Biological Safety Testing Market Destined to Reach US$ 8.0 Billion (CAGR of 11.45%) During 2023-2028 - IMARC

The latest report by IMARC Group, titled "Biological Safety Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the global biological safety testing market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global biological safety testing market size reached US$ 4.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.45% during 2023-2028.

The utilization of biopharmaceutical products encompasses the diagnosis, prevention, and treatment of numerous diseases, yet their production procedure and intricate structural and biological attributes give rise to several safety issues. Consequently, health organizations in various countries have made it compulsory to conduct extensive biological safety testing on these products. This testing guarantees that the items are devoid of impurities before commencing any clinical investigation. Presently, numerous companies offer comprehensive biological safety testing packages that adhere to strict global safety standards.

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Market Trends and Drivers:

The escalating demand for this method, as it evaluates the safety of candidate vaccines prior to their dispatch to manufacturers, on account of the sudden outbreak of the COVID-19 pandemic, is among the key factors driving the biological safety testing market. Moreover, the widespread adoption of biopharmaceutical products, owing to the growing prevalence of targeted diseases and easy access to healthcare services, is also stimulating the market growth. Besides this, the increasing number of novel drugs and biological items at clinical trials is acting as another significant growth-inducing factor. Furthermore, the inflating focus of pharmaceutical manufacturers on producing safe products and achieving sterility assurance, on account of the rising utilization of single-use medical items, is further propelling the global market.

Apart from this, market leaders are forming strategic partnerships with major research organizations to give drug discovery and development services and make cost-efficient and technologically advanced testing methods, which is positively influencing the market growth. Additionally, extensive research and development (R&D) activities are anticipated to fuel the biological safety testing market over the forecasted period.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Market are Given Below:

• Avance Biosciences
• Charles River Laboratories
• Creative Biogene
• Eurofins Scientific
• Lonza Group AG
• Maravai LifeSciences
• Pace Analytical Services Inc.
• Pacific BioLabs
• Sartorius AG
• SGS SA
• ViruSure GmbH (Asahi Kasei Corporation)
• WuXi Biologics

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/biological-safety-testing-market

Key Market Segmentation:

Breakup by Product and Services:

• Kits and Reagents
• Instruments
• Services

Breakup by Test Type:

• Endotoxin Tests
• Sterility Tests
• Cell Line Authentication and Characterization Tests
• Bioburden Tests
• Residual Host Contaminant Detection Tests
• Adventitious Agent Detection Tests
• Others

Breakup by Application:

• Vaccine Development
• Blood Products Testing
• Cellular and Gene Therapy
• Tissue and Tissue-related Products Testing
• Stem Cell Research

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

This release was published on openPR.