Biological Safety Testing Market Hits $5.5 Billion By 2024: Grand View Research, Inc.
The biological safety testing market is expected to
reach USD 5.54 billion by 2024, according to a new report by Grand View
Research, Inc. The biological safety testing market is primarily driven by
exponential growth in the production of biologics and medical devices that
demand stringent safety requirements. The growing disease burden is anticipated
to be the major cause for high production of biologics thus contributing toward
market growth.
The overwhelming adoption rate of unhealthy lifestyles has resulted in the high prevalence of chronic diseases, such as cancer and diabetes, which is serving as a key contributing factor toward increasing drug development and their subsequent commercialization. This is presumed to raise the need to scrutinize and ensure the safety of targeted and specialized therapies, evaluate their outcomes, and circumvent probable shortcomings.
The overwhelming adoption rate of unhealthy lifestyles has resulted in the high prevalence of chronic diseases, such as cancer and diabetes, which is serving as a key contributing factor toward increasing drug development and their subsequent commercialization. This is presumed to raise the need to scrutinize and ensure the safety of targeted and specialized therapies, evaluate their outcomes, and circumvent probable shortcomings.
As a consequence of the high manufacturing intensity,
pharmaceutical and biotechnology companies are increasingly incorporating
biological safety testing tools to produce highly potent and contamination-free
biologics to cater to the large population suffering from target diseases.
In addition, stringent regulations issued by healthcare
organizations globally are presumed to be responsible for the high uptake of
biological safety testing tools, thus resulting in a wider scope for the
biological safety testing market
For instance, the European Medical Device Directives are
believed to have a higher influence on the implementation of the defined
imperative regulations to meet the growing safety requirements, thus
translating into improved biological safety and contributing to overall growth
of this vertical.
Browse full research report on Global Biological Safety Testing Market: http://www.grandviewresearch.com/industry-analysis/biological-safety-testing-market
Further Key Findings From the Study Suggest:
- Reagents
& kits held a substantial share of the product segment of over 42.0%
in 2015 as it forms an indispensable part of the overall testing process
and the high dependency of the testing results on the quality of reagents
employed to perform the tests.
- In
2015, vaccine and therapeutics accounted for the largest market share in
the application segment owing to the rising development of vaccines that
are highly vulnerable to adventitious agents and necessitate stringent
safety measures to prevent potential contamination due to unspecified
agents
- The
endotoxin tests held the largest share of 24.0% in the tests segment as of
2015. This large share is attributed to the high clinical urgency to
reduce the threat of endotoxins during the development of
bio-pharmaceuticals
- In
2015, North America dominated the regional biological safety testing
vertical with a share of over 36.0%. The dominant share is a consequence
of high investment in the biotechnology sector, its increasing adoption in
cancer research, and for the development of new biologics, vaccines, and
drugs.
- Asia
Pacific is expected to witness growth at an exponential CAGR of over 13.0%
during the forecast period. The exponential growth rate can be attributed
to the increasing healthcare spending, the demand for better
infrastructure quality in laboratory & clinical research, and the
adoption of compact and low cost techniques in clinical research.
- The
prominent players are involved in undertaking new product development and
collaborative strategies to gain a higher share of the vertical. For
instance, in June 2016, Charles River acquired Blue Stream Laboratories,
Inc., an analytical contract research organization. This acquisition was
carried out to enhance its existing capabilities in safety assessment and
manufacturing of biologics.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/healthcare
Grand View Research has segmented the biological safety
testing market on the basis of product, application, test, and region:
Product Outlook (Revenue, USD Million, 2013 - 2024)
- Reagents
& kits
- Instruments
- Services
Application Outlook (Revenue, USD Million, 2013 - 2024)
- Stem
Cell
- Tissue
& tissue-based products
- Gene
therapy
- Blood
& blood-based therapy
- Vaccines
& therapeutics
Test Outlook (Revenue, USD Million, 2013 - 2024)
- Sterility
tests
- Cell
line authentication and characterization tests
- Bioburden
tests
- Endotoxin
tests
- Adventitious
agent detection tests
- Residual
host contamination detection tests
- Others
Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia
Pacific
- Japan
- China
- India
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
Access press release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-biological-safety-testing-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more information:
www.grandviewresearch.com
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