Global Biologics Safety Testing Market is expected to grow at a CAGR of 12.2% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Biologics Safety Testing Market by Product Type (Instruments, Services, Kit and Reagents), Test Type (Bioburden tests, Endotoxin, Sterility, Cell Line Authentication, Adventitious Agent Detection Tests, Residual Host Contamination Detection Tests, Characterization Tests and other), Application ( Vaccine Development, Blood Products, Tissue and Tissue related Products testing, Cellular and Gene Therapy and Stem Cell Research), Region, Global Forecast 2020-2027.
The global biologics safety testing market is expected to grow from USD 3.08 billion in 2019 to USD 7.62 billion by 2027, at a CAGR of 12.2% during the forecast period 2020-2027. Asia-Pacific is expected to increase at the highest CAGR. The rise is healthcare spending, and increasing awareness among the people has anticipated the market growth of the biologics safety testing market. Although, currently North America holds the largest market share as high investments in biotechnology and cancer research has increased the demand for the products. Also, development of vaccines, & drugs and increasing number of R&D investments by many companies has contributed to the market demand. Additionally, increasing number of chronic diseases is anticipated to increase the usage of advanced technologies accelerated the market growth.
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Key players in the biologics safety testing market are Toxikon Corporation, Thermo Fisher Scientific Inc., Pace Analytical, Lonza Group, MilliporeSigma, Sartorius Stedim BioOutcome Limited, SGS SA, Merck KFaA, Cytovance Biologics Inc., WuXi Apptec, Charles River Laboratries and others. The companies have been tying up with the research centres in order to adopt the technical advancements and increase the sales margin.
The product type segment includes instruments, services, kit and reagents. Reagents constitutes for the largest market share among all. They can be classified into antibiotics, biological buffers, attachments & matrix factors, etc. The reason for their large market share is the rapid technical advancements and modifications. The test type segment includes bioburden tests, endotoxin, sterility, cell line authentication, adventitious agent detection tests, residual host contamination detection tests, characterization tests and other. Endotoxin dominates the market demand out of all the segments. The rise in use of these tests in sectors such as manufacturing and production of drugs has been the contributing factors. The application segment includes vaccine development, blood products, tissue and tissue related products testing, cellular and gene therapy and stem cell research. Vaccine constitutes of the largest market share as of now in the application segment as because vaccines are made necessary by almost every state. The growing vulnerability to possess disease has increased the use of vaccines over the years which have accelerated the market demand of the biologics safety testing market.
Biologics safety testing prevents bacterial contamination. The products contain serum and blood. The objective of the biologics safety testing devices is to ensure safety of vaccines and biopharmaceuticals by eliminating any bacterial presence. The growing advancement in healthcare sector and continuous innovations in the product have increased the market demand of the product. Also, growing awareness for hygiene among people is the reason why it’s application has increase over the years.
About the report:
The global biologics safety testing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire