Rising incidences of chronic disorders is a major factor influencing market growth.
Market Size – USD 2.80 billion in 2018, Market Growth - CAGR of 5.1%, Market Trends –Increase in disposable income coupled with rising concerns about healthcare
NEW YORK, May 16, 2019 (GLOBE NEWSWIRE) -- The Biological Safety Testing Market is expected to reach USD 6.99 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the increasing predominance of lifestyle-associated chronic diseases such as diabetes and cancer that serves as an essential contributing factor towards improving drug development and their following commercialization which are expected to drive the market growth. This is supposed to increase the need to study and ensure the safety of targeted and specific therapies, circumvent probable shortcomings and evaluate their outcomes. As a result of high manufacturing effectiveness, pharmaceutical and biotechnology companies are including biological safety testing tools to offer highly effective and contamination-free biologics to provide to the large population experiencing from target diseases.
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Biologics are products manufactured from living organisms and has a unique set of features. Safety of biologics and specialized evaluation of the same is of the highest importance. Biological safety testing is essential for new products launching. Biological safety testing is performed to assure a safe quality and non-contamination of vaccines and biopharmaceuticals.
Accelerated growth in biotechnology and pharmaceutical industries, increasing prevalence of chronic diseases, rise in population, rise in R&D investment in life sciences, increasing number of innovative product launches, and increasing government support for biotechnology and pharmaceutical industries are some important factors for the North America region to account for the largest share of 37.3% of the market in 2018.
Further key findings from the report suggest
- Due to increasing demand from biological safety testing laboratories, the instruments product segment accounts for a market share of 31.2% in 2018.
- Instruments are used to perform bioburden and toxicology tests among the other type of tests.
- The increasing demand is due to the growing influence of regulatory bodies to implement safety guidelines by the biopharma companies.
- Reagents and kits product segment is estimated to reach USD 2.73 billion by 2026 at a CAGR of 12.1% during the forecast period.
- These reagents are attachments and matrix factors, freezing and dissociation reagents, antibiotics, biological buffers, and miscellaneous reagents.
- Growing advancements and modifications in the formulation of reagents and kits will encourage laboratory technicians in including these products, specifically in toxicology assessment.
- The increased demand for vaccine and therapeutic segment is due to clearly defined guidelines ensuring the safety of developed vaccines along with the unaltered therapeutic value and decreased toxicity.
- Regulatory organizations are working towards implementing relevant standards for biological safety to ensure the patient’s safety.
- Vaccine and therapeutic application is estimated to reach USD 2.62 billion by 2026.
- Endotoxin tests type accounted for the largest share of 27.6% of the market in 2018.
- The abundant share is due to the increasing incorporation of these tests in an extensive range of areas of drug manufacturing to decrease the threat of endotoxins during the biopharmaceutical manufacture.
- Also, availability of various types of endotoxin tests, such as turbidimetric method, gel clot endotoxin testing, and USP chromogenic endotoxin testing, which are intended to suit different requirements, are expected to boost the growth of this segment.
- Asia Pacific is forecasted to witness the fastest CAGR of 12.6% during the forecast period. Rising healthcare expenditure and increasing concerns due to various benefits of these tools are the significant growth drivers for the market in this region.
- Economic development coupled with continually increasing per capita healthcare investment in emerging countries such as India, China, and Singapore is expected to create high growth opportunities.
- Innovations and technological trends in treatment and increased healthcare facilities are expected to drive the growth further
- Key participants include Charles River Laboratories International Inc., SGS SA, Lonza Group, Sigma-Aldrich Corporation, WuXiPharmaTech Inc., Avance Biosciences Inc., BSL Bioservice, Merck KGaA, Cytovance Biologics Inc., and Toxikon Corporation, among others.
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Biological Safety Testing Market on the basis of Product, Application, Test Type and region:
Product Outlook (Revenue, USD Million; 2016-2026)
- Reagents & kits
- Instruments
- Services
Application Outlook (Revenue, USD Million; 2016-2026)
- Vaccines & therapeutics
- Stem cell
- Tissue & tissue-based products
- Gene therapy
- Blood & blood-based therapy
Test Type Outlook (Revenue, USD Million; 2016-2026)
- Endotoxin tests
- Bioburden tests
- Adventitious agent detection tests
- Residual host contamination detection tests
- Sterility tests
- Cell line authentication and characterization tests
- Others
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
Browse more reports of Pharmaceutical category at: https://www.reportsanddata.com/report/category/biotechnology
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