Factors Influencing Global Biological Safety Testing Market through 2024 and Beyond
The global market for biological safety testing is showcasing a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Thermo Fisher Scientific Inc., Merck KGaA, Charles River Laboratories International Inc., Lonza Group, SGS SA, Avance Biosciences, WuXi PharmaTech (Cayman) Inc., Paragon Bioservices Inc., Toxikon Inc., Nordic Scientific & Natural Solutions AB, and NuAire are some of the prominent part of the competitive landscape of this market, making it fragmented. The key companies are expanding their regional reach to strengthen their position in the global market. Over the coming years, vendors of biological safety testing products are expected to involve into mergers, acquisitions, and strategic partnerships to gain a competitive edge, states the research report.
According to the research report, the global biological safety testing market was worth US$1.31 bn in 2015. Expanding at a CAGR of 10.0% during the period from 2016 to 2024, the market is projected to reach US$3.08 bn by the end of the forecast period. Biological safety testing instruments is witnessing significant rise and is expected to dominate the global market in the years to come, states the research report.
North America to Continue on Top
In terms of the geography, the global market for biological safety testing has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Among these, the North America market has acquired the dominance, owing to the presence of a large pool of players in this region. This regional market is anticipated to remain on the top over the next few years. Asia Pacific and Europe are also expected to witness a significant rise in the years to come, states the research report.
Growth in Pharmaceutical and Biotechnology Industry to Boost Market
“The global market for biological safety testing is set to witness exponential growth in the years to come, thanks to the increase in the pharmaceutical and the biotechnology industry,” says an analyst at TMR. Apart from this, the constant increase in the geriatric population, rise in prevalence of cancer, and the augmenting awareness towards health in emerging economies are also expected to support the growth of this market in the years to come, reports the study.
The review is based on a report by Transparency Market Research, 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.”
The global biological safety testing market is segmented into:
By Product Type
- Biological Safety Cabinet (class I, class II, class III)
- Laboratory Centrifuges
- Reagent & Kits
By Test Type
- Endotoxin Tests
- Sterility Tests
- Cell Line Authentication and Characterization Tests
- Bioburden Tests
- Residual Host Contaminant Detection Tests
- Adventitious Agent Detection Tests
- Other Tests (Toxicity tests, Stability tests, etc.)
- Vaccines & Therapeutics
- Blood & Blood Products
- Tissue & Tissue Products
- Stem Cell Products
- Gene Therapy
- Cellular Therapy
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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