Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Biologics Testing Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Biologics Testing Industry Analysis Forecasts Significant Rise in Market Value by 2028
According to a new market research report, the global biologics testing market, which was valued at $5.09 billion in 2023, is projected to reach $5.88 billion in 2024. This marks a remarkable compound annual growth rate (CAGR) of 15.6%. The report indicates this growth is driven by a multitude of factors, including advancements in biologic drug development, increasingly stringent regulatory standards, and rising investments in biopharmaceutical research.
The in-depth study also forecasts the market’s continued escalation to an impressive $10.82 billion by 2028, expanding at a CAGR of 16.5%. This robust growth is attributed to the burgeoning demand for advanced therapies, a steep rise in contract testing services, and the globalization of biopharmaceutical manufacturing. Moreover, the surge in demand for rapid biologics testing solutions is playing a critical role in shaping the industry's future.
Focusing on the current trends, the research emphasizes the importance of product innovation within the market. Companies are investing in cutting-edge technologies and new product developments to reinforce their industry positions. A noteworthy innovation is the launch of new endotoxin testing instruments which are expected to streamline processes in water testing and final product evaluations, enhancing traceability and data security.
The biologics testing spectrum covered in the report includes an array of essential processes and products, such as sterility testing, mycoplasma testing, and bioburden testing. These are imperative for ensuring the safety and efficacy of a wide range of biologic products, including vaccines, monoclonal antibodies, and cellular and gene therapies.
Regional analysis indicates that North America maintained the largest market share in 2023, while Asia-Pacific is forecast to be the most rapidly advancing region during the projected period. The detailed market survey presents insights into the growth dynamics across various geographies including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, alongside key country-by-country analysis.
Major Players Spearheading Innovations in Biologics Testing
- Charles River Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Merck KGaA
- SGS Société Générale de Surveillance SA
- WuXi AppTec Co. Ltd.
- And many other industry leaders...
The report additionally spotlights major acquisitions within the market, including Thermo Fisher Scientific's strategic acquisition of PPD Inc. for $17.4 billion in December 2021, aimed at expanding its overall market offerings and consolidating its presence in the biotech sphere.
Market research reports such as this provide a comprehensive overview of the biologics testing market’s current state and future outlook. This dossier succinctly encapsulates the market's statistique data, providing valuable insights for stakeholders, financial analysts, and participants eager to understand the trajectory of the biologics testing industry.
For entities seeking a granular analysis of the biologics testing market, including in-depth assessments of market trends, technological innovations, and regional market growth, this report will serve as a critical tool for strategic decision-making.
The biologics testing market research report thoroughly examines the revenue streams within the sector, focusing on value generation from various services. The market’s valuation includes the total revenue earned by service providers through myriad testing services essential to ensure the safety and efficacy of biologic products.
A selection of companies mentioned in this report includes
- Charles River Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Merck KGaA
- SGS Société Générale de Surveillance SA
- WuXi AppTec Co. Ltd.
- Sartorius AG
- Cytovance Biologics Inc.
- Pace Analytical Services Inc.
- Avance Biosciences Inc.
- Celgene Corporation
- Biomerieux SA
- Lonza Group Ltd.
- Genscript Biotech Corp.
- Bio-Rad Laboratories Inc.
- Accugen Laboratories Inc.
- Gibraltar Laboratories Inc.
- Jordi Labs
- Gilead Sciences Inc.
- Bioquell Limited
- Southern Research
- Promega Corporation
- Lancaster Laboratories Inc.
- Toxikon Corporation
- Eurofins BioPharma Product Testing
- Johnson & Johnson Inc.
- QIAGEN N.V.
- GlaxoSmithKline plc
- Danaher Corporation
- Agilent Technologies Inc.
- PerkinElmer Inc.
- Abbott Laboratories
- Beckman Coulter Inc.
- Becton Dickinson and Company
- Roche Holding AG
- Novartis AG
- Eli Lilly and Company
- Pfizer Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r68a33
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