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
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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)
Application Outlook (Revenue, USD Million; 2016-2026)
Test Type Outlook (Revenue, USD Million; 2016-2026)
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Regional Outlook (Revenue, USD Million; 2016-2026)
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