem Cell), By Test By Region, And Segment Forecasts, 2019 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global biological safety testing products and services market size is expected to reach a value of USD 6.9 billion by 2026, exhibiting a CAGR of 12.3%
The market is predominantly driven by increasing production of biologics, which is boosting the need for highly efficient biological safety testing tools. Rising disease burden is expected to be a major factor responsible for high production of biologics, thereby contributing to market growth.
Increasing prevalence of lifestyle-associated chronic diseases such as cancer and diabetes is a key factor contributing to rise in drug development and subsequent commercialization. This is expected to increase the need for scrutinizing & ensuring safety of targeted and specialized therapies, evaluating outcomes, and circumventing probable shortcomings.
In addition, pharmaceutical and biotechnology companies are increasingly incorporating biological safety testing products and services to produce highly potent and contamination-free biologics to cater to the large number of people 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 is creating growth opportunities in the market.
Laboratory-based contamination is leading to development and refinement of workstations through incorporation of biological safety products and services. Increasing need to work with tissue cultures, maintain sterility of cell lines, and minimize cross-contamination has increased concerns regarding product integrity. Rising intervention by government healthcare organizations to implement good manufacturing practices and subsequent testing & control at every production stage is expected to widen the scope for growth.
Further key findings from the study suggest:
- On the basis of product, reagents and kits accounted for the largest share in 2018 as they are major components that are extensively used in research and clinical laboratories
- The instruments segment, on the other hand, is expected to grow at a lucrative CAGR during the forecast period due to rising demand from various clinical and research laboratories
- On the basis of application, vaccines & therapeutics segment is expected to grow at a significant CAGR during the forecast period mainly owing to increase in disease outbreaks over the years
- Bioburden tests are expected to grow at a lucrative rate during the forecast period owing to their high adoption to determine bioburden limit in a wide range of biologics and medical devices
- North America dominated the global biological safety testing products and services market in 2018 owing to high R&D investments in biotechnology and huge chronic disease burden
- Asia Pacific is expected to grow at an exponential CAGR during the forecast period owing to increase in healthcare spending
- Charles River Laboratories International, Inc.
- BSL Bioservice Scientific Laboratories GmbH
- Lonza Group AG
- Cytovance Biologics
- SGS S.A.
- Sartorius Stedim BioOutsource Limited
- Toxikon Corporation
- WuXi Biologics (Cayman), Inc.
- Avance Biosciences
- Creative Biogene
- Samsung BioLogics
- Toyobo Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ktvp09
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