“Global Biological Safety Testing Market” is the title of an upcoming report offered by Market.US. This comprehensive market research report on the global biological safety testing industry contains inputs, as well as information & data from both primary and secondary sources, that have been validated and verified by target market experts.
Apart from critical data and other related information, the report also includes factors that could be or are potential restraints to market growth, present & future key trends, recourses that can be leveraged for potential market expansion in untapped regions or countries, as well as factors that are presently fueling growth in the global biological safety testing market. It also covers challenges or threats for new, as well as existing market entrants. The report presents a thorough study of revenues, key developments, strategies, historical data and information by major players that offer crucial perspectives/insights into various market scenarios. The global biological safety testing market has been segmented on the basis of product type, test type, end-use, as well as regions and countries.
The Global Biological Safety Testing Market was valued at UЅD $3,461.2 Мn in 2020, and is projected to register а САGR of 12.9% over the next 10 years.
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Biological safety testing refers to the testing procedures that are carried out to ensure the non-contamination of biopharmaceuticals & vaccines, as well as to make sure that they comply with pre-determined regulations that have been imposed by respective governing bodies.
Furthermore, newly established pharmaceutical companies are implementing innovative advancements such as machine learning, artificial intelligence, etc., during the various phases of clinical trials of drug testing in a bid to ensure quality outcomes. This is also slated to have a profound impact on the revenue growth of the biological safety testing market in the foreseeable future.
In recent years, it has been found that biological drug formulations are highly beneficial in the treatment of cancer and immune-related diseases (when combined with immunotherapy agents), compared to conventional forms of treatment. Biologics are also one of the fastest-growing therapeutic compounds that are capable of reaching non-druggable target of a patient’s body, and since they require the use of living cells and are highly prone to contamination, testing is of paramount importance to maintain strict safety standards. Factors such as these are expected to fuel the revenue growth of the global biological safety testing market in the foreseeable future.
Reeling from the impact of the COVID-19 outbreak, several industry players have either temporarily halted their respective manufacturing and supply-chain operations or are functioning with a minimal workforce. Either way, this hiatus is expected to have a significant impact on the revenue growth of the global safety testing market in the near future.
However, numerous initiatives being undertaken by government organizations to ensure that safety standards in the production of biologics are maintained and not compromised, as well as the increasing investments being made by key industry players to develop more innovative approaches which eliminate the risk of possible contamination are also anticipated to augment future revenue growth of this global market.
Segmentation of the global biological safety testing market is as follows:
On the basis of product type, the reagents & kits segment accounted for the maximum number of revenue shares (42.5%) of the global biological safety testing market in 2020, and is slated to index a high CAGR of 10.7% over the next 10 years. The instruments segment also accounted for considerable revenue shares of this global market in 2020, and is anticipated to continue to do so over the forecast period.
In terms of test type, the bioburden testing segment accounted for the majority revenue shares of the global biological safety testing market in 2020, and is slated to register the highest CAGR of 16.6% over the next 10 years. The endotoxin tests segment and the sterility testing segment accounted for the second and third-most revenue shares of this global market in 2020, and are also anticipated to expand at considerable rates of revenue growth over the forecast period.
With respect to end-use, the vaccines & therapeutics segment accounted for the maximum number of revenue shares (33.2%) of the global biological safety testing market in 2020, and is anticipated to register the highest CAGR of 13.6% over the next 10 years. The cellular & gene therapy segment accounted for USD $947.2 Mn in revenue shares of this global market in 2020.
North America accounted for the majority revenue shares of the global biological safety testing market in 2020, and is slated to index a high CAGR of 12.2%, with an attractiveness index of 4.4, over the next decade. The markets in Europe accounted for the second-most number of revenue shares of this global market in 2020, however, the markets in the APAC region are anticipated to register the highest CAGR over the next decade.
Key industry players of the global biological safety testing market are Thermo-Fisher Scientific Inc., Merck KGaA, Lonza Group AG, Eurofins Scientific SE, WuXi AppTec Co. Ltd., Promega Corporation, Cytovance Biologics Inc., Toxikon Corporation, and Avance Biosciences Inc., among others.