Albany, New York, May 21, 2019 (GLOBE NEWSWIRE) -- As per the statistical information presented in the report, the global biological safety testing market is expected to accumulate US$3.08 bn by the end of 2024. This figure is substantially high than US$1.31 bn earned in 2015. To achieve this value, the market is expected to rise at 10.0% CAGR between 2016 and 2024. The market’s progress will also open new growth avenues for the players operating in this market.
In this market, the demand for instruments is high and this segment is expected to hold about 29.2% of the total market shares. Rising at a moderate growth, the instrument segment will acquire a large share against reagents and kits segment. However, demand in kits segment will increase due to the launch of new technologies and instruments.
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On the regional frontier, North America to lead the global biological safety testing market due to the presence of key market participants. Asia Pacific is expected to contribute substantially to expanding biological safety testing market. Growing importance for healthcare services by private and government entities plays a key role in fueling growth in Asia Pacific biological safety testing market. Increasing academic research in the Middle Eastern and African countries will further fuel the market’s growth.
High Prevalence of Chronic Diseases Resulted in Expanding Market Performance
Extensive development taking place in the biopharmaceutical industry also is a key reason behind the growth of biological safety testing. Additionally, rising incidences of chronic diseases like cancer and diabetes has made several companies invest largely in advanced research and development, thus enhancing the growth in the global biological safety testing market.
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Furthermore, the growing competition to develop therapeutically advanced drugs has compelled manufacturers to improve their cost efficiency, products, and deviations. Biological testing has come into a mainstream setup, which is contributing to accelerating the biological safety testing market. Favorable government initiatives to develop and promote biological safety testing products are other key factors augmenting the demand in medical testing. Increased drug development practices are also creating lucrative opportunities that will boost growth in the global biological safety testing market. High demand for biological safety testing in the developing regions will provide a fillip in this market.
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Strict Regulations to Challenge Growth in Biological Safety Testing Market
Complicated procedures to obtain FDA approval and strict regulations might limit the growth of biological safety testing to a certain level. Moreover, the lack of trained professionals could pose a challenge in this market. High healthcare costs in few regions might have a negative effect on biological safety testing market.
However, technological developments and innovations will create growth opportunities for players in the global biological safety testing market. Increasing government initiatives in providing better health care facilities and high investments for research and development will help in overcoming these restraints to a greater level.
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Increasing competition among the players will enhance growth in the global biological safety testing market, notes Transparency Market Research (TMR). The growing competition among players makes it highly fragmented. Leading players are focusing on expanding their geographical presence to get a stronghold in the market and to reach a large number of customers. Moreover, they are also using different organic and inorganic activities to establish a strategic alliance with other companies. With all this information in place, the global biological safety testing market is expected to grow at a significant rate.
In TMR’s report, analysts have profiled prominent players that include Lonza Group, Merck KGaA, SGS SA, Charles River Laboratories International Inc., WuXi PharmaTech (Cayman) Inc., and Avance Biosciences.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Biological Safety Testing Market (Product Type - Instruments and Reagents & Kits; Test - Endotoxin Tests, Sterility Test, Cell Line Authentication and Characterization Tests, Bioburden Tests, Residual Host Contaminant Detection Tests, Adventitious Agent Detection Tests, Toxicity Tests, and Stability Tests; Application - Vaccines & Therapeutics, Blood & Blood Products, Tissue & Tissue Products, Stem Cell Products, Gene Therapy, and Cellular Therapy) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
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